First Trust Direct Indexing L.P. Has $387,000 Stock Position in Comerica Incorporated (NYSE:CMA)

First Trust Direct Indexing L.P. lifted its position in Comerica Incorporated (NYSE:CMA) by 22.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,937 shares of the financial services provider’s stock after acquiring an additional 1,279 shares during the period. First Trust Direct Indexing L.P.’s holdings in Comerica were worth $387,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CMA. Charles Schwab Investment Management Inc. grew its position in Comerica by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,294,605 shares of the financial services provider’s stock worth $136,891,000 after purchasing an additional 115,446 shares in the last quarter. Invesco Ltd. raised its position in Comerica by 4.4% during the third quarter. Invesco Ltd. now owns 3,097,572 shares of the financial services provider’s stock valued at $128,704,000 after buying an additional 130,997 shares during the period. North Reef Capital Management LP lifted its stake in Comerica by 43.0% in the 3rd quarter. North Reef Capital Management LP now owns 2,880,000 shares of the financial services provider’s stock worth $119,664,000 after acquiring an additional 865,870 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in Comerica by 129.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,930,045 shares of the financial services provider’s stock worth $107,716,000 after acquiring an additional 1,088,330 shares during the period. Finally, Adage Capital Partners GP L.L.C. grew its stake in Comerica by 46.1% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,462,906 shares of the financial services provider’s stock valued at $60,784,000 after acquiring an additional 461,741 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Insider Buying and Selling

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the transaction, the executive vice president now owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Cassandra M. Mckinney sold 7,271 shares of the stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the transaction, the executive vice president now owns 7,236 shares in the company, valued at approximately $380,541.24. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Wendy Bridges sold 3,034 shares of Comerica stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the sale, the executive vice president now owns 17,460 shares in the company, valued at $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is owned by company insiders.

Comerica Stock Up 1.6 %

Shares of CMA stock opened at $53.93 on Tuesday. Comerica Incorporated has a 12 month low of $30.98 and a 12 month high of $57.39. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. The firm has a market cap of $7.15 billion, a PE ratio of 10.72 and a beta of 1.27. The stock has a 50 day moving average of $51.79 and a 200-day moving average of $50.20.

Comerica (NYSE:CMA) last released its earnings results on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, beating the consensus estimate of $1.13 by $0.16. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same period in the prior year, the company earned $2.39 EPS. On average, equities analysts predict that Comerica Incorporated will post 5.16 EPS for the current year.

Comerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 5.27%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s payout ratio is presently 56.46%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CMA. DA Davidson reaffirmed a “neutral” rating and set a $56.00 price objective on shares of Comerica in a research report on Wednesday, March 6th. Evercore ISI boosted their price target on shares of Comerica from $55.00 to $58.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. Citigroup lowered Comerica from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $60.00 to $56.00 in a report on Monday. Jefferies Financial Group lowered their target price on Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Finally, Argus lowered Comerica from a “buy” rating to a “hold” rating in a research report on Monday, January 29th. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Comerica presently has an average rating of “Hold” and an average price target of $56.89.

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.