Wedge Capital Management L L P NC Has $3.28 Million Stock Holdings in Comerica Incorporated (NYSE:CMA)

Wedge Capital Management L L P NC lessened its holdings in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 17.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,700 shares of the financial services provider's stock after selling 11,341 shares during the quarter. Wedge Capital Management L L P NC's holdings in Comerica were worth $3,277,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD lifted its stake in shares of Comerica by 105.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider's stock worth $10,031,000 after buying an additional 3,595,036 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Comerica by 51.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider's stock worth $206,468,000 after acquiring an additional 1,370,886 shares during the last quarter. Samlyn Capital LLC bought a new stake in shares of Comerica during the second quarter worth approximately $35,375,000. Vanguard Group Inc. grew its position in shares of Comerica by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider's stock valued at $941,968,000 after purchasing an additional 676,959 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake 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 purchasing an additional 501,857 shares during the period. Institutional investors own 80.74% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Truist Financial upped their price objective on Comerica from $53.00 to $66.00 and gave the company a "hold" rating in a report on Friday, September 20th. Royal Bank of Canada decreased their price target on shares of Comerica from $58.00 to $56.00 and set an "outperform" rating on the stock in a research note on Monday, July 22nd. StockNews.com cut shares of Comerica from a "hold" rating to a "sell" rating in a research note on Friday, October 11th. Evercore ISI increased their target price on shares of Comerica from $58.00 to $64.00 and gave the stock an "in-line" rating in a research report on Wednesday, October 2nd. Finally, Barclays dropped their price target on shares of Comerica from $59.00 to $56.00 and set an "underweight" rating for the company in a research report on Monday, July 22nd. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $59.62.

Insiders Place Their Bets

In related news, EVP Christine M. Moore sold 2,545 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares of the company's stock, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.19% of the company's stock.

Comerica Price Performance

NYSE:CMA traded up $0.48 on Wednesday, hitting $62.34. The company had a trading volume of 1,559,199 shares, compared to its average volume of 2,150,416. The firm has a 50 day moving average of $57.50 and a two-hundred day moving average of $53.63. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of 12.39 and a beta of 1.23. Comerica Incorporated has a 52 week low of $37.40 and a 52 week high of $63.20. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA - Get Free Report) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.30. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same quarter in the previous year, the company posted $2.01 EPS. On average, research analysts anticipate that Comerica Incorporated will post 5.12 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a $0.71 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.56%. 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.