Fiduciary Alliance LLC Buys Shares of 8,445 Comerica Incorporated (NYSE:CMA)

Fiduciary Alliance LLC purchased a new position in Comerica Incorporated (NYSE:CMA) during the third quarter, HoldingsChannel.com reports. The fund purchased 8,445 shares of the financial services provider’s stock, valued at approximately $506,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. OLD National Bancorp IN lifted its holdings in Comerica by 4.9% in the second quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock worth $12,130,000 after acquiring an additional 11,049 shares during the last quarter. Entropy Technologies LP acquired a new position in Comerica during the 1st quarter valued at approximately $1,764,000. SG Americas Securities LLC grew its stake in Comerica by 66.2% during the 2nd quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock worth $3,209,000 after buying an additional 25,040 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Comerica by 39.3% in the second quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock worth $11,262,000 after buying an additional 62,269 shares during the period. Finally, LSV Asset Management boosted its holdings in shares of Comerica by 13.6% during the first quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock valued at $45,938,000 after acquiring an additional 100,189 shares during the period. 80.74% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on CMA. JPMorgan Chase & Co. lifted their price objective on shares of Comerica from $57.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. StockNews.com lowered Comerica from a “hold” rating to a “sell” rating in a report on Friday. DA Davidson reaffirmed a “neutral” rating and set a $55.00 target price on shares of Comerica in a research note on Tuesday, September 10th. Morgan Stanley increased their price target on Comerica from $61.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, Raymond James upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research note on Tuesday, July 2nd. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $59.62.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the sale, the executive vice president now directly owns 27,910 shares in the company, valued at approximately $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.19% of the stock is owned by corporate insiders.

Comerica Stock Performance

Shares of CMA opened at $61.32 on Tuesday. The company has a 50-day moving average of $57.09 and a two-hundred day moving average of $53.52. The stock has a market cap of $8.13 billion, a price-to-earnings ratio of 12.19 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96. Comerica Incorporated has a one year low of $37.40 and a one year 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, topping the consensus estimate of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $812.79 million. During the same period in the previous year, the company posted $2.01 EPS. On average, equities research analysts expect that Comerica Incorporated will post 5.12 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.84 annualized dividend and a yield of 4.63%. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

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.