Bank of Nova Scotia Invests $1.32 Million in Comerica Incorporated (NYSE:CMA)

Bank of Nova Scotia bought a new stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,334 shares of the financial services provider's stock, valued at approximately $1,320,000.

Other large investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in shares of Comerica by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,431,556 shares of the financial services provider's stock worth $274,092,000 after purchasing an additional 125,514 shares during the period. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Comerica by 3.0% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,481,211 shares of the financial services provider's stock valued at $153,462,000 after buying an additional 72,391 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Comerica by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 2,214,963 shares of the financial services provider's stock worth $137,039,000 after acquiring an additional 103,118 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Comerica by 29.7% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,149,591 shares of the financial services provider's stock worth $132,952,000 after buying an additional 492,381 shares during the last quarter. Finally, PL Capital Advisors LLC grew its position in shares of Comerica by 6,085.0% during the 4th quarter. PL Capital Advisors LLC now owns 1,778,188 shares of the financial services provider's stock valued at $109,981,000 after acquiring an additional 1,749,438 shares during the period. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Comerica Price Performance

NYSE:CMA traded up $0.35 during trading hours on Friday, hitting $52.89. 3,293,448 shares of the stock traded hands, compared to its average volume of 2,211,147. The stock has a 50 day moving average price of $59.16 and a 200 day moving average price of $62.90. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09. The company has a market cap of $6.94 billion, a price-to-earnings ratio of 10.54 and a beta of 0.96. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing analysts' consensus estimates 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 period in the previous year, the firm earned $1.46 earnings per share. Sell-side analysts forecast that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a $0.71 dividend. The ex-dividend date was Friday, March 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.37%. Comerica's dividend payout ratio is presently 56.57%.

Wall Street Analyst Weigh In

CMA has been the subject of a number of recent research reports. Argus raised Comerica to a "hold" rating in a research report on Friday, January 31st. Raymond James dropped their price objective on shares of Comerica from $72.00 to $67.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. Stephens lowered shares of Comerica from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $66.00 to $64.00 in a research report on Monday, March 31st. DA Davidson dropped their target price on Comerica from $71.00 to $67.00 and set a "neutral" rating on the stock in a research report on Thursday, January 23rd. Finally, Truist Financial raised Comerica to a "hold" rating in a report on Monday, January 6th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Comerica currently has an average rating of "Hold" and a consensus target price of $68.16.

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.