AE Wealth Management LLC Reduces Position in Comerica Incorporated (NYSE:CMA)

AE Wealth Management LLC lessened its stake in shares of Comerica Incorporated (NYSE:CMA) by 18.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 317,735 shares of the financial services provider’s stock after selling 73,308 shares during the quarter. AE Wealth Management LLC owned approximately 0.24% of Comerica worth $16,217,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its holdings in shares of Comerica by 2.1% during the fourth quarter. Principal Financial Group Inc. now owns 159,385 shares of the financial services provider’s stock valued at $8,895,000 after acquiring an additional 3,227 shares in the last quarter. Norges Bank bought a new position in Comerica in the fourth quarter worth $80,691,000. PNC Financial Services Group Inc. raised its holdings in Comerica by 1.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 47,903 shares of the financial services provider’s stock worth $2,673,000 after purchasing an additional 501 shares in the last quarter. UBS Group AG raised its holdings in Comerica by 46.8% in the fourth quarter. UBS Group AG now owns 164,987 shares of the financial services provider’s stock worth $9,208,000 after purchasing an additional 52,569 shares in the last quarter. Finally, Corient Private Wealth LLC raised its holdings in Comerica by 12.9% in the fourth quarter. Corient Private Wealth LLC now owns 41,197 shares of the financial services provider’s stock worth $2,299,000 after purchasing an additional 4,715 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Insider Transactions at Comerica

In other 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 value of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares in the company, valued at approximately $1,605,104.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.19% of the company’s stock.

Comerica Stock Up 0.6 %

Shares of CMA opened at $61.49 on Friday. The business’s 50 day moving average is $55.11 and its 200 day moving average is $52.57. The company has a market capitalization of $8.15 billion, a PE ratio of 12.22 and a beta of 1.23. Comerica Incorporated has a 12-month low of $37.40 and a 12-month high of $61.74. 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 issued its earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $812.79 million. During the same quarter last year, the company earned $2.01 EPS. Research analysts expect that Comerica Incorporated will post 5.05 earnings per share for the current fiscal year.

Comerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders 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 dividend yield of 4.62%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s dividend payout ratio (DPR) is 56.46%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CMA shares. Truist Financial increased their price objective on Comerica from $53.00 to $66.00 and gave the stock a “hold” rating in a report on Friday. Morgan Stanley raised their price target on Comerica from $50.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Piper Sandler raised their price target on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a report on Monday, September 16th. Finally, DA Davidson restated a “neutral” rating and set a $55.00 price target on shares of Comerica in a report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Comerica presently has a consensus rating of “Hold” and a consensus 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.