Samlyn Capital LLC Invests $35.38 Million in Comerica Incorporated (NYSE:CMA)

Samlyn Capital LLC purchased a new position in Comerica Incorporated (NYSE:CMA) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 693,078 shares of the financial services provider’s stock, valued at approximately $35,375,000. Samlyn Capital LLC owned approximately 0.52% of Comerica at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CMA. Pitcairn Co. increased its position in Comerica by 2.9% during the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after purchasing an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Comerica by 19.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after buying an additional 199 shares during the last quarter. Texas Permanent School Fund Corp raised its position in shares of Comerica by 0.7% during the 1st quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock valued at $1,498,000 after buying an additional 201 shares during the period. Summit Securities Group LLC lifted 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 valued at $56,000 after acquiring an additional 202 shares during the last quarter. Finally, UMB Bank n.a. increased its stake in Comerica by 39.3% during the second 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 last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were 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 $1,605,104.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

CMA has been the subject of several research analyst reports. Raymond James raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 target price for the company in a research note on Tuesday, July 2nd. Piper Sandler boosted their target price on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Royal Bank of Canada lowered their price target on Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. Morgan Stanley increased their target price on Comerica from $50.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. cut their price target on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $56.32.

Comerica Stock Down 2.1 %

Shares of Comerica stock opened at $60.19 on Tuesday. Comerica Incorporated has a one year low of $37.40 and a one year high of $61.84. The company has a market cap of $7.98 billion, a P/E ratio of 11.97 and a beta of 1.23. 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 firm has a fifty day moving average of $55.31 and a two-hundred day moving average of $52.72.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate 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 firm earned $2.01 earnings per share. On average, analysts forecast that Comerica Incorporated will post 5.05 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.71 dividend. 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 dividend payout ratio (DPR) is currently 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.