Truist Financial Corp Takes Position in Comerica Incorporated (NYSE:CMA)

Truist Financial Corp bought a new position in shares of Comerica Incorporated (NYSE:CMA) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,228 shares of the financial services provider’s stock, valued at approximately $318,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Family Firm Inc. purchased a new stake in shares of Comerica in the 2nd quarter valued at approximately $37,000. UMB Bank n.a. grew its stake in shares of 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 purchasing an additional 208 shares in the last quarter. Versant Capital Management Inc increased 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 valued at $43,000 after buying an additional 817 shares during the last quarter. Abich Financial Wealth Management LLC raised its stake 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 valued at $49,000 after buying an additional 300 shares in the last quarter. Finally, Summit Securities Group LLC lifted its holdings in Comerica by 22.4% during the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after buying an additional 202 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Insider Transactions at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the sale, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.19% of the company’s stock.

Comerica Trading Up 3.7 %

Shares of CMA stock opened at $64.97 on Friday. The company has a market capitalization of $8.61 billion, a P/E ratio of 12.92 and a beta of 1.23. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. The business’s 50 day moving average is $57.96 and its two-hundred day moving average is $53.77. Comerica Incorporated has a twelve month low of $37.40 and a twelve month high of $66.06.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period last year, the firm posted $2.01 EPS. Equities analysts forecast that Comerica Incorporated will post 5.12 EPS for the current year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.37%. The ex-dividend date was Friday, September 13th. Comerica’s payout ratio is 56.46%.

Analyst Upgrades and Downgrades

CMA has been the topic of a number of recent analyst reports. Royal Bank of Canada dropped their price objective on Comerica from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Piper Sandler raised their price objective on shares of Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $52.00 to $75.00 in a research report on Tuesday, September 24th. Morgan Stanley increased their target price on shares of Comerica from $61.00 to $63.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, DA Davidson reissued a “neutral” rating and issued a $55.00 price target on shares of Comerica in a research report on Tuesday, September 10th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $59.62.

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.