United Services Automobile Association Invests $514,000 in Comerica Incorporated $CMA

Key Points

• United Services Automobile Association has invested approximately $514,000 in Comerica by purchasing 8,756 shares, marking the fund's first position in the company.
• Numerous institutional investors have significantly increased their holdings in Comerica, indicating strong interest in the stock, with Primecap Management Co. CA raising its stake by 228.8%.
• Comerica has announced a quarterly dividend of $0.71, which will be paid on October 1, representing a 4.1% yield and a payout ratio of 54.41%.

United Services Automobile Association purchased a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 8,756 shares of the financial services provider's stock, valued at approximately $514,000.

Several other institutional investors have also modified their holdings of CMA. Primecap Management Co. CA raised its holdings in shares of Comerica by 228.8% during the 1st quarter. Primecap Management Co. CA now owns 1,670,110 shares of the financial services provider's stock worth $98,637,000 after acquiring an additional 1,162,110 shares during the period. Azora Capital LP raised its holdings in shares of Comerica by 53.7% during the 1st quarter. Azora Capital LP now owns 1,899,198 shares of the financial services provider's stock worth $112,167,000 after acquiring an additional 663,513 shares during the period. Kodai Capital Management LP purchased a new position in shares of Comerica during the 1st quarter worth $32,864,000. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Comerica by 29.7% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,149,591 shares of the financial services provider's stock worth $132,952,000 after acquiring an additional 492,381 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Comerica by 9.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,508,229 shares of the financial services provider's stock worth $325,308,000 after purchasing an additional 472,409 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company's stock.

Insider Transactions at Comerica

In other news, EVP Allysun C. Fleming sold 2,100 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $67.03, for a total transaction of $140,763.00. Following the completion of the transaction, the executive vice president directly owned 9,424 shares of the company's stock, valued at approximately $631,690.72. The trade was a 18.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James Mcgregor Carr sold 4,000 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $67.28, for a total value of $269,120.00. Following the transaction, the insider directly owned 33,471 shares of the company's stock, valued at approximately $2,251,928.88. This represents a 10.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Piper Sandler raised their price objective on Comerica from $60.00 to $65.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Keefe, Bruyette & Woods raised their price objective on Comerica from $69.00 to $73.00 and gave the stock an "outperform" rating in a research report on Monday, July 21st. Truist Financial raised their price objective on Comerica from $61.00 to $68.00 and gave the stock a "hold" rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. raised their price objective on Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Finally, Jefferies Financial Group raised their price objective on Comerica from $70.00 to $75.00 and gave the stock a "hold" rating in a research report on Wednesday, September 3rd. Five investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and five have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $65.00.

Comerica Stock Performance

NYSE CMA opened at $69.21 on Thursday. The company has a market cap of $8.89 billion, a P/E ratio of 13.26, a P/E/G ratio of 12.46 and a beta of 0.97. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a 50-day moving average of $67.03 and a two-hundred day moving average of $60.43. Comerica Incorporated has a 1-year low of $48.12 and a 1-year high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last released its earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.19. The company had revenue of $849.00 million during the quarter, compared to the consensus estimate of $844.39 million. Comerica had a return on equity of 10.92% and a net margin of 14.92%.During the same period in the previous year, the company posted $1.49 EPS. As a group, analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Comerica's payout ratio is currently 54.41%.

Comerica Company Profile

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.

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