Shell Asset Management Co. Purchases 1,955 Shares of Comerica Incorporated (NYSE:CMA)

Shell Asset Management Co. boosted its position in shares of Comerica Incorporated (NYSE:CMA) by 34.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,629 shares of the financial services provider’s stock after buying an additional 1,955 shares during the quarter. Shell Asset Management Co.’s holdings in Comerica were worth $420,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in CMA. Leelyn Smith LLC grew its stake in shares of Comerica by 3.2% in the first quarter. Leelyn Smith LLC now owns 40,450 shares of the financial services provider’s stock worth $2,224,000 after purchasing an additional 1,262 shares during the last quarter. Pitcairn Co. grew its position in shares of Comerica by 2.9% in the 1st quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after buying an additional 190 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in shares of Comerica by 0.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 63,348 shares of the financial services provider’s stock worth $3,485,000 after buying an additional 594 shares during the last quarter. UniSuper Management Pty Ltd increased its stake in shares of Comerica by 1,159.3% during the first quarter. UniSuper Management Pty Ltd now owns 16,736 shares of the financial services provider’s stock valued at $920,000 after buying an additional 15,407 shares during the period. Finally, O Shaughnessy Asset Management LLC raised its holdings in shares of Comerica by 99.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 15,644 shares of the financial services provider’s stock valued at $860,000 after acquiring an additional 7,798 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Stephens reissued an “overweight” rating and set a $64.00 price objective on shares of Comerica in a research report on Tuesday, June 11th. JPMorgan Chase & Co. reduced their price target on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. UBS Group lowered their price objective on shares of Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Wells Fargo & Company reduced their target price on Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a report on Wednesday, June 12th. Finally, Piper Sandler raised their target price on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $54.95.

Comerica Stock Performance

CMA stock opened at $53.39 on Friday. The stock has a market capitalization of $7.08 billion, a PE ratio of 10.61 and a beta of 1.25. The stock’s 50 day simple moving average is $50.60 and its 200 day simple moving average is $51.64. Comerica Incorporated has a 12-month low of $37.40 and a 12-month high of $58.50. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same period in the prior year, the company posted $2.01 earnings per share. As a group, research analysts forecast that Comerica Incorporated will post 5.03 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 annualized dividend and a dividend yield of 5.32%. Comerica’s payout ratio is 56.46%.

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.