SkyOak Wealth LLC Purchases 1,140 Shares of Comerica Incorporated (NYSE:CMA)

SkyOak Wealth LLC grew its position in shares of Comerica Incorporated (NYSE:CMA) by 7.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,669 shares of the financial services provider’s stock after acquiring an additional 1,140 shares during the quarter. SkyOak Wealth LLC’s holdings in Comerica were worth $851,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CMA. International Assets Investment Management LLC increased its stake in Comerica by 17.4% in the 4th quarter. International Assets Investment Management LLC now owns 6,385 shares of the financial services provider’s stock valued at $356,000 after buying an additional 945 shares during the last quarter. Principal Securities Inc. acquired a new stake in shares of Comerica in the fourth quarter valued at about $121,000. Envestnet Portfolio Solutions Inc. bought a new stake in Comerica during the fourth quarter worth about $492,000. Principal Financial Group Inc. boosted its position in Comerica by 2.1% during the fourth quarter. Principal Financial Group Inc. now owns 159,385 shares of the financial services provider’s stock valued at $8,895,000 after purchasing an additional 3,227 shares during the last quarter. Finally, Norges Bank bought a new position in Comerica in the fourth quarter valued at approximately $80,691,000. 80.74% of the stock is owned by institutional investors.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CMA shares. JPMorgan Chase & Co. cut their price objective on Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Keefe, Bruyette & Woods raised shares of Comerica from a “market perform” rating to an “outperform” rating and upped their target price for the company from $50.00 to $69.00 in a report on Thursday, September 5th. DA Davidson reiterated a “neutral” rating and set a $55.00 price target on shares of Comerica in a report on Tuesday, September 10th. Truist Financial lowered Comerica from a “buy” rating to a “hold” rating and dropped their price objective for the company from $55.00 to $53.00 in a research note on Monday, July 22nd. Finally, Piper Sandler boosted their target price on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Comerica has an average rating of “Hold” and an average price target of $55.73.

Comerica Stock Up 0.9 %

Shares of NYSE CMA opened at $58.52 on Wednesday. The stock has a market capitalization of $7.76 billion, a P/E ratio of 11.63 and a beta of 1.23. The stock’s fifty day moving average is $54.71 and its 200 day moving average is $52.40. Comerica Incorporated has a 52 week low of $37.40 and a 52 week high of $59.14. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96.

Comerica (NYSE:CMA) last issued its earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.19 by $0.30. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period in the previous year, the company earned $2.01 EPS. Sell-side analysts forecast that Comerica Incorporated will post 5.05 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. Investors of record on Friday, September 13th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.85%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

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.