Raymond James & Associates Sells 39,560 Shares of Comerica Incorporated (NYSE:CMA)

Raymond James & Associates reduced its position in shares of Comerica Incorporated (NYSE:CMA) by 21.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 145,233 shares of the financial services provider’s stock after selling 39,560 shares during the quarter. Raymond James & Associates owned 0.11% of Comerica worth $7,413,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CMA. Spire Wealth Management increased its stake in shares of Comerica by 95.9% in the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 235 shares in the last quarter. Versant Capital Management Inc increased its position in Comerica by 2,723.3% in the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after buying an additional 817 shares in the last quarter. Abich Financial Wealth Management LLC raised its stake in shares of Comerica by 50.2% in the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after buying an additional 300 shares during the period. Cullen Frost Bankers Inc. purchased a new position in shares of Comerica during the 4th quarter valued at about $51,000. Finally, FinTrust Capital Advisors LLC grew its stake in shares of Comerica by 1,132.6% during the 1st quarter. FinTrust Capital Advisors LLC now owns 1,171 shares of the financial services provider’s stock valued at $64,000 after acquiring an additional 1,076 shares during the period. 80.74% of the stock is owned by hedge funds and other institutional investors.

Comerica Price Performance

CMA stock opened at $56.62 on Tuesday. The stock has a market cap of $7.51 billion, a PE ratio of 11.26 and a beta of 1.25. Comerica Incorporated has a 12 month low of $37.40 and a 12 month high of $58.50. The company has a 50-day moving average price of $52.52 and a 200 day moving average price of $51.74. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last announced its earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $812.79 million. During the same quarter in the previous year, the business earned $2.01 earnings per share. Equities research analysts anticipate that Comerica Incorporated will post 5.05 earnings per share for the current year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s dividend payout ratio is currently 56.46%.

Insider Transactions at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction dated 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 owns 27,910 shares in the company, valued at approximately $1,605,104.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

CMA has been the topic of several analyst reports. Wells Fargo & Company lowered their price target on shares of Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a report on Wednesday, June 12th. Morgan Stanley raised their price target on Comerica from $50.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. The Goldman Sachs Group cut their price objective on shares of Comerica from $69.00 to $62.00 and set a “buy” rating for the company in a report on Tuesday, June 4th. Keefe, Bruyette & Woods dropped their target price on shares of Comerica from $58.00 to $56.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. Finally, Truist Financial downgraded shares of Comerica from a “buy” rating to a “hold” rating and reduced their price target for the company from $55.00 to $53.00 in a report on Monday, July 22nd. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $55.45.

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.