Comerica Incorporated (NYSE:CMA) Shares Acquired by Wedmont Private Capital

Wedmont Private Capital increased its stake in Comerica Incorporated (NYSE:CMA) by 11.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,684 shares of the financial services provider’s stock after acquiring an additional 778 shares during the period. Wedmont Private Capital’s holdings in Comerica were worth $448,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Family Firm Inc. acquired a new stake in shares of Comerica in the second quarter valued at $37,000. UMB Bank n.a. raised its stake in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 208 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of Comerica by 2,723.3% in the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 817 shares in the last quarter. Abich Financial Wealth Management LLC raised its stake in Comerica by 50.2% in the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after buying an additional 300 shares in the last quarter. Finally, Rothschild Investment LLC acquired a new stake in Comerica in the second quarter valued at $56,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Comerica Price Performance

CMA stock opened at $61.28 on Friday. The firm has a 50 day moving average of $56.89 and a 200-day moving average of $53.47. Comerica Incorporated has a 12-month low of $37.40 and a 12-month high of $61.84. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. The company has a market cap of $8.12 billion, a price-to-earnings ratio of 12.18 and a beta of 1.23.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $812.79 million. During the same period last year, the firm earned $2.01 EPS. As a group, equities analysts expect that Comerica Incorporated will post 5.12 EPS for the current fiscal year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $0.71 per share. The ex-dividend date was Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.63%. Comerica’s payout ratio is 56.46%.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction that occurred on Friday, August 23rd. The stock was 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 in the company, valued at $1,605,104.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

CMA has been the topic of a number of analyst reports. Evercore ISI raised their price target on Comerica from $58.00 to $64.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Truist Financial raised their price target on Comerica from $53.00 to $66.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Piper Sandler raised their price target on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Barclays cut their price target on Comerica from $59.00 to $56.00 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. Finally, Raymond James upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a research note on Tuesday, July 2nd. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Comerica currently has a consensus rating of “Hold” and a consensus price target of $59.62.

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.