ProShare Advisors LLC Sells 29,093 Shares of Comerica Incorporated (NYSE:CMA)

ProShare Advisors LLC lowered its stake in shares of Comerica Incorporated (NYSE:CMA) by 73.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,736 shares of the financial services provider’s stock after selling 29,093 shares during the quarter. ProShare Advisors LLC’s holdings in Comerica were worth $548,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UBS Group AG raised its stake in Comerica by 46.8% during the 4th quarter. UBS Group AG now owns 164,987 shares of the financial services provider’s stock valued at $9,208,000 after purchasing an additional 52,569 shares during the last quarter. Advisory Services Network LLC raised its position in shares of Comerica by 33.7% during the fourth quarter. Advisory Services Network LLC now owns 7,575 shares of the financial services provider’s stock valued at $423,000 after buying an additional 1,908 shares during the last quarter. Allianz Asset Management GmbH bought a new stake in shares of Comerica in the fourth quarter valued at about $4,096,000. Treasurer of the State of North Carolina grew its position in Comerica by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 58,359 shares of the financial services provider’s stock worth $3,257,000 after buying an additional 570 shares in the last quarter. Finally, Bank of Nova Scotia increased its stake in Comerica by 1,078.2% during the fourth quarter. Bank of Nova Scotia now owns 107,039 shares of the financial services provider’s stock valued at $5,974,000 after acquiring an additional 97,954 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Robert W. Baird decreased their price objective on Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Thursday, June 20th. Truist Financial boosted their price target on shares of Comerica from $53.00 to $66.00 and gave the company a “hold” rating in a report on Friday, September 20th. Keefe, Bruyette & Woods raised shares of Comerica from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Raymond James raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research note on Tuesday, July 2nd. Finally, Morgan Stanley raised their price target on shares of Comerica from $61.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Monday. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Comerica has a consensus rating of “Hold” and an average price target of $58.33.

Insider Activity at Comerica

In other 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 transaction, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at $1,605,104.10. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.19% of the company’s stock.

Comerica Stock Performance

Shares of NYSE:CMA opened at $59.91 on Tuesday. The stock has a market capitalization of $7.94 billion, a P/E ratio of 11.91 and a beta of 1.23. 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 1-year low of $37.40 and a 1-year high of $61.84. The business has a 50-day moving average price of $55.82 and a two-hundred day moving average price of $53.01.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.30. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period in the prior year, the business posted $2.01 earnings per share. Equities analysts predict that Comerica Incorporated will post 5.06 earnings per share for the current year.

Comerica Dividend Announcement

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