Wellington Management Group LLP Raises Stake in Comerica Incorporated $CMA

Key Points

• Wellington Management Group LLP increased its ownership in Comerica Incorporated by 121.7% in Q1, holding approximately 497,298 shares valued at $29.37 million.
• Comerica reported a Q2 EPS of $1.42, exceeding estimates of $1.23, and had a revenue of $849 million, surpassing consensus expectations.
• The company announced a quarterly dividend of $0.71 per share, representing an annualized yield of 4.1%, with the dividend payout ratio at 54.41%.

Wellington Management Group LLP raised its position in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 121.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 497,298 shares of the financial services provider's stock after buying an additional 272,969 shares during the period. Wellington Management Group LLP owned about 0.38% of Comerica worth $29,370,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Algert Global LLC lifted its position in shares of Comerica by 47.1% in the 1st quarter. Algert Global LLC now owns 179,874 shares of the financial services provider's stock worth $10,623,000 after purchasing an additional 57,616 shares during the period. Raymond James Financial Inc. lifted its position in shares of Comerica by 73.9% in the 1st quarter. Raymond James Financial Inc. now owns 218,884 shares of the financial services provider's stock worth $12,927,000 after purchasing an additional 92,984 shares during the period. Gen Wealth Partners Inc purchased a new stake in shares of Comerica in the 1st quarter worth about $34,000. Brandywine Global Investment Management LLC purchased a new stake in shares of Comerica in the 1st quarter worth about $5,065,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Comerica by 9.4% in 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 period. Hedge funds and other institutional investors own 80.74% of the company's stock.

Comerica Stock Performance

Shares of CMA stock traded down $0.29 during trading hours on Friday, reaching $70.53. The company had a trading volume of 1,014,252 shares, compared to its average volume of 1,974,510. The business has a fifty day moving average price of $65.10 and a 200-day moving average price of $60.26. Comerica Incorporated has a one year low of $48.12 and a one year high of $73.45. The firm has a market cap of $9.06 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 12.82 and a beta of 0.94. 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 (NYSE:CMA - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.19. Comerica had a net margin of 14.92% and a return on equity of 10.92%. The firm had revenue of $849.00 million during the quarter, compared to analyst estimates of $844.39 million. During the same period in the previous year, the business posted $1.49 earnings per share. Sell-side analysts predict that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.71 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.0%. Comerica's payout ratio is currently 54.41%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CMA shares. Citigroup raised their target price on shares of Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Jefferies Financial Group upgraded shares of Comerica from an "underperform" rating to a "hold" rating and increased their price target for the stock from $50.00 to $70.00 in a research note on Wednesday, August 6th. Truist Financial increased their price target on shares of Comerica from $61.00 to $68.00 and gave the stock a "hold" rating in a research note on Thursday, July 24th. Keefe, Bruyette & Woods increased their price target on shares of Comerica from $69.00 to $73.00 and gave the stock an "outperform" rating in a research note on Monday, July 21st. Finally, Stephens reiterated an "equal weight" rating on shares of Comerica in a research note on Monday, July 21st. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $64.40.

Insider Buying and Selling

In related news, insider James Mcgregor Carr sold 4,000 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $67.28, for a total value of $269,120.00. Following the transaction, the insider owned 33,471 shares of the company's stock, valued at approximately $2,251,928.88. This trade represents a 10.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Allysun C. Fleming sold 2,100 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at approximately $631,690.72. The trade was a 18.22% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.19% of the company's stock.

Comerica 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.