State of Michigan Retirement System Purchases Shares of 31,100 Comerica Incorporated (NYSE:CMA)

State of Michigan Retirement System bought a new position in Comerica Incorporated (NYSE:CMA - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 31,100 shares of the financial services provider's stock, valued at approximately $1,924,000.

Other large investors also recently modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in Comerica by 134.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider's stock worth $51,309,000 after purchasing an additional 490,468 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in shares of Comerica by 158.2% during the third quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider's stock worth $1,218,000 after buying an additional 12,454 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Comerica by 5.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider's stock valued at $257,975,000 after buying an additional 226,285 shares during the period. Citigroup Inc. boosted its stake in Comerica by 390.6% in the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider's stock valued at $45,628,000 after acquiring an additional 606,375 shares during the last quarter. Finally, Wolverine Asset Management LLC bought a new position in Comerica in the third quarter valued at approximately $1,905,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMA has been the topic of a number of analyst reports. Piper Sandler increased their price target on Comerica from $64.00 to $72.00 and gave the company a "neutral" rating in a research note on Tuesday, December 3rd. Morgan Stanley reduced their target price on Comerica from $76.00 to $71.00 and set an "equal weight" rating on the stock in a report on Thursday, January 23rd. JPMorgan Chase & Co. lowered their price target on Comerica from $73.00 to $70.00 and set a "neutral" rating for the company in a research note on Tuesday, January 7th. The Goldman Sachs Group lowered shares of Comerica from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $85.00 to $71.00 in a research note on Tuesday, January 7th. Finally, UBS Group assumed coverage on shares of Comerica in a research note on Tuesday, December 17th. They issued a "sell" rating and a $64.00 target price for the company. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $68.67.

Remove Ads

Comerica Stock Up 1.8 %

CMA traded up $1.03 during trading hours on Wednesday, hitting $58.00. 1,635,215 shares of the company's stock were exchanged, compared to its average volume of 2,138,136. The stock has a market cap of $7.62 billion, a price-to-earnings ratio of 11.56 and a beta of 1.23. Comerica Incorporated has a 1-year low of $45.32 and a 1-year high of $73.45. The stock's 50-day moving average is $64.07 and its two-hundred day moving average is $63.38. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09.

Comerica (NYSE:CMA - Get Free Report) last issued 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 return on equity of 12.04% and a net margin of 13.98%. During the same quarter in the prior year, the firm earned $1.46 EPS. Sell-side analysts predict that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.71 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.84 dividend on an annualized basis and a yield of 4.90%. Comerica's dividend payout ratio is 56.57%.

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.