OLD National Bancorp IN Trims Holdings in Comerica Incorporated $CMA

OLD National Bancorp IN lowered its stake in shares of Comerica Incorporated (NYSE:CMA) by 80.0% in the second quarter, Holdings Channel reports. The institutional investor owned 42,771 shares of the financial services provider’s stock after selling 170,648 shares during the quarter. OLD National Bancorp IN’s holdings in Comerica were worth $2,551,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. MorganRosel Wealth Management LLC acquired a new position in Comerica during the 1st quarter worth $33,000. Gen Wealth Partners Inc acquired a new position in Comerica in the first quarter worth about $34,000. Geneos Wealth Management Inc. increased its holdings in Comerica by 41.8% in the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider’s stock valued at $35,000 after buying an additional 176 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Comerica in the 1st quarter worth approximately $55,000. Finally, MAI Capital Management increased its holdings in shares of Comerica by 32.1% in the 1st quarter. MAI Capital Management now owns 942 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 229 shares during the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Comerica

In other news, insider James Mcgregor Carr sold 4,000 shares of the business’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $67.28, for a total value of $269,120.00. Following the sale, the insider owned 33,471 shares of the company’s stock, valued at approximately $2,251,928.88. The trade was a 10.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Allysun C. Fleming sold 2,100 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $67.03, for a total value of $140,763.00. Following the completion of the sale, the executive vice president owned 9,424 shares of the company’s stock, valued at approximately $631,690.72. This trade represents a 18.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Comerica Trading Up 0.7%

Shares of CMA stock opened at $70.60 on Monday. Comerica Incorporated has a 1 year low of $48.12 and a 1 year high of $73.45. The firm has a market capitalization of $9.07 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 12.64 and a beta of 0.96. The stock has a fifty day moving average of $68.83 and a two-hundred day moving average of $61.54. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.19. The company had revenue of $849.00 million for the quarter, compared to analyst estimates of $844.39 million. Comerica had a return on equity of 10.92% and a net margin of 14.92%.During the same period last year, the company earned $1.49 earnings per share. As a group, research analysts expect that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Monday, September 15th. Comerica’s dividend payout ratio is currently 54.41%.

Analysts Set New Price Targets

CMA has been the subject of a number of research reports. Citigroup lifted their price objective on shares of Comerica from $54.00 to $61.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. Jefferies Financial Group lifted their target price on Comerica from $70.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, September 3rd. TD Cowen started coverage on Comerica in a research report on Thursday, September 25th. They set a “hold” rating and a $75.00 price target on the stock. JPMorgan Chase & Co. raised their price target on Comerica from $52.00 to $60.00 and gave the stock an “underweight” rating in a report on Tuesday, July 1st. Finally, Evercore ISI lowered their price objective on Comerica from $71.00 to $70.00 and set an “underperform” rating for the company in a research note on Tuesday, September 30th. Five investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $67.05.

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.