Bank of Montreal Can Decreases Stock Holdings in Comerica Incorporated (NYSE:CMA)

Bank of Montreal Can cut its stake in Comerica Incorporated (NYSE:CMA) by 10.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 252,060 shares of the financial services provider’s stock after selling 30,944 shares during the period. Bank of Montreal Can owned approximately 0.19% of Comerica worth $12,895,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its holdings in Comerica by 105.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock valued at $10,031,000 after purchasing an additional 3,595,036 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Comerica by 51.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after acquiring an additional 1,370,886 shares during the last quarter. Azora Capital LP acquired a new position in Comerica in the fourth quarter valued at approximately $63,548,000. Goldman Sachs Group Inc. grew its position in Comerica by 51.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock worth $143,109,000 after acquiring an additional 870,812 shares during the period. Finally, Vanguard Group Inc. increased its stake in Comerica by 4.2% during the fourth quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock worth $941,968,000 after acquiring an additional 676,959 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Analysts Set New Price Targets

CMA has been the subject of a number of research analyst reports. Piper Sandler increased their price target on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. StockNews.com lowered shares of Comerica from a “hold” rating to a “sell” rating in a research note on Tuesday, September 24th. Barclays reduced their price target on shares of Comerica from $59.00 to $56.00 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. Wells Fargo & Company dropped their target price on shares of Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a report on Wednesday, June 12th. Finally, Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $50.00 to $69.00 in a research report on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $58.24.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the sale, the executive vice president now directly 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 through this hyperlink. Company insiders own 0.19% of the company’s stock.

Comerica Stock Performance

Shares of CMA stock opened at $59.38 on Monday. The company has a market cap of $7.87 billion, a P/E ratio of 11.81 and a beta of 1.23. The firm has a fifty day moving average price of $55.64 and a 200 day moving average price of $52.93. 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 Incorporated has a 12 month low of $37.40 and a 12 month high of $61.84.

Comerica (NYSE:CMA) last released its quarterly earnings data 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. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same quarter in the prior year, the business posted $2.01 EPS. Sell-side analysts predict that Comerica Incorporated will post 5.06 earnings per share for the current fiscal year.

Comerica Announces Dividend

The business also recently disclosed 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 4.78%. Comerica’s dividend payout ratio is presently 56.46%.

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.