8,560 Shares in Comerica Incorporated (NYSE:CMA) Purchased by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP has invested approximately $506,000 in Comerica Incorporated, purchasing 8,560 shares in the first quarter.
• Comerica announced a quarterly dividend of $0.71 per share, which will be paid on October 1st, representing an annualized dividend yield of 4.2%.
• The company's latest earnings report showed earnings per share of $1.42, exceeding analysts' expectations, and a revenue of $849 million for the quarter.

Westfield Capital Management Co. LP purchased a new position in Comerica Incorporated (NYSE:CMA - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 8,560 shares of the financial services provider's stock, valued at approximately $506,000.

Several other institutional investors have also added to or reduced their stakes in CMA. Salzhauer Michael raised its position in Comerica by 39.2% in the fourth quarter. Salzhauer Michael now owns 165,971 shares of the financial services provider's stock worth $10,265,000 after acquiring an additional 46,700 shares during the period. LPL Financial LLC raised its position in shares of Comerica by 16.8% during the 4th quarter. LPL Financial LLC now owns 46,620 shares of the financial services provider's stock valued at $2,883,000 after purchasing an additional 6,699 shares during the period. Schroder Investment Management Group bought a new stake in shares of Comerica during the 4th quarter valued at $706,000. Wellington Management Group LLP bought a new stake in shares of Comerica during the 4th quarter valued at $13,875,000. Finally, Franklin Resources Inc. raised its position in shares of Comerica by 251.1% during the 4th quarter. Franklin Resources Inc. now owns 51,573 shares of the financial services provider's stock valued at $3,190,000 after purchasing an additional 36,883 shares during the period. 80.74% of the stock is currently owned by institutional investors.

Comerica Price Performance

Shares of NYSE:CMA traded up $0.79 on Friday, reaching $66.80. The company's stock had a trading volume of 1,249,938 shares, compared to its average volume of 2,893,904. Comerica Incorporated has a 52-week low of $48.12 and a 52-week high of $73.45. The company has a market cap of $8.59 billion, a P/E ratio of 12.80, a PEG ratio of 11.91 and a beta of 0.94. The company has a 50-day simple moving average of $61.87 and a 200 day simple moving average of $59.98. 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 issued its quarterly earnings data 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 business had revenue of $849.00 million during the quarter, compared to analysts' expectations of $844.39 million. During the same period last year, the company posted $1.49 EPS. As a group, equities research analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.3%. Comerica's payout ratio is currently 54.41%.

Analyst Ratings Changes

CMA has been the topic of several recent analyst reports. Keefe, Bruyette & Woods raised their price objective on shares of Comerica from $69.00 to $73.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Truist Financial raised their price objective on shares of Comerica from $61.00 to $68.00 and gave the company a "hold" rating in a research report on Thursday, July 24th. Jefferies Financial Group upgraded shares of Comerica from an "underperform" rating to a "hold" rating and raised their price objective for the company from $50.00 to $70.00 in a research report on Wednesday. UBS Group set a $64.00 price objective on shares of Comerica and gave the company a "neutral" rating in a research report on Monday, July 21st. Finally, Piper Sandler raised their price objective on shares of Comerica from $60.00 to $65.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $64.40.

About Comerica

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.