New York Life Investment Management LLC Takes $869,000 Position in Comerica Incorporated (NYSE:CMA)

New York Life Investment Management LLC purchased a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,055 shares of the financial services provider's stock, valued at approximately $869,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMA. NewEdge Wealth LLC raised its stake in shares of Comerica by 7.0% during the 4th quarter. NewEdge Wealth LLC now owns 464,849 shares of the financial services provider's stock worth $28,751,000 after buying an additional 30,397 shares during the period. PL Capital Advisors LLC raised its position in Comerica by 6,085.0% during the fourth quarter. PL Capital Advisors LLC now owns 1,778,188 shares of the financial services provider's stock worth $109,981,000 after acquiring an additional 1,749,438 shares during the period. Amalgamated Bank raised its position in Comerica by 51.4% during the fourth quarter. Amalgamated Bank now owns 62,638 shares of the financial services provider's stock worth $3,874,000 after acquiring an additional 21,254 shares during the period. TCW Group Inc. purchased a new position in Comerica during the fourth quarter valued at $1,095,000. Finally, Deseret Mutual Benefit Administrators grew its position in shares of Comerica by 38.9% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,453 shares of the financial services provider's stock valued at $90,000 after purchasing an additional 407 shares during the period. Institutional investors and hedge funds own 80.74% of the company's stock.

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Analyst Upgrades and Downgrades

CMA has been the topic of several research analyst reports. Keefe, Bruyette & Woods lowered their price objective on Comerica from $82.00 to $77.00 and set an "outperform" rating on the stock in a report on Thursday, January 23rd. UBS Group initiated coverage on Comerica in a report on Tuesday, December 17th. They issued a "sell" rating and a $64.00 price objective on the stock. DA Davidson dropped their target price on shares of Comerica from $71.00 to $67.00 and set a "neutral" rating for the company in a report on Thursday, January 23rd. Royal Bank of Canada decreased their price target on shares of Comerica from $78.00 to $76.00 and set an "outperform" rating on the stock in a research note on Thursday, January 23rd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Comerica from $73.00 to $70.00 and set a "neutral" rating on the stock in a research report on Tuesday, January 7th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $68.67.

Comerica Stock Performance

CMA traded down $0.13 on Friday, reaching $58.34. The company had a trading volume of 3,152,098 shares, compared to its average volume of 2,121,427. 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 1 year low of $45.32 and a 1 year high of $73.45. The stock has a market capitalization of $7.66 billion, a PE ratio of 11.62 and a beta of 1.25. The stock has a 50-day moving average price of $64.34 and a 200-day moving average price of $63.25.

Comerica (NYSE:CMA - Get Free Report) last posted its 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 net margin of 13.98% and a return on equity of 12.04%. During the same period in the previous year, the company earned $1.46 earnings per share. As a group, research analysts forecast that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, March 14th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.87%. Comerica's dividend payout ratio (DPR) is presently 56.57%.

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.