Exchange Capital Management Inc. Sells 350 Shares of Comerica Incorporated (NYSE:CMA)

Exchange Capital Management Inc. cut its holdings in Comerica Incorporated (NYSE:CMA) by 4.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,618 shares of the financial services provider’s stock after selling 350 shares during the period. Exchange Capital Management Inc.’s holdings in Comerica were worth $419,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Lloyd Advisory Services LLC. lifted its stake in shares of Comerica by 293.0% in the first quarter. Lloyd Advisory Services LLC. now owns 30,795 shares of the financial services provider’s stock valued at $1,693,000 after buying an additional 22,960 shares during the period. Contravisory Investment Management Inc. bought a new stake in shares of Comerica in the first quarter valued at about $497,000. Wedmont Private Capital lifted its stake in shares of Comerica by 11.5% in the first quarter. Wedmont Private Capital now owns 7,084 shares of the financial services provider’s stock valued at $386,000 after buying an additional 730 shares during the period. GAMMA Investing LLC lifted its stake in shares of Comerica by 7.6% in the first quarter. GAMMA Investing LLC now owns 3,240 shares of the financial services provider’s stock valued at $178,000 after buying an additional 230 shares during the period. Finally, CWM LLC lifted its stake in shares of Comerica by 4.0% in the first quarter. CWM LLC now owns 17,044 shares of the financial services provider’s stock valued at $937,000 after buying an additional 653 shares during the period. 80.74% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CMA shares. Piper Sandler increased their target price on shares of Comerica from $54.00 to $56.00 and gave the company a “neutral” rating in a research note on Friday, April 26th. JPMorgan Chase & Co. dropped their price target 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. Royal Bank of Canada dropped their price target on shares of Comerica from $62.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, June 12th. Morgan Stanley reissued an “equal weight” rating and issued a $53.00 price target on shares of Comerica in a research report on Monday, April 22nd. Finally, Truist Financial dropped their price target on shares of Comerica from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Thursday, June 13th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $56.04.

Insider Buying and Selling at Comerica

In other news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the transaction, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at $380,541.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.19% of the company’s stock.

Comerica Price Performance

Shares of CMA stock opened at $51.12 on Wednesday. Comerica Incorporated has a 52-week low of $37.40 and a 52-week high of $57.39. The stock has a market cap of $6.78 billion, a PE ratio of 10.16 and a beta of 1.25. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 0.95. The firm’s 50 day moving average price is $50.61 and its two-hundred day moving average price is $51.92.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $807.57 million. During the same period last year, the firm earned $2.39 earnings per share. As a group, analysts forecast that Comerica Incorporated will post 5.07 EPS for the current year.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were paid a $0.71 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.56%. Comerica’s payout ratio is presently 56.46%.

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.