Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 18.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 96,025 shares of the financial services provider's stock after buying an additional 15,178 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.07% of Comerica worth $5,931,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Yousif Capital Management LLC increased its holdings in Comerica by 52.7% during the 4th quarter. Yousif Capital Management LLC now owns 11,355 shares of the financial services provider's stock worth $702,000 after acquiring an additional 3,918 shares during the period. Retirement Systems of Alabama purchased a new position in shares of Comerica during the 4th quarter valued at $9,890,000. Boston Trust Walden Corp purchased a new stake in shares of Comerica in the fourth quarter worth $204,000. Sylvest Advisors LLC purchased a new stake in shares of Comerica in the fourth quarter worth $614,000. Finally, Luken Investment Analytics LLC bought a new stake in Comerica during the fourth quarter valued at $31,000. 80.74% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on CMA. The Goldman Sachs Group cut Comerica from a "buy" rating to a "neutral" rating and lowered their price target for the company from $85.00 to $71.00 in a report on Tuesday, January 7th. Barclays lifted their target price on shares of Comerica from $66.00 to $68.00 and gave the company an "underweight" rating in a research report on Monday, January 6th. StockNews.com upgraded shares of Comerica from a "sell" rating to a "hold" rating in a research report on Monday, October 21st. Wells Fargo & Company upgraded shares of Comerica from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. Finally, Keefe, Bruyette & Woods lowered their price target on Comerica from $82.00 to $77.00 and set an "outperform" rating on the stock in a research report on Thursday, January 23rd. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Comerica currently has an average rating of "Hold" and an average target price of $68.57.
View Our Latest Research Report on Comerica
Comerica Stock Up 1.4 %
CMA stock traded up $0.94 during midday trading on Tuesday, hitting $67.06. The stock had a trading volume of 1,929,391 shares, compared to its average volume of 2,233,044. The firm has a market cap of $8.82 billion, a price-to-earnings ratio of 13.36 and a beta of 1.25. The business has a 50-day moving average of $64.55 and a two-hundred day moving average of $62.05. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97.
Comerica (NYSE:CMA - Get Free Report) last issued its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share 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 period in the previous year, the firm earned $1.46 earnings per share. As a group, equities research analysts forecast that Comerica Incorporated will post 5.34 earnings per share for the current fiscal year.
Comerica announced that its board has approved a share repurchase program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.
About Comerica
(
Free Report)
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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