iA Global Asset Management Inc. Acquires New Holdings in Comerica Incorporated (NYSE:CMA)

iA Global Asset Management Inc. acquired a new stake in shares of Comerica Incorporated (NYSE:CMA) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 4,431 shares of the financial services provider’s stock, valued at approximately $244,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Entropy Technologies LP bought a new stake in shares of Comerica during the first quarter valued at about $1,764,000. Raymond James & Associates grew its holdings 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 acquiring an additional 31,125 shares during the period. Avaii Wealth Management LLC acquired a new position in Comerica during the fourth quarter worth about $679,000. NewEdge Wealth LLC acquired a new position in Comerica during the fourth quarter worth about $10,068,000. Finally, Aigen Investment Management LP acquired a new position in Comerica during the fourth quarter worth about $891,000. 80.74% of the stock is currently owned by institutional investors.

Comerica Stock Performance

CMA traded down $1.34 on Friday, hitting $51.54. The company had a trading volume of 1,826,276 shares, compared to its average volume of 2,263,502. The company’s fifty day moving average price is $50.68 and its 200 day moving average price is $51.60. Comerica Incorporated has a 1-year low of $37.40 and a 1-year high of $58.50. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market cap of $6.84 billion, a price-to-earnings ratio of 10.16 and a beta of 1.25.

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

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.71 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.84 annualized dividend and a yield of 5.51%. Comerica’s dividend payout ratio (DPR) is currently 56.46%.

Analyst Ratings Changes

CMA has been the topic of a number of research analyst reports. Jefferies Financial Group lowered their target price on Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 8th. The Goldman Sachs Group lowered their target price on Comerica from $69.00 to $62.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Robert W. Baird dropped their price target on Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, June 20th. Barclays dropped their price target on Comerica from $59.00 to $56.00 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Comerica in a research note on Wednesday, April 10th. They issued a “hold” rating and a $59.00 price target on the stock. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Comerica presently has a consensus rating of “Hold” and a consensus target price of $54.95.

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.