Sunbelt Securities Inc. Boosts Stake in Comerica Incorporated (NYSE:CMA)

Sunbelt Securities Inc. raised its position in Comerica Incorporated (NYSE:CMA) by 400.0% during the second quarter, Holdings Channel reports. The firm owned 2,500 shares of the financial services provider’s stock after buying an additional 2,000 shares during the quarter. Sunbelt Securities Inc.’s holdings in Comerica were worth $128,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CMA. Vanguard Group Inc. raised its holdings in shares of Comerica by 4.2% in the 4th quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock valued at $941,968,000 after buying an additional 676,959 shares during the period. Dimensional Fund Advisors LP grew its position in Comerica by 51.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after acquiring an additional 1,370,886 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Comerica by 51.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock worth $143,109,000 after purchasing an additional 870,812 shares during the period. Vaughan Nelson Investment Management L.P. lifted its position in shares of Comerica by 1.1% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock worth $93,621,000 after purchasing an additional 19,068 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Comerica by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock valued at $78,288,000 after purchasing an additional 130,458 shares during the period. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. Barclays cut their price objective on Comerica from $59.00 to $56.00 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Truist Financial lifted their target price on Comerica from $53.00 to $66.00 and gave the company a “hold” rating in a report on Friday, September 20th. Piper Sandler upped their price target on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Finally, Evercore ISI lifted their price objective on Comerica from $58.00 to $64.00 and gave the company an “in-line” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $58.81.

Comerica Stock Up 0.9 %

Shares of NYSE CMA opened at $58.67 on Friday. The business has a 50-day moving average price of $56.08 and a 200 day moving average price of $53.11. The stock has a market cap of $7.78 billion, a PE ratio of 11.66 and a beta of 1.23. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. Comerica Incorporated has a 52-week low of $37.40 and a 52-week high of $61.84.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.30. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same period in the prior year, the company earned $2.01 earnings per share. Equities research analysts forecast that Comerica Incorporated will post 5.06 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a $0.71 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.84%. Comerica’s dividend payout ratio is presently 56.46%.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at $1,605,104.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate 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.