Comerica Incorporated (NYSE:CMA) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System trimmed its position in Comerica Incorporated (NYSE:CMA) by 18.2% in the first quarter, HoldingsChannel.com reports. The firm owned 6,196 shares of the financial services provider’s stock after selling 1,375 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Comerica were worth $366,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Primecap Management Co. CA increased its holdings in shares of Comerica by 228.8% in the first quarter. Primecap Management Co. CA now owns 1,670,110 shares of the financial services provider’s stock valued at $98,637,000 after buying an additional 1,162,110 shares in the last quarter. North Reef Capital Management LP increased its holdings in shares of Comerica by 15.7% in the fourth quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider’s stock valued at $250,492,000 after buying an additional 550,000 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Comerica by 548.9% in the fourth quarter. Canada Pension Plan Investment Board now owns 642,400 shares of the financial services provider’s stock valued at $39,732,000 after buying an additional 543,400 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Comerica by 29.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,149,591 shares of the financial services provider’s stock valued at $132,952,000 after buying an additional 492,381 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new position in shares of Comerica in the fourth quarter valued at $25,692,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Comerica Trading Down 1.5%

Comerica stock opened at $68.10 on Friday. The company’s fifty day simple moving average is $62.91 and its 200-day simple moving average is $60.12. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84. Comerica Incorporated has a 12 month low of $48.12 and a 12 month high of $73.45. The stock has a market cap of $8.75 billion, a P/E ratio of 13.05, a P/E/G ratio of 12.25 and a beta of 0.94.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.23 by $0.19. Comerica had a net margin of 14.92% and a return on equity of 10.92%. The business had revenue of $849.00 million for the quarter, compared to analysts’ expectations of $844.39 million. During the same period in the previous year, the company posted $1.49 EPS. As a group, sell-side analysts forecast that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Comerica’s payout ratio is presently 54.41%.

Insider Buying and Selling at Comerica

In related news, EVP Allysun C. Fleming sold 2,100 shares of Comerica stock in a transaction on Friday, August 8th. The shares were sold at an average price of $67.03, for a total value of $140,763.00. Following the completion of the sale, the executive vice president owned 9,424 shares of the company’s stock, valued at approximately $631,690.72. The trade was a 18.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Mcgregor Carr sold 4,000 shares of Comerica stock in a transaction on Friday, August 8th. The shares were sold at an average price of $67.28, for a total transaction of $269,120.00. Following the completion of the sale, the insider directly owned 33,471 shares of the company’s stock, valued at approximately $2,251,928.88. The trade was a 10.67% decrease in their position. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Evercore ISI cut Comerica from an “in-line” rating to an “underperform” rating and dropped their price target for the company from $65.00 to $50.00 in a report on Tuesday, April 22nd. Wells Fargo & Company cut their target price on shares of Comerica from $67.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. The Goldman Sachs Group cut their target price on shares of Comerica from $66.00 to $57.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd. Piper Sandler boosted their target price on shares of Comerica from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Monday, July 21st. Finally, Raymond James Financial reissued a “market perform” rating on shares of Comerica in a research note on Tuesday, July 8th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $64.40.

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.