LHM Inc. Boosts Stake in Comerica Incorporated (NYSE:CMA)

LHM Inc. increased its stake in shares of Comerica Incorporated (NYSE:CMA) by 45.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 43,740 shares of the financial services provider’s stock after purchasing an additional 13,640 shares during the period. Comerica makes up approximately 0.9% of LHM Inc.’s investment portfolio, making the stock its 16th largest position. LHM Inc.’s holdings in Comerica were worth $2,264,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. OLD National Bancorp IN boosted its position in Comerica by 4.9% in the 2nd quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock valued at $12,130,000 after buying an additional 11,049 shares during the period. Entropy Technologies LP purchased a new position in Comerica in the 1st quarter valued at approximately $1,764,000. SG Americas Securities LLC boosted its position in Comerica by 66.2% in the 2nd quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock valued at $3,209,000 after buying an additional 25,040 shares during the period. Assenagon Asset Management S.A. boosted its position in Comerica by 39.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after buying an additional 62,269 shares during the period. Finally, LSV Asset Management boosted its position in Comerica by 13.6% in the 1st quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock valued at $45,938,000 after buying an additional 100,189 shares during the period. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Insiders Place Their Bets

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction on 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 directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is currently owned by insiders.

Comerica Price Performance

Shares of NYSE:CMA opened at $59.91 on Tuesday. The company’s fifty day moving average price is $55.82 and its 200 day moving average price is $53.01. Comerica Incorporated has a 12 month low of $37.40 and a 12 month high of $61.84. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $7.94 billion, a P/E ratio of 11.91 and a beta of 1.23.

Comerica (NYSE:CMA) last announced its quarterly earnings results 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 net margin of 12.15% and a return on equity of 15.01%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. During the same period last year, the business earned $2.01 EPS. As a group, sell-side analysts predict that Comerica Incorporated will post 5.06 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.74%. The ex-dividend date is Friday, September 13th. Comerica’s payout ratio is currently 56.46%.

Analyst Ratings Changes

Several equities analysts have commented on CMA shares. Morgan Stanley raised their price target on shares of Comerica from $61.00 to $63.00 and gave the company an “equal weight” rating in a research report on Monday. Evercore ISI decreased their price target on shares of Comerica from $58.00 to $54.00 and set an “in-line” rating for the company in a research report on Tuesday, June 25th. DA Davidson restated a “neutral” rating and issued a $55.00 price objective on shares of Comerica in a report on Tuesday, September 10th. Barclays reduced their price objective on shares of Comerica from $59.00 to $56.00 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Finally, Truist Financial raised their price objective on shares of Comerica from $53.00 to $66.00 and gave the company a “hold” rating in a report on Friday, September 20th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $58.33.

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.