tru Independence LLC Sells 540 Shares of Comerica Incorporated (NYSE:CMA)

tru Independence LLC trimmed its holdings in shares of Comerica Incorporated (NYSE:CMA) by 0.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 88,093 shares of the financial services provider’s stock after selling 540 shares during the quarter. tru Independence LLC’s holdings in Comerica were worth $4,844,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Federated Hermes Inc. lifted its position in Comerica by 188.3% during the third quarter. Federated Hermes Inc. now owns 3,321 shares of the financial services provider’s stock valued at $138,000 after purchasing an additional 2,169 shares in the last quarter. Natixis Advisors L.P. raised its position in shares of Comerica by 790.8% during the 3rd quarter. Natixis Advisors L.P. now owns 144,745 shares of the financial services provider’s stock valued at $6,014,000 after purchasing an additional 128,496 shares during the period. Treasurer of the State of North Carolina lifted its stake in shares of Comerica by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 57,789 shares of the financial services provider’s stock valued at $2,401,000 after buying an additional 300 shares in the last quarter. Bank of Nova Scotia grew its position in shares of Comerica by 13.3% during the third quarter. Bank of Nova Scotia now owns 9,085 shares of the financial services provider’s stock worth $377,000 after purchasing an additional 1,066 shares in the last quarter. Finally, Toronto Dominion Bank lifted its holdings in Comerica by 58.9% in the 3rd quarter. Toronto Dominion Bank now owns 55,379 shares of the financial services provider’s stock worth $2,301,000 after purchasing an additional 20,529 shares in the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on CMA shares. JPMorgan Chase & Co. decreased their price target on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Wells Fargo & Company dropped their price target on Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a research report on Wednesday, June 12th. UBS Group decreased their price objective on Comerica from $59.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Piper Sandler lifted their target price on Comerica from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Finally, The Goldman Sachs Group dropped their price objective on shares of Comerica from $69.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $56.04.

Comerica Stock Performance

NYSE CMA traded down $0.08 during mid-day trading on Tuesday, reaching $50.72. 342,538 shares of the stock were exchanged, compared to its average volume of 2,227,931. Comerica Incorporated has a 1 year low of $37.40 and a 1 year high of $57.39. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 0.95. The business’s 50 day moving average is $50.64 and its 200-day moving average is $51.95. The company has a market capitalization of $6.72 billion, a P/E ratio of 10.10 and a beta of 1.25.

Comerica (NYSE:CMA) last released its 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. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same quarter in the previous year, the company earned $2.39 earnings per share. On average, equities research analysts forecast that Comerica Incorporated will post 5.08 EPS for the current fiscal year.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were given a $0.71 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.60%. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insiders Place Their Bets

In other news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total transaction of $382,381.89. Following the transaction, the executive vice president now owns 7,236 shares in the company, valued at approximately $380,541.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

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.