Cranbrook Wealth Management LLC Takes Position in Comerica Incorporated (NYSE:CMA)

Cranbrook Wealth Management LLC bought a new position in shares of Comerica Incorporated (NYSE:CMA) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,545 shares of the financial services provider’s stock, valued at approximately $79,000.

Several other large investors have also added to or reduced their stakes in CMA. Pitcairn Co. boosted its holdings in Comerica by 2.9% in the 1st quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after buying an additional 190 shares during the period. Texas Permanent School Fund Corp raised its stake in Comerica by 0.7% during the 1st quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock valued at $1,498,000 after purchasing an additional 201 shares during the period. Summit Securities Group LLC raised its stake 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 valued at $56,000 after purchasing an additional 202 shares during the period. UMB Bank n.a. lifted its holdings in Comerica by 39.3% in the 2nd 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. Finally, GAMMA Investing LLC grew its holdings in Comerica by 7.6% during the 1st quarter. GAMMA Investing LLC now owns 3,240 shares of the financial services provider’s stock valued at $178,000 after buying an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Insider Buying and Selling

In other Comerica 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 transaction of $146,362.95. Following the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is owned by insiders.

Analysts Set New Price Targets

CMA has been the subject of a number of research analyst reports. Wells Fargo & Company cut their price objective on Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a research report on Wednesday, June 12th. Truist Financial cut Comerica from a “buy” rating to a “hold” rating and cut their price target for the company from $55.00 to $53.00 in a report on Monday, July 22nd. The Goldman Sachs Group decreased their price objective on Comerica from $69.00 to $62.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Robert W. Baird cut their target price on shares of Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, June 20th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $55.73.

Comerica Stock Performance

Shares of NYSE:CMA opened at $58.00 on Tuesday. The firm’s 50 day simple moving average is $54.71 and its 200-day simple moving average is $52.40. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. Comerica Incorporated has a one year low of $37.40 and a one year high of $58.50. The firm has a market cap of $7.69 billion, a PE ratio of 11.53 and a beta of 1.23.

Comerica (NYSE:CMA) last released its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, topping 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 period last year, the business posted $2.01 EPS. As a group, equities analysts predict that Comerica Incorporated will post 5.05 EPS for the current year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.90%. Comerica’s payout ratio is currently 56.46%.

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.