Farther Finance Advisors LLC Grows Stock Position in Comerica Incorporated $CMA

Farther Finance Advisors LLC raised its holdings in Comerica Incorporated (NYSE:CMA) by 5.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,056 shares of the financial services provider’s stock after buying an additional 258 shares during the quarter. Farther Finance Advisors LLC’s holdings in Comerica were worth $302,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CMA. Primecap Management Co. CA raised its stake in Comerica by 228.8% in the first quarter. Primecap Management Co. CA now owns 1,670,110 shares of the financial services provider’s stock valued at $98,637,000 after buying an additional 1,162,110 shares during the last quarter. Azora Capital LP raised its stake in shares of Comerica by 53.7% in the first quarter. Azora Capital LP now owns 1,899,198 shares of the financial services provider’s stock worth $112,167,000 after purchasing an additional 663,513 shares during the last quarter. Kodai Capital Management LP purchased a new position in shares of Comerica in the first quarter worth about $32,864,000. Dimensional Fund Advisors LP raised its stake in shares of Comerica by 9.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,508,229 shares of the financial services provider’s stock worth $325,308,000 after purchasing an additional 472,409 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Comerica by 48.7% in the first quarter. Invesco Ltd. now owns 1,183,213 shares of the financial services provider’s stock worth $69,881,000 after purchasing an additional 387,527 shares during the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Comerica

In other news, insider James Mcgregor Carr sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $67.28, for a total value of $269,120.00. Following the transaction, the insider owned 33,471 shares in the company, valued at $2,251,928.88. This trade represents a 10.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Allysun C. Fleming sold 2,100 shares of Comerica stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $67.03, for a total value of $140,763.00. Following the transaction, the executive vice president owned 9,424 shares in the company, valued at approximately $631,690.72. The trade was a 18.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

CMA has been the subject of several research analyst reports. Citigroup raised their price objective on Comerica from $54.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 2nd. Stephens restated an “equal weight” rating on shares of Comerica in a research note on Monday, July 21st. TD Cowen initiated coverage on Comerica in a research note on Thursday, September 25th. They issued a “hold” rating and a $75.00 price objective for the company. Jefferies Financial Group raised their price objective on Comerica from $70.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, September 3rd. Finally, Cowen assumed coverage on Comerica in a research note on Wednesday, September 24th. They issued a “hold” rating for the company. Four analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, Comerica currently has a consensus rating of “Reduce” and a consensus target price of $66.10.

Comerica Stock Down 0.8%

Shares of CMA opened at $68.89 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.84. Comerica Incorporated has a 12 month low of $48.12 and a 12 month high of $73.45. The stock’s 50 day moving average is $68.61 and its two-hundred day moving average is $61.24. The firm has a market cap of $8.85 billion, a P/E ratio of 13.20, a PEG ratio of 12.48 and a beta of 0.97.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.23 by $0.19. Comerica had a return on equity of 10.92% and a net margin of 14.92%.The company had revenue of $849.00 million for the quarter, compared to analyst estimates of $844.39 million. During the same period last year, the company earned $1.49 earnings per share. Analysts predict that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Comerica’s dividend payout ratio (DPR) is presently 54.41%.

Comerica Company 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.