Congress Wealth Management LLC DE Invests $367,000 in Comerica Incorporated (NYSE:CMA)

Congress Wealth Management LLC DE bought a new position in Comerica Incorporated (NYSE:CMA) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,933 shares of the financial services provider’s stock, valued at approximately $367,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CMA. PL Capital Advisors LLC increased its stake in Comerica by 6,085.0% in the 4th quarter. PL Capital Advisors LLC now owns 1,778,188 shares of the financial services provider’s stock worth $109,981,000 after purchasing an additional 1,749,438 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of Comerica in the fourth quarter worth about $82,419,000. JPMorgan Chase & Co. increased its position in shares of Comerica by 134.0% in the third quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after acquiring an additional 490,468 shares in the last quarter. Holocene Advisors LP purchased a new stake in shares of Comerica in the 3rd quarter valued at approximately $16,272,000. Finally, Azora Capital LP boosted its stake in Comerica by 7.8% in the 3rd quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider’s stock worth $133,621,000 after purchasing an additional 161,181 shares during the period. 80.74% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Royal Bank of Canada lowered their price objective on shares of Comerica from $78.00 to $76.00 and set an “outperform” rating on the stock in a research report on Thursday, January 23rd. UBS Group initiated coverage on Comerica in a report on Tuesday, December 17th. They set a “sell” rating and a $64.00 price target on the stock. Barclays increased their price objective on Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a research note on Monday, January 6th. Piper Sandler upped their target price on Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, Robert W. Baird upped their target price on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, February 11th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Comerica currently has an average rating of “Hold” and an average price target of $68.00.

Comerica Stock Performance

Shares of NYSE CMA opened at $58.73 on Friday. The business’s 50-day simple moving average is $63.07 and its 200-day simple moving average is $63.58. Comerica Incorporated has a 52 week low of $45.32 and a 52 week high of $73.45. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $7.71 billion, a price-to-earnings ratio of 11.70 and a beta of 1.23.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same period last year, the company posted $1.46 EPS. As a group, equities research analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.84%. The ex-dividend date of this dividend is Friday, March 14th. Comerica’s dividend payout ratio is 56.57%.

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.