Proffitt & Goodson Inc. Purchases 395 Shares of Comerica Incorporated $CMA

Proffitt & Goodson Inc. lifted its position in Comerica Incorporated (NYSE:CMA) by 64.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,011 shares of the financial services provider’s stock after acquiring an additional 395 shares during the quarter. Proffitt & Goodson Inc.’s holdings in Comerica were worth $60,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in CMA. MorganRosel Wealth Management LLC bought a new position in Comerica in the first quarter worth about $33,000. Gen Wealth Partners Inc bought a new position in Comerica in the first quarter worth about $34,000. Geneos Wealth Management Inc. raised its holdings in Comerica by 41.8% in the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 176 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in Comerica in the first quarter worth about $55,000. Finally, MAI Capital Management raised its holdings in Comerica by 32.1% in the first quarter. MAI Capital Management now owns 942 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 229 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors.

Comerica Price Performance

Shares of NYSE CMA opened at $80.03 on Wednesday. The business’s 50 day moving average price is $69.25 and its 200 day moving average price is $61.82. The firm has a market cap of $10.28 billion, a P/E ratio of 15.33, a P/E/G ratio of 14.37 and a beta of 0.96. Comerica Incorporated has a 52 week low of $48.12 and a 52 week high of $83.22. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84.

Comerica (NYSE:CMA) last issued its earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.19. The firm had revenue of $849.00 million for 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 quarter in the prior year, the firm earned $1.49 earnings per share. On average, sell-side analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.5%. The ex-dividend date was Monday, September 15th. Comerica’s dividend payout ratio is currently 54.41%.

Insider Activity at Comerica

In other Comerica news, EVP Allysun C. Fleming sold 2,100 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $67.03, for a total value of $140,763.00. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider James Mcgregor Carr sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $67.28, for a total value of $269,120.00. Following the completion of the sale, the insider owned 33,471 shares in the company, valued at approximately $2,251,928.88. This represents a 10.67% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Raymond James Financial reiterated a “market perform” rating on shares of Comerica in a report on Tuesday, July 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Comerica in a report on Saturday, September 27th. Cantor Fitzgerald assumed coverage on shares of Comerica in a report on Wednesday, September 10th. They issued a “neutral” rating and a $72.00 target price for the company. Piper Sandler set a $82.00 target price on shares of Comerica and gave the stock a “neutral” rating in a report on Tuesday. Finally, Morgan Stanley upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and set a $83.00 price objective on the stock in a report on Tuesday. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Comerica currently has an average rating of “Hold” and an average price target of $69.50.

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.