Allianz Asset Management GmbH Reduces Holdings in Comerica Incorporated $CMA

Allianz Asset Management GmbH trimmed its holdings in shares of Comerica Incorporated (NYSE:CMA) by 46.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 172,367 shares of the financial services provider’s stock after selling 149,376 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.13% of Comerica worth $10,282,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CMA. MorganRosel Wealth Management LLC bought a new stake in shares of Comerica during the 1st quarter valued at $33,000. Gen Wealth Partners Inc bought a new position in Comerica in the 1st quarter worth $34,000. Geneos Wealth Management Inc. lifted its position in Comerica by 41.8% during the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 176 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Comerica during the first quarter valued at about $55,000. Finally, MAI Capital Management increased its position in 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 buying an additional 229 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors.

Insider Activity at Comerica

In other Comerica news, EVP Allysun C. Fleming sold 2,100 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $67.03, for a total transaction of $140,763.00. Following the completion of the transaction, the executive vice president owned 9,424 shares in the company, valued at $631,690.72. The trade was a 18.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider James Mcgregor Carr sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $67.28, for a total value of $269,120.00. Following the transaction, the insider owned 33,471 shares of the company’s stock, valued at $2,251,928.88. This trade represents a 10.67% decrease in their position. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on CMA. Citigroup raised their price target on Comerica from $54.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. Piper Sandler set a $82.00 price target on Comerica and gave the company a “neutral” rating in a report on Tuesday, October 7th. DA Davidson set a $60.00 price target on Comerica and gave the company a “neutral” rating in a report on Monday, July 21st. UBS Group set a $64.00 target price on Comerica and gave the stock a “neutral” rating in a report on Monday, July 21st. Finally, Royal Bank Of Canada lifted their target price on Comerica from $75.00 to $86.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Four investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $73.65.

Comerica Trading Up 0.9%

CMA opened at $77.44 on Wednesday. The firm has a market cap of $9.95 billion, a P/E ratio of 14.78 and a beta of 0.96. Comerica Incorporated has a 12 month low of $48.12 and a 12 month high of $83.22. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.77. The stock has a 50-day moving average of $71.34 and a 200 day moving average of $63.16.

Comerica (NYSE:CMA) last released its quarterly earnings results on Monday, December 9th. The financial services provider reported $1.53 EPS for the quarter. Comerica had a return on equity of 10.69% and a net margin of 14.91%.The company had revenue of $824.00 million during the quarter. As a group, research analysts forecast that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Monday, September 15th. Comerica’s payout ratio is 54.20%.

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.