Amalgamated Bank Grows Stock Holdings in Comerica Incorporated (NYSE:CMA)

Amalgamated Bank lifted its position in Comerica Incorporated (NYSE:CMA) by 29.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,271 shares of the financial services provider’s stock after purchasing an additional 13,531 shares during the quarter. Amalgamated Bank’s holdings in Comerica were worth $3,025,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of CMA. OLD National Bancorp IN grew its position in Comerica by 4.9% during the 2nd quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock worth $12,130,000 after acquiring an additional 11,049 shares during the last quarter. Entropy Technologies LP purchased a new stake in shares of Comerica during the first quarter valued at approximately $1,764,000. SG Americas Securities LLC grew its holdings in shares of Comerica by 66.2% in the second quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock worth $3,209,000 after purchasing an additional 25,040 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Comerica by 39.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after buying an additional 62,269 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Comerica by 1.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 47,903 shares of the financial services provider’s stock valued at $2,673,000 after buying an additional 501 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Stock Performance

Shares of CMA stock opened at $60.19 on Tuesday. The firm has a market capitalization of $7.98 billion, a PE ratio of 11.97 and a beta of 1.23. The company has a 50 day moving average price of $55.31 and a 200-day moving average price of $52.72. Comerica Incorporated has a 52 week low of $37.40 and a 52 week high of $61.84. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $812.79 million. During the same quarter in the prior year, the business earned $2.01 EPS. As a group, equities research analysts expect that Comerica Incorporated will post 5.05 earnings per share for the current year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date is Friday, September 13th. Comerica’s payout ratio is 56.46%.

Insider Buying and Selling at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CMA shares. Raymond James upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 target price for the company in a report on Tuesday, July 2nd. Evercore ISI reduced their target price on Comerica from $58.00 to $54.00 and set an “in-line” rating on the stock in a research note on Tuesday, June 25th. Truist Financial raised their price target on Comerica from $53.00 to $66.00 and gave the stock a “hold” rating in a research note on Friday. Robert W. Baird reduced their price objective on shares of Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Thursday, June 20th. Finally, JPMorgan Chase & Co. dropped their target price 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. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Comerica presently has a consensus rating of “Hold” and an average price target of $56.32.

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.