Primecap Management Co. CA Boosts Stock Position in Comerica Incorporated (NYSE:CMA)

Primecap Management Co. CA lifted its stake in Comerica Incorporated (NYSE:CMA - Free Report) by 14.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 508,000 shares of the financial services provider's stock after purchasing an additional 63,500 shares during the quarter. Primecap Management Co. CA owned about 0.39% of Comerica worth $31,420,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its stake 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 worth $51,309,000 after acquiring an additional 490,468 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in shares of Comerica by 158.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider's stock worth $1,218,000 after acquiring an additional 12,454 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Comerica by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider's stock worth $257,975,000 after acquiring an additional 226,285 shares during the last quarter. Citigroup Inc. lifted its stake 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 acquiring an additional 606,375 shares during the last quarter. Finally, Jupiter Asset Management Ltd. bought a new stake in shares of Comerica during the 4th quarter worth approximately $82,419,000. 80.74% of the stock is owned by institutional investors.

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Comerica Stock Down 0.1 %

CMA stock traded down $0.03 on Friday, hitting $58.99. 5,451,774 shares of the company's stock were exchanged, compared to its average volume of 2,042,187. Comerica Incorporated has a 12-month low of $45.32 and a 12-month high of $73.45. The firm has a 50 day moving average price of $63.47 and a two-hundred day moving average price of $63.37. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $7.74 billion, a P/E ratio of 11.75 and a beta of 1.23.

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

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.84 annualized dividend and a yield of 4.81%. Comerica's payout ratio is presently 56.57%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CMA. Keefe, Bruyette & Woods decreased their price target on Comerica from $82.00 to $77.00 and set an "outperform" rating for the company in a research note on Thursday, January 23rd. JPMorgan Chase & Co. decreased their target price on Comerica from $73.00 to $70.00 and set a "neutral" rating for the company in a research report on Tuesday, January 7th. The Goldman Sachs Group lowered Comerica from a "buy" rating to a "neutral" rating and decreased their target price for the company from $85.00 to $71.00 in a research report on Tuesday, January 7th. DA Davidson decreased their target price on Comerica from $71.00 to $67.00 and set a "neutral" rating for the company in a research report on Thursday, January 23rd. Finally, Compass Point lifted their target price on Comerica from $64.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, December 10th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $68.29.

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.