King Luther Capital Management Corp Sells 42,498 Shares of Comerica Incorporated (NYSE:CMA)

King Luther Capital Management Corp reduced its stake in Comerica Incorporated (NYSE:CMA) by 6.6% during the 2nd quarter, Holdings Channel reports. The firm owned 602,353 shares of the financial services provider’s stock after selling 42,498 shares during the period. King Luther Capital Management Corp’s holdings in Comerica were worth $30,744,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pitcairn Co. lifted its holdings in shares of Comerica by 2.9% during the 1st quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock valued at $374,000 after purchasing an additional 190 shares in the last quarter. Texas Permanent School Fund Corp lifted its stake in Comerica by 0.7% in the first quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock valued at $1,498,000 after buying an additional 201 shares in the last quarter. Summit Securities Group LLC boosted its holdings in shares of Comerica by 22.4% in the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after buying an additional 202 shares during the period. UMB Bank n.a. increased its position in shares of Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 208 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Comerica by 7.6% during the first quarter. GAMMA Investing LLC now owns 3,240 shares of the financial services provider’s stock worth $178,000 after acquiring an additional 230 shares during the period. Institutional investors own 80.74% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CMA shares. Robert W. Baird decreased their price objective on Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, June 20th. DA Davidson restated a “neutral” rating and issued a $55.00 price objective on shares of Comerica in a report on Tuesday, September 10th. Stephens reiterated an “overweight” rating and set a $58.00 target price on shares of Comerica in a report on Tuesday, September 10th. JPMorgan Chase & Co. lowered their price target on Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Finally, Piper Sandler upped their price objective on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $55.73.

Comerica Stock Up 2.4 %

Shares of NYSE:CMA opened at $61.12 on Friday. The firm has a market capitalization of $8.10 billion, a PE ratio of 12.15 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. Comerica Incorporated has a 52-week low of $37.40 and a 52-week high of $61.74. The firm has a fifty day moving average of $55.01 and a 200 day moving average of $52.51.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, topping the consensus estimate of $1.19 by $0.30. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period last year, the firm posted $2.01 earnings per share. As a group, research analysts anticipate that Comerica Incorporated will post 5.05 EPS for the current fiscal year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, September 13th. This represents a $2.84 annualized dividend and a yield of 4.65%. Comerica’s payout ratio is currently 56.46%.

Insiders Place Their Bets

In other news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at $1,605,104.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.19% 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.