Comerica Incorporated (NYSE:CMA) Shares Sold by Texas Capital Bank Wealth Management Services Inc

Texas Capital Bank Wealth Management Services Inc lowered its stake in shares of Comerica Incorporated (NYSE:CMA) by 49.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,100 shares of the financial services provider’s stock after selling 5,000 shares during the period. Texas Capital Bank Wealth Management Services Inc’s holdings in Comerica were worth $260,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Family Firm Inc. purchased a new position in Comerica during the second quarter worth about $37,000. UMB Bank n.a. lifted its holdings 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 worth $38,000 after acquiring an additional 208 shares during the period. Versant Capital Management Inc boosted its position in shares of 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 acquiring an additional 817 shares during the last quarter. Abich Financial Wealth Management LLC grew its holdings in Comerica by 50.2% in the first 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, Summit Securities Group LLC increased its position in Comerica by 22.4% during the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 202 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares in the company, valued at $1,605,104.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.19% of the company’s stock.

Comerica Trading Down 0.2 %

Shares of CMA opened at $59.38 on Friday. Comerica Incorporated has a one year low of $37.40 and a one year high of $61.84. The stock has a 50-day moving average price of $55.64 and a 200 day moving average price of $52.92. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $7.87 billion, a P/E ratio of 11.81 and a beta 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 the consensus estimate of $1.19 by $0.30. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same period in the prior year, the business posted $2.01 EPS. Sell-side analysts forecast that Comerica Incorporated will post 5.06 EPS for the current fiscal year.

Comerica Announces Dividend

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 given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.78%. The ex-dividend date is Friday, September 13th. Comerica’s payout ratio is currently 56.46%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CMA. Piper Sandler lifted their price target on shares of Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. DA Davidson reiterated a “neutral” rating and issued a $55.00 target price on shares of Comerica in a report on Tuesday, September 10th. JPMorgan Chase & Co. dropped their price target on Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. StockNews.com lowered Comerica from a “hold” rating to a “sell” rating in a research note on Tuesday, September 24th. Finally, Truist Financial increased their target price on shares of Comerica from $53.00 to $66.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $58.24.

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.