Cranbrook Wealth Management LLC Invests $79,000 in Comerica Incorporated (NYSE:CMA)

Cranbrook Wealth Management LLC bought a new stake in Comerica Incorporated (NYSE:CMA) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,545 shares of the financial services provider’s stock, valued at approximately $79,000.

Other institutional investors also recently bought and sold shares of the company. Edgestream Partners L.P. purchased a new stake in Comerica in the second quarter valued at about $1,306,000. Quantbot Technologies LP lifted its position in Comerica by 1.2% during the 2nd quarter. Quantbot Technologies LP now owns 141,672 shares of the financial services provider’s stock worth $7,231,000 after acquiring an additional 1,688 shares during the period. Dimensional Fund Advisors LP grew its stake in Comerica by 51.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after purchasing an additional 1,370,886 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Comerica by 3.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 22,076 shares of the financial services provider’s stock valued at $1,127,000 after purchasing an additional 742 shares during the period. Finally, WINTON GROUP Ltd purchased a new position in shares of Comerica in the second quarter worth about $1,511,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Comerica Stock Up 0.9 %

CMA stock opened at $58.00 on Tuesday. Comerica Incorporated has a 52 week low of $37.40 and a 52 week high of $58.50. The firm has a 50-day simple moving average of $54.71 and a 200-day simple moving average of $52.40. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. The stock has a market capitalization of $7.69 billion, a P/E ratio of 11.53 and a beta of 1.23.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. During the same quarter last year, the firm posted $2.01 EPS. Equities analysts forecast that Comerica Incorporated will post 5.05 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.90%. Comerica’s payout ratio is 56.46%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CMA shares. Raymond James upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a report on Tuesday, July 2nd. Morgan Stanley raised their target price on shares of Comerica from $50.00 to $61.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. decreased their target price on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. The Goldman Sachs Group cut their price target on Comerica from $69.00 to $62.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Finally, Robert W. Baird decreased their price objective on Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, June 20th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $55.73.

Insiders Place Their Bets

In other news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.19% of the company’s stock.

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.