Sanctuary Advisors LLC Takes $449,000 Position in Comerica Incorporated (NYSE:CMA)

Sanctuary Advisors LLC purchased a new stake in shares of Comerica Incorporated (NYSE:CMA) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 8,628 shares of the financial services provider’s stock, valued at approximately $449,000.

Several other institutional investors have also recently made changes to their positions in CMA. Teachers Retirement System of The State of Kentucky grew its stake in Comerica by 200.9% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 32,400 shares of the financial services provider’s stock valued at $1,654,000 after purchasing an additional 21,631 shares during the last quarter. LHM Inc. grew its stake in Comerica by 45.3% in the second quarter. LHM Inc. now owns 43,740 shares of the financial services provider’s stock valued at $2,264,000 after purchasing an additional 13,640 shares during the last quarter. Truist Financial Corp purchased a new position in Comerica in the second quarter valued at about $318,000. Sunbelt Securities Inc. grew its stake in Comerica by 400.0% in the second quarter. Sunbelt Securities Inc. now owns 2,500 shares of the financial services provider’s stock valued at $128,000 after purchasing an additional 2,000 shares during the last quarter. Finally, NewEdge Advisors LLC grew its stake in Comerica by 58.2% in the second quarter. NewEdge Advisors LLC now owns 36,089 shares of the financial services provider’s stock valued at $1,842,000 after purchasing an additional 13,279 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Wall Street Analysts Forecast Growth

CMA has been the topic of several analyst reports. The Goldman Sachs Group lifted their target price on Comerica from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Piper Sandler lifted their target price on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Evercore ISI lifted their target price on Comerica from $58.00 to $64.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Finally, Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $52.00 to $75.00 in a report on Tuesday, September 24th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $59.62.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.19% of the stock is currently owned by corporate insiders.

Comerica Trading Up 0.8 %

Shares of NYSE:CMA opened at $62.34 on Thursday. Comerica Incorporated has a 12-month low of $37.40 and a 12-month high of $63.20. The company has a market capitalization of $8.27 billion, a PE ratio of 12.39 and a beta of 1.23. The business has a 50 day moving average of $57.50 and a two-hundred day moving average of $53.63. 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 (NYSE:CMA) last announced its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $812.79 million. During the same period in the previous year, the company posted $2.01 earnings per share. As a group, analysts forecast that Comerica Incorporated will post 5.12 EPS for the current year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date was Friday, September 13th. Comerica’s payout ratio is presently 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.