ExodusPoint Capital Management LP Raises Stock Position in Comerica Incorporated (NYSE:CMA)

ExodusPoint Capital Management LP grew its stake in Comerica Incorporated (NYSE:CMA - Free Report) by 244.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 257,184 shares of the financial services provider's stock after buying an additional 182,538 shares during the period. ExodusPoint Capital Management LP owned 0.20% of Comerica worth $15,907,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. FMR LLC lifted its position in Comerica by 11.5% during the 3rd quarter. FMR LLC now owns 35,009 shares of the financial services provider's stock worth $2,097,000 after acquiring an additional 3,599 shares during the period. Townsquare Capital LLC raised its stake in shares of Comerica by 27.1% in the third quarter. Townsquare Capital LLC now owns 5,555 shares of the financial services provider's stock worth $333,000 after purchasing an additional 1,183 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Comerica by 9.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,325 shares of the financial services provider's stock worth $1,757,000 after purchasing an additional 2,586 shares during the period. Captrust Financial Advisors boosted its position in Comerica by 19.1% in the third quarter. Captrust Financial Advisors now owns 14,085 shares of the financial services provider's stock valued at $844,000 after buying an additional 2,263 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Comerica in the 3rd quarter worth approximately $197,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several research firms have recently commented on CMA. Stephens downgraded shares of Comerica from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $66.00 to $64.00 in a report on Monday, March 31st. Raymond James lowered their price target 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. The Goldman Sachs Group lowered Comerica from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $85.00 to $71.00 in a research note on Tuesday, January 7th. Barclays upped their target price on Comerica from $66.00 to $68.00 and gave the stock an "underweight" rating in a research note on Monday, January 6th. Finally, UBS Group initiated coverage on Comerica in a research report on Tuesday, December 17th. They set a "sell" rating and a $64.00 price target for the company. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $67.95.

Comerica Price Performance

Shares of Comerica stock traded up $4.70 during mid-day trading on Wednesday, reaching $55.12. 4,718,396 shares of the stock traded hands, compared to its average volume of 2,200,069. 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 business has a 50-day moving average of $60.99 and a 200 day moving average of $63.24. The stock has a market capitalization of $7.23 billion, a PE ratio of 10.98 and a beta of 0.96. Comerica Incorporated has a fifty-two week low of $45.32 and a fifty-two week high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings data 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 earned $1.46 earnings per share. On average, analysts predict that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors 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 5.15%. Comerica's payout ratio is presently 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.