Artemis Investment Management LLP Cuts Stake in Comerica Incorporated (NYSE:CMA)

Artemis Investment Management LLP decreased its holdings in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 31.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 378,765 shares of the financial services provider's stock after selling 177,034 shares during the period. Artemis Investment Management LLP owned approximately 0.29% of Comerica worth $20,820,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Spire Wealth Management raised its position in Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 235 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in Comerica during the fourth quarter valued at about $36,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Comerica during the fourth quarter valued at about $36,000. FNY Investment Advisers LLC purchased a new stake in Comerica during the fourth quarter valued at about $50,000. Finally, Cullen Frost Bankers Inc. purchased a new stake in Comerica during the fourth quarter valued at about $51,000. Institutional investors own 80.74% of the company's stock.

Insider Transactions at Comerica

In other news, EVP Cassandra M. Mckinney sold 7,271 shares of the business's stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the sale, the executive vice president now directly owns 7,236 shares of the company's stock, valued at approximately $380,541.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.19% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CMA shares. Wells Fargo & Company lowered their price target on Comerica from $48.00 to $45.00 and set an "underweight" rating on the stock in a research report on Wednesday, June 12th. The Goldman Sachs Group decreased their price objective on Comerica from $69.00 to $62.00 and set a "buy" rating on the stock in a report on Tuesday, June 4th. DA Davidson reiterated a "neutral" rating and issued a $56.00 price objective on shares of Comerica in a report on Wednesday, March 6th. UBS Group decreased their price objective on Comerica from $59.00 to $55.00 and set a "neutral" rating on the stock in a report on Friday, April 19th. Finally, Stephens reiterated an "overweight" rating and issued a $64.00 price objective on shares of Comerica in a report on Tuesday, June 11th. Three 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 stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $56.13.

Comerica Stock Up 6.7 %

Comerica stock traded up $3.20 during trading hours on Friday, hitting $51.04. 5,091,791 shares of the stock traded hands, compared to its average volume of 3,388,145. The firm's 50-day moving average price is $50.67 and its two-hundred day moving average price is $52.00. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.26. The company has a market cap of $6.77 billion, a PE ratio of 10.15 and a beta of 1.25. Comerica Incorporated has a one year low of $37.40 and a one year high of $57.39.

Comerica (NYSE:CMA - Get Free Report) last issued its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.16. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The firm had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $807.57 million. During the same period in the previous year, the firm posted $2.39 EPS. On average, research analysts forecast that Comerica Incorporated will post 5.08 EPS for the current year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.71 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.56%. Comerica's dividend payout ratio is currently 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.