Exchange Capital Management Inc. Sells 350 Shares of Comerica Incorporated (NYSE:CMA)

Exchange Capital Management Inc. cut its stake in shares of Comerica Incorporated (NYSE:CMA) by 4.4% during the 1st quarter, Holdings Channel reports. The fund owned 7,618 shares of the financial services provider’s stock after selling 350 shares during the period. Exchange Capital Management Inc.’s holdings in Comerica were worth $419,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Spire Wealth Management boosted its stake in Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 235 shares in the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in Comerica during the fourth quarter worth $36,000. Fortitude Family Office LLC bought a new position in shares of Comerica in the fourth quarter valued at $36,000. FNY Investment Advisers LLC bought a new position in shares of Comerica in the fourth quarter valued at $50,000. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Comerica in the fourth quarter valued at $51,000. 80.74% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CMA has been the topic of a number of recent research reports. Robert W. Baird dropped their price objective on shares of Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, June 20th. Raymond James raised 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. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Comerica in a research note on Wednesday, April 10th. They issued a “hold” rating and a $59.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Finally, DA Davidson reiterated a “neutral” rating and issued a $56.00 target price on shares of Comerica in a report on Wednesday, March 6th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $56.04.

Insider Activity

In other news, EVP Cassandra M. Mckinney sold 7,271 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total value of $382,381.89. Following the sale, the executive vice president now owns 7,236 shares of the company’s stock, valued at $380,541.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.19% of the company’s stock.

Comerica Stock Performance

Shares of CMA stock opened at $51.12 on Wednesday. The firm’s 50-day simple moving average is $50.61 and its two-hundred day simple moving average is $51.92. Comerica Incorporated has a 52 week low of $37.40 and a 52 week high of $57.39. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $6.78 billion, a price-to-earnings ratio of 10.16 and a beta of 1.25.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. During the same quarter in the previous year, the firm posted $2.39 earnings per share. As a group, equities analysts forecast that Comerica Incorporated will post 5.07 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 5.56%. The ex-dividend date of this dividend was Friday, June 14th. Comerica’s dividend payout ratio (DPR) is currently 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.