Oakworth Capital Inc. Boosts Stake in Comerica Incorporated $CMA

Oakworth Capital Inc. grew its holdings in shares of Comerica Incorporated (NYSE:CMA) by 0.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 252,624 shares of the financial services provider’s stock after acquiring an additional 1,915 shares during the period. Comerica comprises about 1.0% of Oakworth Capital Inc.’s investment portfolio, making the stock its 25th biggest holding. Oakworth Capital Inc.’s holdings in Comerica were worth $15,069,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. M&T Bank Corp boosted its holdings in Comerica by 11.2% in the first quarter. M&T Bank Corp now owns 13,215 shares of the financial services provider’s stock valued at $780,000 after purchasing an additional 1,326 shares during the last quarter. Rhino Investment Partners Inc raised its position in shares of Comerica by 35.4% in the 1st quarter. Rhino Investment Partners Inc now owns 392,662 shares of the financial services provider’s stock valued at $23,191,000 after purchasing an additional 102,647 shares in the last quarter. Baron Wealth Management LLC acquired a new position in shares of Comerica in the 2nd quarter valued at approximately $240,000. Bessemer Group Inc. boosted its stake in shares of Comerica by 3.8% during the 1st quarter. Bessemer Group Inc. now owns 11,273 shares of the financial services provider’s stock valued at $666,000 after buying an additional 414 shares during the last quarter. Finally, Wolverine Asset Management LLC boosted its stake in shares of Comerica by 25.8% during the 1st quarter. Wolverine Asset Management LLC now owns 41,997 shares of the financial services provider’s stock valued at $2,480,000 after buying an additional 8,604 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Insider Buying and Selling at Comerica

In other news, insider James Mcgregor Carr sold 4,000 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were 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 in the company, valued at approximately $2,251,928.88. This represents a 10.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Allysun C. Fleming sold 2,100 shares of Comerica stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $67.03, for a total transaction of $140,763.00. Following the completion of the sale, the executive vice president owned 9,424 shares in the company, valued at approximately $631,690.72. This represents a 18.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on CMA shares. DA Davidson set a $60.00 price target on shares of Comerica and gave the stock a “neutral” rating in a research note on Monday, July 21st. Citigroup raised their price objective on shares of Comerica from $54.00 to $61.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. Jefferies Financial Group boosted their target price on shares of Comerica from $70.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, September 3rd. Piper Sandler increased their price target on shares of Comerica from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Finally, JPMorgan Chase & Co. lifted their price target on Comerica from $52.00 to $60.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 1st. Four investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $65.10.

Comerica Price Performance

CMA opened at $69.40 on Monday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84. The company’s 50-day moving average price is $68.49 and its 200 day moving average price is $61.16. Comerica Incorporated has a fifty-two week low of $48.12 and a fifty-two week high of $73.45. The firm has a market cap of $8.92 billion, a price-to-earnings ratio of 13.29, a price-to-earnings-growth ratio of 12.48 and a beta of 0.97.

Comerica (NYSE:CMA) last posted its earnings results 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. The company had revenue of $849.00 million during the quarter, compared to analyst estimates of $844.39 million. Comerica had a return on equity of 10.92% and a net margin of 14.92%.During the same period in the prior year, the company earned $1.49 earnings per share. As a group, sell-side analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

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

Comerica 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.