Norges Bank Makes New Investment in Comerica Incorporated (NYSE:CMA)

Norges Bank acquired a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,037,189 shares of the financial services provider's stock, valued at approximately $64,150,000. Norges Bank owned approximately 0.79% of Comerica at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CMA. JPMorgan Chase & Co. grew its position in shares of Comerica by 134.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider's stock valued at $51,309,000 after acquiring an additional 490,468 shares during the period. Independent Advisor Alliance bought a new position in shares of Comerica during the 4th quarter valued at approximately $206,000. Jupiter Asset Management Ltd. bought a new stake in shares of Comerica in the 4th quarter worth about $82,419,000. Jones Financial Companies Lllp raised its holdings in shares of Comerica by 220.9% in the fourth quarter. Jones Financial Companies Lllp now owns 10,762 shares of the financial services provider's stock worth $666,000 after buying an additional 7,408 shares during the period. Finally, New England Research & Management Inc. bought a new position in shares of Comerica in the fourth quarter worth about $784,000. 80.74% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CMA shares. The Goldman Sachs Group cut Comerica from a "buy" rating to a "neutral" rating and dropped their target price for the company from $85.00 to $71.00 in a research report on Tuesday, January 7th. Barclays boosted their price target on Comerica from $66.00 to $68.00 and gave the company an "underweight" rating in a research note on Monday, January 6th. Wells Fargo & Company decreased their target price on shares of Comerica from $70.00 to $67.00 and set an "equal weight" rating for the company in a research report on Friday, March 28th. Compass Point upped their price objective on Comerica from $64.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Finally, UBS Group initiated coverage on Comerica in a research report on Tuesday, December 17th. They issued a "sell" rating and a $64.00 price objective for the company. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $67.95.

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Comerica Trading Down 3.4 %

Shares of CMA stock traded down $1.79 on Friday, reaching $51.48. 3,419,027 shares of the stock were exchanged, compared to its average volume of 2,176,884. Comerica Incorporated has a 1-year low of $45.32 and a 1-year high of $73.45. The firm has a 50 day moving average of $62.28 and a two-hundred day moving average of $63.54. The stock has a market cap of $6.75 billion, a P/E ratio of 10.26 and a beta of 0.96. 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 (NYSE:CMA - Get Free Report) last posted its quarterly earnings data 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 previous year, the business posted $1.46 EPS. On average, research analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a dividend of $0.71 per share. The ex-dividend date was Friday, March 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.52%. Comerica's payout ratio is currently 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.