Goldman Sachs Group Inc. Buys 203,333 Shares of Comerica Incorporated $CMA

Goldman Sachs Group Inc. increased its stake in shares of Comerica Incorporated (NYSE:CMA) by 9.6% during the 1st quarter, Holdings Channel.com reports. The fund owned 2,321,494 shares of the financial services provider’s stock after purchasing an additional 203,333 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Comerica were worth $137,107,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. MorganRosel Wealth Management LLC purchased a new stake in Comerica in the 1st quarter worth approximately $33,000. Gen Wealth Partners Inc purchased a new stake in Comerica in the 1st quarter worth approximately $34,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Comerica in the 1st quarter worth approximately $55,000. MAI Capital Management lifted its holdings in Comerica by 32.1% in the 1st quarter. MAI Capital Management now owns 942 shares of the financial services provider’s stock worth $56,000 after buying an additional 229 shares during the period. Finally, Quarry LP lifted its holdings in Comerica by 38.9% in the 1st quarter. Quarry LP now owns 1,204 shares of the financial services provider’s stock worth $71,000 after buying an additional 337 shares during the period. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on CMA shares. DA Davidson set a $60.00 price objective on Comerica and gave the stock a “neutral” rating in a report on Monday, July 21st. Cantor Fitzgerald assumed coverage on Comerica in a report on Wednesday. They issued a “neutral” rating and a $72.00 price objective for the company. Truist Financial raised their target price on Comerica from $61.00 to $68.00 and gave the company a “hold” rating in a research note on Thursday, July 24th. Stephens restated an “equal weight” rating on shares of Comerica in a research note on Monday, July 21st. Finally, JPMorgan Chase & Co. raised their target price on Comerica from $52.00 to $60.00 and gave the company an “underweight” rating in a research note on Tuesday, July 1st. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $65.00.

Insider Buying and Selling

In other Comerica news, EVP Allysun C. Fleming sold 2,100 shares of Comerica stock in a transaction on Friday, August 8th. The stock was 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. This trade represents 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 stock was sold at an average price of $67.28, for a total value 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 owned by company insiders.

Comerica Stock Up 0.3%

CMA stock opened at $69.43 on Friday. Comerica Incorporated has a twelve month low of $48.12 and a twelve month high of $73.45. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84. The firm has a market cap of $8.92 billion, a PE ratio of 13.30, a price-to-earnings-growth ratio of 12.46 and a beta of 0.97. The business has a 50 day moving average of $67.14 and a 200 day moving average of $60.46.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, July 18th. The financial services provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.19. Comerica had a return on equity of 10.92% and a net margin of 14.92%.The company had revenue of $849.00 million during the quarter, compared to analyst estimates of $844.39 million. During the same quarter last year, the company earned $1.49 EPS. On average, research analysts forecast that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Comerica’s dividend payout ratio (DPR) is 54.41%.

Comerica 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.