Pacer Advisors Inc. Invests $1.18 Million in Comerica Incorporated (NYSE:CMA)

Pacer Advisors Inc. bought a new stake in Comerica Incorporated (NYSE:CMA - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 19,138 shares of the financial services provider's stock, valued at approximately $1,184,000.

Other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in Comerica by 134.0% in the third 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 last quarter. Oppenheimer & Co. Inc. raised its position in Comerica by 158.2% in the third quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider's stock valued at $1,218,000 after purchasing an additional 12,454 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Comerica by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider's stock valued at $257,975,000 after purchasing an additional 226,285 shares during the last quarter. Citigroup Inc. increased its position in shares of Comerica by 390.6% during the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider's stock worth $45,628,000 after purchasing an additional 606,375 shares during the last quarter. Finally, Wolverine Asset Management LLC purchased a new stake in Comerica in the 3rd quarter valued at about $1,905,000. Hedge funds and other institutional investors own 80.74% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CMA. Truist Financial upgraded shares of Comerica to a "hold" rating in a research report on Monday, January 6th. Argus upgraded shares of Comerica to a "hold" rating in a report on Friday, January 31st. Robert W. Baird decreased their price target on Comerica from $80.00 to $75.00 and set an "outperform" rating on the stock in a research note on Thursday, January 23rd. UBS Group assumed coverage on Comerica in a research note on Tuesday, December 17th. They issued a "sell" rating and a $64.00 price objective for the company. Finally, The Goldman Sachs Group lowered Comerica from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $85.00 to $71.00 in a research note on Tuesday, January 7th. Three 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.com, the company presently has an average rating of "Hold" and an average target price of $68.33.

Comerica Stock Down 0.7 %

Shares of NYSE:CMA traded down $0.47 during trading on Thursday, hitting $67.91. 3,011,420 shares of the company were exchanged, compared to its average volume of 2,270,422. 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's 50 day moving average price is $64.81 and its 200-day moving average price is $61.60. The stock has a market capitalization of $8.93 billion, a P/E ratio of 13.53 and a beta of 1.25. Comerica Incorporated has a 12-month low of $45.32 and a 12-month high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last released its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (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 last year, the company posted $1.46 earnings per share. On average, research analysts predict that Comerica Incorporated will post 5.36 earnings per share for the current fiscal year.

Comerica announced that its Board of Directors has authorized a share buyback plan on Tuesday, November 5th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Comerica 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.