Wedge Capital Management L L P NC Has $1.74 Million Holdings in Comerica Incorporated $CMA

Key Points

• Wedge Capital Management reduced its stake in Comerica by 38.6%, bringing its holdings to 29,227 shares valued at approximately $1.74 million.
• Comerica recently announced a quarterly dividend of $0.71 per share, with a dividend yield of 4.1% and a payout ratio of 54.41%.
• The stock has a consensus rating of "Hold" among analysts, with a price target range indicating potential for price appreciation.

Wedge Capital Management L L P NC cut its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 38.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,227 shares of the financial services provider's stock after selling 18,401 shares during the period. Wedge Capital Management L L P NC's holdings in Comerica were worth $1,743,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CMA. ProShare Advisors LLC acquired a new stake in shares of Comerica in the fourth quarter valued at approximately $381,000. Vident Advisory LLC acquired a new position in Comerica during the fourth quarter valued at approximately $208,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Comerica by 12.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 472,724 shares of the financial services provider's stock valued at $29,238,000 after purchasing an additional 53,039 shares in the last quarter. Vise Technologies Inc. acquired a new position in Comerica during the fourth quarter valued at approximately $256,000. Finally, GTS Securities LLC raised its position in Comerica by 313.1% during the fourth quarter. GTS Securities LLC now owns 4,479 shares of the financial services provider's stock valued at $277,000 after purchasing an additional 6,581 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMA has been the subject of several research analyst reports. DA Davidson set a $60.00 price objective on shares of Comerica and gave the company a "neutral" rating in a research report on Monday, July 21st. Raymond James Financial restated a "market perform" rating on shares of Comerica in a research report on Tuesday, July 8th. Stephens restated an "equal weight" rating on shares of Comerica in a research report on Monday, July 21st. Truist Financial upped their price target on shares of Comerica from $68.00 to $70.00 and gave the stock a "hold" rating in a report on Friday, September 12th. Finally, Piper Sandler increased 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 equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and five have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Comerica presently has a consensus rating of "Hold" and a consensus price target of $65.10.

Comerica Trading Down 2.0%

Shares of CMA stock opened at $68.44 on Tuesday. The company has a market cap of $8.80 billion, a P/E ratio of 13.11, a PEG ratio of 12.55 and a beta of 0.97. The stock has a 50 day simple moving average of $67.98 and a two-hundred day simple moving average of $60.83. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96. 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 issued its earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.19. The business 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 earnings per share. Research analysts forecast that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

The firm also recently announced 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. This represents a $2.84 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Monday, September 15th. Comerica's payout ratio is presently 54.41%.

Insider Buying and Selling

In other Comerica news, insider James Mcgregor Carr sold 4,000 shares of Comerica stock in a transaction that occurred 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 sale, the insider directly owned 33,471 shares in the company, valued at approximately $2,251,928.88. The trade was a 10.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Allysun C. Fleming sold 2,100 shares of Comerica stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $67.03, for a total value of $140,763.00. Following the completion of the sale, the executive vice president 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 disclosure for this sale can be found here. Insiders own 1.10% of the company's stock.

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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