NewEdge Wealth LLC Raises Position in Comerica Incorporated (NYSE:CMA)

NewEdge Wealth LLC raised its position in Comerica Incorporated (NYSE:CMA - Free Report) by 7.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 464,849 shares of the financial services provider's stock after buying an additional 30,397 shares during the period. NewEdge Wealth LLC owned about 0.35% of Comerica worth $28,751,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. PL Capital Advisors LLC raised its stake in Comerica by 6,085.0% in 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 purchasing an additional 1,749,438 shares during the last quarter. Amalgamated Bank grew its holdings in shares of 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 buying an additional 21,254 shares in the last quarter. TCW Group Inc. purchased a new position in shares of Comerica in the fourth quarter worth about $1,095,000. Deseret Mutual Benefit Administrators boosted its position in Comerica by 38.9% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,453 shares of the financial services provider's stock worth $90,000 after acquiring an additional 407 shares during the last quarter. Finally, Wolverine Asset Management LLC grew its stake in Comerica by 5.0% during the 4th quarter. Wolverine Asset Management LLC now owns 33,393 shares of the financial services provider's stock valued at $2,065,000 after acquiring an additional 1,598 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Argus raised shares of Comerica to a "hold" rating in a research note on Friday, January 31st. DA Davidson lowered their price objective on Comerica from $71.00 to $67.00 and set a "neutral" rating on the stock in a research note on Thursday, January 23rd. UBS Group began coverage on Comerica in a research note on Tuesday, December 17th. They issued a "sell" rating and a $64.00 target price for the company. Royal Bank of Canada reduced their price target on Comerica from $78.00 to $76.00 and set an "outperform" rating on the stock in a report on Thursday, January 23rd. Finally, Wells Fargo & Company upgraded shares of Comerica from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $68.57.

Comerica Stock Up 1.2 %

Shares of NYSE CMA traded up $0.75 during midday trading on Friday, hitting $64.30. The company's stock had a trading volume of 2,362,133 shares, compared to its average volume of 2,061,264. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $8.46 billion, a price-to-earnings ratio of 12.81 and a beta of 1.25. The business's fifty day simple moving average is $64.52 and its two-hundred day simple moving average is $63.17. 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 issued its quarterly earnings results 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 quarter in the previous year, the firm posted $1.46 earnings per share. On average, equities analysts predict that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, March 14th. This represents a $2.84 annualized dividend and a yield of 4.42%. Comerica's payout ratio is 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.