Sei Investments Co. Buys 78,176 Shares of Comerica Incorporated (NYSE:CMA)

Sei Investments Co. boosted its stake in shares of Comerica Incorporated (NYSE:CMA) by 198.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 117,572 shares of the financial services provider’s stock after purchasing an additional 78,176 shares during the quarter. Sei Investments Co. owned about 0.09% of Comerica worth $6,001,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Family Firm Inc. bought a new position in Comerica in the 2nd quarter worth $37,000. UMB Bank n.a. increased its stake in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares during the period. Versant Capital Management Inc lifted its position in shares of Comerica by 2,723.3% during the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 817 shares during the last quarter. Abich Financial Wealth Management LLC boosted its stake in Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 300 shares during the period. Finally, Rothschild Investment LLC acquired a new stake in Comerica in the 2nd quarter valued at approximately $56,000. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Price Performance

Shares of CMA opened at $59.91 on Tuesday. The firm has a market cap of $7.94 billion, a PE ratio of 11.91 and a beta of 1.23. Comerica Incorporated has a 52-week low of $37.40 and a 52-week high of $61.84. The business’s 50 day moving average price is $55.82 and its two-hundred day moving average price is $53.01. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96.

Comerica (NYSE:CMA) last issued its earnings results on Friday, July 19th. The financial services provider reported $1.49 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 company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $812.79 million. During the same period last year, the business posted $2.01 EPS. On average, equities analysts anticipate that Comerica Incorporated will post 5.06 EPS for the current year.

Comerica Announces Dividend

The company 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 $0.71 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.74%. Comerica’s payout ratio is 56.46%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CMA. Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. The Goldman Sachs Group dropped their price objective on shares of Comerica from $69.00 to $62.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Piper Sandler increased their target price on shares of Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Robert W. Baird lowered their price target on Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, June 20th. Finally, Barclays cut their price target on Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a report on Monday, July 22nd. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $58.33.

Insider Activity

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the company’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 completion of the sale, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is currently owned by corporate insiders.

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.