Comprehensive Financial Consultants Institutional Inc. Sells 1,390 Shares of Comerica Incorporated (NYSE:CMA)

Comprehensive Financial Consultants Institutional Inc. cut its holdings in shares of Comerica Incorporated (NYSE:CMA) by 21.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,167 shares of the financial services provider’s stock after selling 1,390 shares during the quarter. Comprehensive Financial Consultants Institutional Inc.’s holdings in Comerica were worth $284,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Raymond James & Associates increased its holdings in shares of Comerica by 18.1% in the fourth quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock worth $11,348,000 after purchasing an additional 31,125 shares during the last quarter. Avaii Wealth Management LLC purchased a new position in Comerica in the fourth quarter worth about $679,000. NewEdge Wealth LLC purchased a new position in Comerica in the fourth quarter worth about $10,068,000. Aigen Investment Management LP purchased a new position in Comerica in the fourth quarter worth about $891,000. Finally, PNC Financial Services Group Inc. grew its position in Comerica by 1.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 47,903 shares of the financial services provider’s stock worth $2,673,000 after acquiring an additional 501 shares in the last quarter. 80.74% of the stock is owned by institutional investors.

Insider Transactions at Comerica

In other news, EVP Cassandra M. Mckinney sold 7,271 shares of the stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the sale, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.19% of the company’s stock.

Comerica Price Performance

Shares of CMA stock traded up $1.06 during mid-day trading on Tuesday, hitting $51.11. 1,607,559 shares of the stock were exchanged, compared to its average volume of 2,216,645. The firm has a fifty day moving average of $50.47 and a 200 day moving average of $51.76. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. Comerica Incorporated has a 52-week low of $37.40 and a 52-week high of $57.39. The company has a market cap of $6.78 billion, a PE ratio of 10.16 and a beta of 1.25.

Comerica (NYSE:CMA) last posted its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. During the same period in the prior year, the company posted $2.39 EPS. Research analysts anticipate that Comerica Incorporated will post 5.03 earnings per share for the current year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 5.56%. The ex-dividend date of this dividend was Friday, June 14th. Comerica’s payout ratio is currently 56.46%.

Analysts Set New Price Targets

CMA has been the subject of several recent analyst reports. Jefferies Financial Group dropped their target price on Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Stephens reissued an “overweight” rating and issued a $64.00 price objective on shares of Comerica in a research note on Tuesday, June 11th. Piper Sandler boosted their price objective on shares of Comerica from $54.00 to $56.00 and gave the stock a “neutral” rating in a research note on Friday, April 26th. Evercore ISI reduced their price objective on shares of Comerica from $58.00 to $54.00 and set an “in-line” rating for the company in a research note on Tuesday, June 25th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $55.96.

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.