Sage Rhino Capital LLC Takes $308,000 Position in Comerica Incorporated (NYSE:CMA)

Sage Rhino Capital LLC acquired a new position in Comerica Incorporated (NYSE:CMA) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 6,026 shares of the financial services provider’s stock, valued at approximately $308,000.

Other institutional investors have also made changes to their positions in the company. Crossmark Global Holdings Inc. boosted its stake in shares of Comerica by 12.4% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 6,220 shares of the financial services provider’s stock valued at $317,000 after purchasing an additional 687 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Comerica by 311.2% during the second quarter. Principal Financial Group Inc. now owns 663,100 shares of the financial services provider’s stock worth $33,845,000 after buying an additional 501,857 shares in the last quarter. Blackhawk Capital Partners LLC. raised its holdings in shares of Comerica by 19.6% in the second quarter. Blackhawk Capital Partners LLC. now owns 4,437 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 727 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after buying an additional 208 shares during the last quarter. Finally, 1834 Investment Advisors Co. grew its stake in Comerica by 1.9% in the second quarter. 1834 Investment Advisors Co. now owns 103,836 shares of the financial services provider’s stock valued at $5,300,000 after purchasing an additional 1,972 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on CMA shares. JPMorgan Chase & Co. dropped their price objective on Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Stephens reaffirmed an “overweight” rating and issued a $64.00 price objective on shares of Comerica in a report on Tuesday, June 11th. Citigroup cut Comerica from a “buy” rating to a “neutral” rating and cut their target price for the stock from $60.00 to $56.00 in a research note on Monday, May 6th. Robert W. Baird lowered their price objective on shares of Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Thursday, June 20th. Finally, Barclays lowered their price objective on Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $55.45.

Insider Activity

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.19% of the company’s stock.

Comerica Stock Up 1.1 %

Comerica stock traded up $0.60 during midday trading on Friday, hitting $57.11. 1,143,336 shares of the stock were exchanged, compared to its average volume of 2,190,538. The business’s 50-day moving average price is $53.25 and its 200-day moving average price is $51.87. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. Comerica Incorporated has a 52-week low of $37.40 and a 52-week high of $58.50. The stock has a market capitalization of $7.57 billion, a price-to-earnings ratio of 11.35 and a beta of 1.25.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. The company had revenue of $1.26 billion for 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 prior year, the company posted $2.01 EPS. On average, research analysts expect that Comerica Incorporated will post 5.05 EPS for the current fiscal year.

Comerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date is Friday, September 13th. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

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.