Patriot Financial Group Insurance Agency LLC Makes New $337,000 Investment in Comerica Incorporated $CMA

Patriot Financial Group Insurance Agency LLC bought a new position in Comerica Incorporated (NYSE:CMA) in the second quarter, HoldingsChannel.com reports. The fund bought 5,651 shares of the financial services provider’s stock, valued at approximately $337,000.

Several other institutional investors also recently modified their holdings of CMA. Primecap Management Co. CA grew its position in shares of Comerica by 228.8% during the 1st 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 period. Azora Capital LP grew its position in shares of Comerica by 53.7% during the 1st 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 period. Kodai Capital Management LP acquired a new stake in shares of Comerica during the 1st quarter worth approximately $32,864,000. Dimensional Fund Advisors LP grew its position in shares of Comerica by 9.4% during the 1st 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 period. Finally, Invesco Ltd. grew its position in shares of Comerica by 48.7% during the 1st 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 period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Stock Performance

Shares of CMA opened at $70.60 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96. Comerica Incorporated has a twelve month low of $48.12 and a twelve month high of $73.45. The firm’s 50 day moving average price is $68.83 and its two-hundred day moving average price is $61.53. The firm has a market cap of $9.07 billion, a P/E ratio of 13.52, a PEG ratio of 12.64 and a beta of 0.96.

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

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were paid a $0.71 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a yield of 4.0%. Comerica’s payout ratio is presently 54.41%.

Analyst Ratings Changes

CMA has been the subject of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Comerica from $52.00 to $60.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 1st. DA Davidson set a $60.00 price target on shares of Comerica and gave the stock a “neutral” rating in a research report on Monday, July 21st. Citigroup lifted their price target on shares of Comerica from $54.00 to $61.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 2nd. Weiss Ratings restated a “buy (b-)” rating on shares of Comerica in a report on Saturday, September 27th. Finally, TD Cowen began coverage on shares of Comerica in a report on Thursday, September 25th. They set a “hold” rating and a $75.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, Comerica has an average rating of “Hold” and an average target price of $67.05.

Insider Buying and Selling

In other Comerica news, EVP Allysun C. Fleming sold 2,100 shares of Comerica stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $67.03, for a total value of $140,763.00. Following the transaction, the executive vice president owned 9,424 shares of the company’s stock, 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 filing with the SEC, which is available through the SEC website. Also, insider James Mcgregor Carr sold 4,000 shares of Comerica stock in a transaction that occurred on 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 directly owned 33,471 shares in the company, valued at approximately $2,251,928.88. The trade was a 10.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

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.