NorthCrest Asset Manangement LLC Sells 573 Shares of Comerica Incorporated (NYSE:CMA)

NorthCrest Asset Manangement LLC cut its holdings in shares of Comerica Incorporated (NYSE:CMA) by 2.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,844 shares of the financial services provider’s stock after selling 573 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Comerica were worth $1,526,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Independent Advisor Alliance bought a new stake in Comerica during the fourth quarter worth $206,000. Bank of Nova Scotia bought a new stake in Comerica during the fourth quarter worth $1,320,000. Jupiter Asset Management Ltd. bought a new stake in Comerica during the fourth quarter worth $82,419,000. Franklin Resources Inc. lifted its stake in Comerica by 251.1% during the fourth quarter. Franklin Resources Inc. now owns 51,573 shares of the financial services provider’s stock worth $3,190,000 after purchasing an additional 36,883 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in Comerica by 220.9% during the fourth quarter. Jones Financial Companies Lllp now owns 10,762 shares of the financial services provider’s stock worth $666,000 after purchasing an additional 7,408 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CMA shares. Truist Financial increased their price target on Comerica from $60.00 to $61.00 and gave the company a “hold” rating in a research note on Friday. Wells Fargo & Company dropped their price target on Comerica from $67.00 to $55.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods dropped their price target on Comerica from $77.00 to $68.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. cut Comerica from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $64.00 to $52.00 in a research note on Tuesday, April 22nd. Finally, Robert W. Baird dropped their price target on Comerica from $80.00 to $75.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. Six investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $61.95.

Comerica Stock Performance

Shares of Comerica stock opened at $54.90 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09. The business has a 50-day moving average price of $55.51 and a two-hundred day moving average price of $60.47. Comerica Incorporated has a 1-year low of $45.86 and a 1-year high of $73.45. The company has a market cap of $7.21 billion, a P/E ratio of 10.94 and a beta of 0.92.

Comerica (NYSE:CMA) last released its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The company had revenue of $829.00 million for the quarter, compared to analysts’ expectations of $839.31 million. Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same quarter in the prior year, the firm earned $1.29 EPS. As a group, analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.17%. Comerica’s dividend payout ratio (DPR) is presently 53.69%.

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.