Easterly Investment Partners LLC Sells 2,000 Shares of Comerica Incorporated (NYSE:CMA)

Easterly Investment Partners LLC cut its holdings in Comerica Incorporated (NYSE:CMA) by 11.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,960 shares of the financial services provider’s stock after selling 2,000 shares during the quarter. Easterly Investment Partners LLC’s holdings in Comerica were worth $764,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Spire Wealth Management lifted its holdings in shares of Comerica by 95.9% during the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 235 shares in the last quarter. Family Firm Inc. acquired a new position in shares of Comerica in the second quarter valued at approximately $37,000. Versant Capital Management Inc increased its position in shares of Comerica by 2,723.3% during the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 817 shares in the last quarter. Abich Financial Wealth Management LLC raised its holdings in shares of Comerica by 50.2% during the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 300 shares during the period. Finally, Cullen Frost Bankers Inc. acquired a new position in Comerica in the 4th quarter worth $51,000. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Price Performance

Shares of CMA traded down $0.72 during midday trading on Monday, reaching $56.76. The stock had a trading volume of 316,551 shares, compared to its average volume of 2,201,656. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 1.23. The company has a market capitalization of $7.53 billion, a price-to-earnings ratio of 11.43 and a beta of 1.25. The company’s 50-day moving average is $52.33 and its 200 day moving average is $51.70. Comerica Incorporated has a 12-month low of $37.40 and a 12-month high of $58.50.

Comerica (NYSE:CMA) last issued its earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.30. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same quarter in the prior year, the firm earned $2.01 earnings per share. On average, equities analysts predict that Comerica Incorporated will post 5.05 EPS for the current fiscal year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.71 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.84 annualized dividend and a yield of 5.00%. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods reduced their price target on Comerica from $58.00 to $56.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. The Goldman Sachs Group decreased their target price on shares of Comerica from $69.00 to $62.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Citigroup downgraded shares of Comerica from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $60.00 to $56.00 in a research note on Monday, May 6th. Royal Bank of Canada dropped their target price on Comerica from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Finally, Stephens restated an “overweight” rating and issued a $64.00 price target on shares of Comerica in a research note on Tuesday, June 11th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $55.45.

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.