WBI Investments LLC Invests $810,000 in Comerica Incorporated $CMA

Key Points

• WBI Investments LLC has invested approximately $810,000 in Comerica Incorporated, acquiring 13,716 shares of the financial services provider during the 1st quarter.
• Comerica reported $1.42 earnings per share for its last quarter, exceeding analysts' expectations, and announced a quarterly dividend of $0.71 with a yield of 4.1%.
• Analysts have varied outlooks for Comerica, with price targets ranging from $52.00 to $75.00 and a consensus rating of "Hold."

WBI Investments LLC bought a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 13,716 shares of the financial services provider's stock, valued at approximately $810,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in CMA. Primecap Management Co. CA boosted its stake 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 boosted its stake 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 bought a new position in shares of Comerica during the 1st quarter worth approximately $32,864,000. Barrow Hanley Mewhinney & Strauss LLC boosted its stake 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 boosted its stake 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 acquiring an additional 472,409 shares during the period. 80.74% of the stock is currently owned by institutional investors.

Comerica Price Performance

Shares of NYSE CMA opened at $69.21 on Thursday. The stock has a market capitalization of $8.89 billion, a PE 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 business has a fifty day moving average price of $67.03 and a two-hundred day moving average price of $60.43. Comerica Incorporated has a fifty-two week low of $48.12 and a fifty-two week high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $849.00 million during the quarter, compared to analysts' expectations 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 firm earned $1.49 EPS. As a group, equities analysts predict that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

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

Insider Buying and Selling at Comerica

In other Comerica news, insider James Mcgregor Carr sold 4,000 shares of Comerica stock in a transaction on Friday, August 8th. The stock was sold at an average price of $67.28, for a total value of $269,120.00. Following the completion of the transaction, the insider directly owned 33,471 shares of the company's stock, valued at $2,251,928.88. The trade was a 10.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Allysun C. Fleming sold 2,100 shares of Comerica stock in a transaction on Friday, August 8th. The shares were sold at an average price of $67.03, for a total value 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 $631,690.72. This represents a 18.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.19% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CMA has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their target price on Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Jefferies Financial Group boosted their price target on Comerica from $70.00 to $75.00 and gave the company a "hold" rating in a research note on Wednesday, September 3rd. Citigroup boosted their price target on Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Cantor Fitzgerald began coverage on Comerica in a research note on Wednesday. They issued a "neutral" rating and a $72.00 price target for the company. Finally, Piper Sandler boosted their price target on Comerica from $60.00 to $65.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Five investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat.com, Comerica presently has a consensus rating of "Hold" and an average price target of $65.00.

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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