Edgestream Partners L.P. Invests $1.31 Million in Comerica Incorporated (NYSE:CMA)

Edgestream Partners L.P. acquired a new position in Comerica Incorporated (NYSE:CMA) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 25,595 shares of the financial services provider’s stock, valued at approximately $1,306,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Comerica by 4.2% in the 4th quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock valued at $941,968,000 after buying an additional 676,959 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Comerica by 51.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after buying an additional 1,370,886 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Comerica by 51.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock valued at $143,109,000 after buying an additional 870,812 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its position in Comerica by 1.1% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock valued at $93,621,000 after buying an additional 19,068 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Comerica by 9.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock valued at $78,288,000 after buying an additional 130,458 shares in the last quarter. 80.74% of the stock is owned by institutional investors.

Comerica Price Performance

Comerica stock opened at $61.49 on Friday. Comerica Incorporated has a 12 month low of $37.40 and a 12 month high of $61.74. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. The business’s 50 day simple moving average is $55.11 and its 200 day simple moving average is $52.57. The company has a market cap of $8.15 billion, a price-to-earnings ratio of 12.22 and a beta of 1.23.

Comerica (NYSE:CMA) last posted its quarterly earnings data 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 business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same quarter in the prior year, the business earned $2.01 earnings per share. Sell-side analysts forecast that Comerica Incorporated will post 5.05 EPS for the current year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors 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 yield of 4.62%. Comerica’s payout ratio is 56.46%.

Insider Activity at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was 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 in the company, valued at $1,605,104.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.19% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently commented on CMA. Truist Financial boosted their target price on Comerica from $53.00 to $66.00 and gave the company a “hold” rating in a research report on Friday. Stephens reaffirmed an “overweight” rating and issued a $58.00 target price on shares of Comerica in a research report on Tuesday, September 10th. Barclays cut their price target on Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a research note on Monday, July 22nd. DA Davidson reiterated a “neutral” rating and set a $55.00 price target on shares of Comerica in a research note on Tuesday, September 10th. Finally, StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a research note on Monday, September 16th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Comerica presently has an average rating of “Hold” and an average price target of $56.32.

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.