Wedge Capital Management L L P NC Has $3.28 Million Position in Comerica Incorporated (NYSE:CMA)

Wedge Capital Management L L P NC lessened its stake in Comerica Incorporated (NYSE:CMA) by 17.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 54,700 shares of the financial services provider’s stock after selling 11,341 shares during the period. Wedge Capital Management L L P NC’s holdings in Comerica were worth $3,277,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CMA. Family Firm Inc. bought a new stake in shares of Comerica in the 2nd quarter worth approximately $37,000. UMB Bank n.a. lifted its position in Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares during the period. Versant Capital Management Inc lifted its position in Comerica by 2,723.3% in the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 817 shares during the period. Abich Financial Wealth Management LLC increased its holdings in Comerica by 50.2% in the 1st 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 during the period. Finally, Summit Securities Group LLC raised its stake in shares of Comerica by 22.4% in the 2nd 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 in the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

Comerica Price Performance

Shares of CMA opened at $61.85 on Wednesday. Comerica Incorporated has a 1 year low of $37.40 and a 1 year high of $63.20. The stock has a market cap of $8.20 billion, a P/E ratio of 12.30 and a beta of 1.23. 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 stock’s 50-day moving average price is $57.29 and its two-hundred day moving average price is $53.57.

Comerica (NYSE:CMA) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $812.79 million. During the same period last year, the company earned $2.01 earnings per share. On average, equities analysts predict that Comerica Incorporated will post 5.12 earnings per share for the current year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend was Friday, September 13th. Comerica’s dividend payout ratio is presently 56.46%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Raymond James raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research note on Tuesday, July 2nd. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $52.00 to $75.00 in a research note on Tuesday, September 24th. Morgan Stanley raised their target price on Comerica from $61.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Piper Sandler upped their price target on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research 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 report on Wednesday, October 2nd. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $59.62.

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.