Fifth Third Bancorp Cuts Stock Position in Comerica Incorporated $CMA

Fifth Third Bancorp cut its holdings in Comerica Incorporated (NYSE:CMA) by 22.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,697 shares of the financial services provider’s stock after selling 2,267 shares during the quarter. Fifth Third Bancorp’s holdings in Comerica were worth $459,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CMA. Primecap Management Co. CA lifted its position 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 worth $98,637,000 after buying an additional 1,162,110 shares during the last quarter. Azora Capital LP lifted its position in 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 buying an additional 663,513 shares during the last quarter. Kodai Capital Management LP bought a new stake in Comerica in the first quarter worth $32,864,000. Dimensional Fund Advisors LP lifted its position in 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 buying an additional 472,409 shares during the last quarter. Finally, Invesco Ltd. lifted its position in 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 buying an additional 387,527 shares during the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CMA. Morgan Stanley lifted their target price on Comerica from $61.00 to $76.00 and gave the stock an “underweight” rating in a research report on Monday. Citigroup lifted their target price on Comerica from $54.00 to $61.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 2nd. Piper Sandler lifted their target price on Comerica from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. DA Davidson set a $60.00 target price on Comerica and gave the stock a “neutral” rating in a research report on Monday, July 21st. Finally, UBS Group set a $64.00 target price on Comerica and gave the stock a “neutral” rating in a research report on Monday, July 21st. Four analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $66.10.

Comerica Stock Performance

CMA stock opened at $68.89 on Tuesday. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.96 and a quick ratio of 0.96. The business has a 50-day moving average price of $68.61 and a 200 day moving average price of $61.24. The company has a market capitalization of $8.85 billion, a P/E ratio of 13.20, a PEG ratio of 12.48 and a beta of 0.97. Comerica Incorporated has a 1-year low of $48.12 and a 1-year high of $73.45.

Comerica (NYSE:CMA) last announced its earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.19. The business had revenue of $849.00 million during the quarter, compared to the consensus estimate of $844.39 million. Comerica had a net margin of 14.92% and a return on equity of 10.92%. During the same period in the previous year, the company posted $1.49 earnings per share. As a group, equities research analysts forecast that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

The company also recently announced 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. The ex-dividend date is Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a yield of 4.1%. Comerica’s payout ratio is currently 54.41%.

Insider Transactions at Comerica

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

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.