Allianz Asset Management GmbH Sells 149,376 Shares of Comerica Incorporated $CMA

Allianz Asset Management GmbH lessened its stake in shares of Comerica Incorporated (NYSE:CMA) by 46.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 172,367 shares of the financial services provider’s stock after selling 149,376 shares during the period. Allianz Asset Management GmbH’s holdings in Comerica were worth $10,282,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CMA. Primecap Management Co. CA raised its stake in shares of Comerica by 228.8% during the first quarter. Primecap Management Co. CA now owns 1,670,110 shares of the financial services provider’s stock valued at $98,637,000 after acquiring an additional 1,162,110 shares in the last quarter. Azora Capital LP raised its stake in shares of Comerica by 53.7% during the first quarter. Azora Capital LP now owns 1,899,198 shares of the financial services provider’s stock valued at $112,167,000 after acquiring an additional 663,513 shares in the last quarter. Kodai Capital Management LP bought a new stake in shares of Comerica during the first quarter valued at approximately $32,864,000. Dimensional Fund Advisors LP raised its stake in shares of Comerica by 9.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,508,229 shares of the financial services provider’s stock valued at $325,308,000 after acquiring an additional 472,409 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Comerica by 48.7% during the first quarter. Invesco Ltd. now owns 1,183,213 shares of the financial services provider’s stock valued at $69,881,000 after acquiring an additional 387,527 shares in the last quarter. Institutional investors own 80.74% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Cantor Fitzgerald started coverage on shares of Comerica in a research note on Wednesday, September 10th. They set a “neutral” rating and a $72.00 price target for the company. Cowen started coverage on shares of Comerica in a research note on Wednesday, September 24th. They issued a “hold” rating for the company. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $93.00 price objective (up previously from $73.00) on shares of Comerica in a research note on Friday, October 10th. Stephens reissued an “equal weight” rating on shares of Comerica in a research note on Monday, July 21st. Finally, Truist Financial boosted their price objective on shares of Comerica from $68.00 to $70.00 and gave the stock a “hold” rating in a research note on Friday, September 12th. Four equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Comerica currently has an average rating of “Hold” and a consensus target price of $73.65.

Comerica Stock Performance

Shares of CMA stock opened at $77.44 on Wednesday. The business’s fifty day simple moving average is $71.34 and its 200-day simple moving average is $63.16. The company has a market cap of $9.95 billion, a PE ratio of 14.78 and a beta of 0.96. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.77. Comerica Incorporated has a 12-month low of $48.12 and a 12-month high of $83.22.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Monday, December 9th. The financial services provider reported $1.53 earnings per share (EPS) for the quarter. The business had revenue of $824.00 million for the quarter. Comerica had a return on equity of 10.69% and a net margin of 14.91%. Analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.7%. Comerica’s dividend payout ratio is presently 54.20%.

Insiders Place Their Bets

In other news, EVP Allysun C. Fleming sold 2,100 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $67.03, for a total transaction of $140,763.00. Following the transaction, the executive vice president directly owned 9,424 shares of the company’s stock, valued at approximately $631,690.72. This represents a 18.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James Mcgregor Carr sold 4,000 shares of the company’s stock in a transaction 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 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.

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.