Algert Global LLC Purchases 19,500 Shares of Comerica Incorporated (NYSE:CMA)

Algert Global LLC boosted its position in Comerica Incorporated (NYSE:CMA) by 33.7% in the second quarter, HoldingsChannel.com reports. The firm owned 77,306 shares of the financial services provider’s stock after acquiring an additional 19,500 shares during the period. Algert Global LLC’s holdings in Comerica were worth $3,946,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CMA. Family Firm Inc. bought a new position in Comerica in the second quarter worth about $37,000. UMB Bank n.a. raised its holdings in 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 in the last quarter. Versant Capital Management Inc raised its holdings in 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 purchasing an additional 817 shares in the last quarter. Abich Financial Wealth Management LLC raised 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 worth $49,000 after purchasing an additional 300 shares in the last quarter. Finally, Summit Securities Group LLC raised its holdings in Comerica by 22.4% in 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 in the last quarter. 80.74% of the stock is currently owned by institutional investors.

Insider Activity at Comerica

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 value of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CMA shares. Wells Fargo & Company cut their price objective on shares of Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a report on Wednesday, June 12th. JPMorgan Chase & Co. decreased their price objective on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. DA Davidson reaffirmed a “neutral” rating and issued a $55.00 price objective on shares of Comerica in a research report on Tuesday, September 10th. Morgan Stanley increased their price objective on shares of Comerica from $61.00 to $63.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Truist Financial increased their price objective on shares of Comerica from $53.00 to $66.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Comerica currently has a consensus rating of “Hold” and an average target price of $58.33.

Comerica Price Performance

Shares of NYSE CMA opened at $59.91 on Tuesday. The stock has a market capitalization of $7.94 billion, a price-to-earnings ratio of 11.91 and a beta of 1.23. Comerica Incorporated has a 12 month low of $37.40 and a 12 month high of $61.84. The firm’s 50 day simple moving average is $55.82 and its 200-day simple moving average is $53.01. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same quarter last year, the company earned $2.01 EPS. Analysts expect that Comerica Incorporated will post 5.06 EPS for the current year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.74%. 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.