Comerica Bank Boosts Stake in Comerica Incorporated (NYSE:CMA)

Comerica Bank lifted its holdings in Comerica Incorporated (NYSE:CMA) by 2.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 150,608 shares of the financial services provider’s stock after buying an additional 3,076 shares during the period. Comerica Bank owned approximately 0.11% of Comerica worth $8,282,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Entropy Technologies LP purchased a new position in Comerica during the first quarter worth about $1,764,000. Raymond James & Associates raised its stake in Comerica by 18.1% during the fourth quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock worth $11,348,000 after purchasing an additional 31,125 shares during the period. Avaii Wealth Management LLC purchased a new position in Comerica during the fourth quarter worth about $679,000. NewEdge Wealth LLC purchased a new position in Comerica during the fourth quarter worth about $10,068,000. Finally, Aigen Investment Management LP acquired a new stake in shares of Comerica during the fourth quarter valued at about $891,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

Comerica Stock Down 3.3 %

Shares of NYSE:CMA traded down $1.76 during trading on Friday, hitting $51.12. 1,275,993 shares of the company were exchanged, compared to its average volume of 2,259,784. The firm’s 50 day moving average price is $50.68 and its 200-day moving average price is $51.60. Comerica Incorporated has a 12-month low of $37.40 and a 12-month high of $58.50. The stock has a market capitalization of $6.78 billion, a P/E ratio of 10.51 and a beta of 1.25. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.95.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.19 by $0.30. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same quarter in the prior year, the firm earned $2.01 EPS. On average, research analysts predict that Comerica Incorporated will post 5.05 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a yield of 5.56%. Comerica’s payout ratio is currently 56.46%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CMA shares. Wells Fargo & Company dropped their price target on shares of Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a research report on Wednesday, June 12th. Keefe, Bruyette & Woods dropped their price target on shares of Comerica from $58.00 to $56.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. StockNews.com cut shares of Comerica from a “hold” rating to a “sell” rating in a research report on Thursday. Truist Financial cut shares of Comerica from a “buy” rating to a “hold” rating and dropped their price target for the company from $55.00 to $53.00 in a research report on Monday, July 22nd. Finally, Morgan Stanley dropped their price objective on shares of Comerica from $53.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, July 22nd. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $54.95.

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.