Adage Capital Partners GP L.L.C. Buys 272,678 Shares of Comerica Incorporated (NYSE:CMA)

Adage Capital Partners GP L.L.C. lifted its position in Comerica Incorporated (NYSE:CMA - Free Report) by 681.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 312,678 shares of the financial services provider's stock after buying an additional 272,678 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.24% of Comerica worth $19,339,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Trust Co. of Vermont boosted its position in shares of Comerica by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider's stock worth $26,000 after acquiring an additional 321 shares during the last quarter. Luken Investment Analytics LLC purchased a new position in shares of Comerica during the fourth quarter valued at about $31,000. MCF Advisors LLC increased its holdings in shares of Comerica by 56.3% in the fourth quarter. MCF Advisors LLC now owns 633 shares of the financial services provider's stock worth $39,000 after purchasing an additional 228 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Comerica during the third quarter valued at approximately $42,000. Finally, V Square Quantitative Management LLC grew its holdings in Comerica by 36.7% during the 4th quarter. V Square Quantitative Management LLC now owns 824 shares of the financial services provider's stock valued at $51,000 after buying an additional 221 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company's stock.

Comerica Stock Performance

CMA opened at $53.12 on Friday. The firm's 50-day moving average price is $57.38 and its 200-day moving average price is $62.67. The company has a market cap of $6.97 billion, a P/E ratio of 10.58 and a beta of 0.96. 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 Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.14 by $0.11. The business had revenue of $829.00 million during the quarter, compared to analysts' expectations of $839.31 million. Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same quarter last year, the company posted $1.29 earnings per share. As a group, equities analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.35%. Comerica's dividend payout ratio is currently 53.69%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CMA shares. Truist Financial cut their target price on Comerica from $65.00 to $57.00 and set a "hold" rating on the stock in a research report on Tuesday, April 22nd. Morgan Stanley lowered Comerica from an "equal weight" rating to an "underweight" rating and decreased their price target for the stock from $63.00 to $55.00 in a research note on Monday, April 7th. Barclays upped their price objective on Comerica from $66.00 to $68.00 and gave the company an "underweight" rating in a research report on Monday, January 6th. The Goldman Sachs Group decreased their target price on Comerica from $66.00 to $57.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. Finally, Wells Fargo & Company dropped their price objective on shares of Comerica from $67.00 to $55.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 22nd. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $62.84.

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.

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