Louisiana State Employees Retirement System Trims Stake in Comerica Incorporated (NYSE:CMA)

Louisiana State Employees Retirement System lowered its holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 43.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,500 shares of the financial services provider's stock after selling 27,600 shares during the quarter. Louisiana State Employees Retirement System's holdings in Comerica were worth $2,258,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Trust Co. of Vermont grew its position in Comerica by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 321 shares during the period. Luken Investment Analytics LLC acquired a new stake in Comerica in the 4th quarter valued at $31,000. V Square Quantitative Management LLC acquired a new stake in Comerica in the 3rd quarter valued at $36,000. MCF Advisors LLC grew its position in Comerica by 56.3% in the 4th quarter. MCF Advisors LLC now owns 633 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 228 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Comerica in the 3rd quarter valued at $42,000. Institutional investors and hedge funds own 80.74% of the company's stock.

Comerica Stock Performance

CMA stock traded up $0.60 during midday trading on Tuesday, reaching $67.69. 179,167 shares of the company's stock traded hands, compared to its average volume of 2,114,255. The company has a 50-day moving average price of $64.35 and a two-hundred day moving average price of $62.42. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. Comerica Incorporated has a 52 week low of $45.32 and a 52 week high of $73.45. The firm has a market capitalization of $8.90 billion, a PE ratio of 13.47 and a beta of 1.25.

Comerica (NYSE:CMA - Get Free Report) last issued its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 quarter in the prior year, the firm posted $1.46 EPS. As a group, equities analysts anticipate that Comerica Incorporated will post 5.34 EPS for the current year.

Comerica announced that its Board of Directors has initiated a share repurchase plan on Tuesday, November 5th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CMA shares. Robert W. Baird lifted their price objective on shares of Comerica from $75.00 to $80.00 and gave the stock an "outperform" rating in a report on Tuesday, February 11th. Compass Point upped their target price on shares of Comerica from $64.00 to $80.00 and gave the stock a "buy" rating in a research note on Tuesday, December 10th. Piper Sandler increased their price objective on shares of Comerica from $64.00 to $72.00 and gave the company a "neutral" rating in a research note on Tuesday, December 3rd. Truist Financial raised shares of Comerica to a "hold" rating in a research report on Monday, January 6th. Finally, DA Davidson dropped their target price on shares of Comerica from $71.00 to $67.00 and set a "neutral" rating on the stock in a research report on Thursday, January 23rd. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Comerica has an average rating of "Hold" and an average target price of $68.57.

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.