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

Wedmont Private Capital increased its stake in shares of Comerica Incorporated (NYSE:CMA) by 11.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 7,684 shares of the financial services provider’s stock after buying an additional 778 shares during the quarter. Wedmont Private Capital’s holdings in Comerica were worth $448,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Atomi Financial Group Inc. purchased a new stake in Comerica in the 3rd quarter worth approximately $218,000. GAMMA Investing LLC grew its stake in Comerica by 35.3% in the 3rd quarter. GAMMA Investing LLC now owns 5,585 shares of the financial services provider’s stock worth $335,000 after acquiring an additional 1,457 shares during the period. Handelsbanken Fonder AB grew its stake in Comerica by 44.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 37,500 shares of the financial services provider’s stock worth $2,247,000 after acquiring an additional 11,600 shares during the period. Bluefin Capital Management LLC purchased a new stake in Comerica in the 2nd quarter worth approximately $245,000. Finally, Sanctuary Advisors LLC purchased a new stake in Comerica in the 2nd quarter worth approximately $449,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on CMA. JPMorgan Chase & Co. lifted their target price on shares of Comerica from $57.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday. Truist Financial lifted their target price on shares of Comerica from $53.00 to $66.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. The Goldman Sachs Group boosted their price objective on shares of Comerica from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Raymond James raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a research note on Tuesday, July 2nd. Finally, Bank of America cut shares of Comerica from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $55.00 to $52.00 in a research note on Monday, October 7th. Four 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $59.62.

Comerica Trading Up 3.2 %

NYSE:CMA opened at $61.28 on Friday. Comerica Incorporated has a one year low of $37.40 and a one year high of $61.84. The business’s 50-day simple moving average is $56.89 and its 200 day simple moving average is $53.47. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. The stock 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 data 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. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same period in the previous year, the business earned $2.01 EPS. As a group, sell-side analysts predict that Comerica Incorporated will post 5.12 earnings per share for the current fiscal year.

Comerica Dividend Announcement

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

Insiders Place Their Bets

In other Comerica 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.19% of the stock is owned by company insiders.

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.