National Bank of Canada FI Trims Stake in Comerica Incorporated (NYSE:CMA)

National Bank of Canada FI lessened its holdings in shares of Comerica Incorporated (NYSE:CMA) by 97.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 670 shares of the financial services provider’s stock after selling 28,704 shares during the quarter. National Bank of Canada FI’s holdings in Comerica were worth $34,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of CMA. Pitcairn Co. lifted its position in Comerica by 2.9% during the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock valued at $374,000 after purchasing an additional 190 shares in the last quarter. Texas Permanent School Fund Corp raised its stake in shares of Comerica by 0.7% in the first quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock worth $1,498,000 after buying an additional 201 shares during the period. Summit Securities Group LLC lifted its position in shares of Comerica by 22.4% during the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after buying an additional 202 shares in the last quarter. UMB Bank n.a. grew its stake in shares of Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 208 shares during the period. Finally, GAMMA Investing LLC increased its holdings in Comerica by 7.6% in the 1st quarter. GAMMA Investing LLC now owns 3,240 shares of the financial services provider’s stock worth $178,000 after acquiring an additional 230 shares in the last quarter. Institutional investors own 80.74% of the company’s stock.

Analyst Ratings Changes

CMA has been the topic of several analyst reports. Wells Fargo & Company dropped their price target on shares of Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a research report on Wednesday, June 12th. Robert W. Baird dropped their target price on shares of Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, June 20th. Piper Sandler boosted their price objective on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. dropped their price objective on Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Finally, Truist Financial downgraded Comerica from a “buy” rating to a “hold” rating and decreased their target price for the company from $55.00 to $53.00 in a research note on Monday, July 22nd. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $55.73.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.19% of the company’s stock.

Comerica Price Performance

CMA stock opened at $57.49 on Monday. The stock has a market cap of $7.63 billion, a PE ratio of 11.43 and a beta of 1.23. 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 $54.55 and a 200 day moving average price of $52.34. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last released its earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $812.79 million. During the same quarter in the prior year, the firm posted $2.01 earnings per share. Equities research analysts anticipate that Comerica Incorporated will post 5.05 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.94%. Comerica’s dividend payout ratio (DPR) is 56.46%.

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.