Parallel Advisors LLC Boosts Holdings in Comerica Incorporated $CMA

Parallel Advisors LLC raised its holdings in Comerica Incorporated (NYSE:CMA) by 19.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,152 shares of the financial services provider’s stock after acquiring an additional 189 shares during the period. Parallel Advisors LLC’s holdings in Comerica were worth $69,000 as of its most recent filing with the SEC.

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Jefferies Financial Group upped their price objective on shares of Comerica from $70.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, September 3rd. TD Cowen assumed coverage on shares of Comerica in a research report on Thursday. They issued a “hold” rating and a $75.00 price objective for the company. Cantor Fitzgerald assumed coverage on shares of Comerica in a research report on Wednesday, September 10th. They issued a “neutral” rating and a $72.00 price objective for the company. Truist Financial upped their price objective on shares of Comerica from $68.00 to $70.00 and gave the stock a “hold” rating in a research report on Friday, September 12th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Comerica from $52.00 to $60.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 1st. Four research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Comerica currently has an average rating of “Reduce” and an average target price of $65.10.

Comerica Stock Down 0.0%

CMA stock opened at $68.90 on Friday. The company has a market cap of $8.85 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 12.38 and a beta of 0.97. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.84. Comerica Incorporated has a 12 month low of $48.12 and a 12 month high of $73.45. The firm has a 50-day moving average of $68.41 and a two-hundred day moving average of $61.02.

Comerica (NYSE:CMA) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $844.39 million. Comerica had a net margin of 14.92% and a return on equity of 10.92%. During the same quarter in the prior year, the firm earned $1.49 EPS. As a group, analysts forecast that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.71 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a yield of 4.1%. Comerica’s dividend payout ratio is presently 54.41%.

Insider Transactions at Comerica

In other Comerica news, EVP Allysun C. Fleming sold 2,100 shares of the stock in a transaction dated 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 in the company, valued at approximately $631,690.72. This represents a 18.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Mcgregor Carr sold 4,000 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $67.28, for a total transaction of $269,120.00. Following the completion of 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 disclosure for this sale can be found here. 0.19% of the stock is currently owned by corporate insiders.

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.