First Trust Advisors LP Has $251.58 Million Stock Position in Comerica Incorporated (NYSE:CMA)

First Trust Advisors LP cut its position in Comerica Incorporated (NYSE:CMAFree Report) by 8.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,507,700 shares of the financial services provider’s stock after selling 406,542 shares during the period. First Trust Advisors LP owned 3.42% of Comerica worth $251,575,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CMA. Principal Financial Group Inc. raised its position in shares of Comerica by 3.3% during the third quarter. Principal Financial Group Inc. now owns 156,158 shares of the financial services provider’s stock worth $6,488,000 after purchasing an additional 4,978 shares during the period. Oppenheimer & Co. Inc. raised its holdings in Comerica by 13.0% during the third quarter. Oppenheimer & Co. Inc. now owns 15,505 shares of the financial services provider’s stock worth $644,000 after buying an additional 1,786 shares during the last quarter. New York Life Investment Management LLC raised its holdings in Comerica by 30.4% during the third quarter. New York Life Investment Management LLC now owns 32,429 shares of the financial services provider’s stock worth $1,347,000 after buying an additional 7,565 shares during the last quarter. Avantax Advisory Services Inc. bought a new position in shares of Comerica in the third quarter valued at $339,000. Finally, Swiss National Bank increased its position in shares of Comerica by 1.1% during the third quarter. Swiss National Bank now owns 289,400 shares of the financial services provider’s stock worth $12,025,000 after acquiring an additional 3,100 shares in the last quarter. 80.74% of the stock is owned by institutional investors.

Comerica Price Performance

CMA stock opened at $48.60 on Thursday. The firm has a 50 day simple moving average of $52.36 and a two-hundred day simple moving average of $51.84. The stock has a market cap of $6.44 billion, a PE ratio of 9.66 and a beta of 1.25. Comerica Incorporated has a one year low of $37.40 and a one year high of $57.39. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95.

Comerica (NYSE:CMAGet Free Report) last announced its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $807.57 million. During the same period in the previous year, the business earned $2.39 earnings per share. On average, analysts predict that Comerica Incorporated will post 5.19 EPS for the current fiscal year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, June 14th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.84%. Comerica’s dividend payout ratio is 56.46%.

Insider Buying and Selling

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the transaction, the executive vice president now directly owns 7,236 shares in the company, valued at $380,541.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CMA has been the topic of several recent research reports. Stephens reaffirmed an “overweight” rating and issued a $64.00 price target on shares of Comerica in a research report on Thursday, May 23rd. Citigroup downgraded Comerica from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $60.00 to $56.00 in a report on Monday, May 6th. Truist Financial cut their price objective on shares of Comerica from $62.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Morgan Stanley reiterated an “equal weight” rating and issued a $53.00 target price on shares of Comerica in a research note on Monday, April 22nd. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Comerica in a report on Wednesday, April 10th. They issued a “hold” rating and a $59.00 target price for the company. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $56.50.

Check Out Our Latest Research Report on Comerica

About Comerica

(Free Report)

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.

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Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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