Proficio Capital Partners LLC Takes $6.90 Million Position in Comerica Incorporated (NYSE:CMA)

Proficio Capital Partners LLC purchased a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 111,572 shares of the financial services provider's stock, valued at approximately $6,901,000. Proficio Capital Partners LLC owned about 0.08% of Comerica at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. PL Capital Advisors LLC grew its holdings 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 valued at $109,981,000 after purchasing an additional 1,749,438 shares during the period. Citigroup Inc. grew its holdings in Comerica by 390.6% during the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider's stock valued at $45,628,000 after purchasing an additional 606,375 shares during the period. Vaughan Nelson Investment Management L.P. grew its holdings in Comerica by 31.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider's stock valued at $144,312,000 after purchasing an additional 574,516 shares during the period. JPMorgan Chase & Co. grew its holdings in Comerica by 134.0% during the third quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider's stock valued at $51,309,000 after purchasing an additional 490,468 shares during the period. Finally, Primecap Management Co. CA acquired a new position in Comerica during the third quarter valued at approximately $26,630,000. 80.74% of the stock is owned by institutional investors.

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Analysts Set New Price Targets

CMA has been the subject of a number of analyst reports. Robert W. Baird boosted their price objective on shares of Comerica from $75.00 to $80.00 and gave the company an "outperform" rating in a report on Tuesday, February 11th. Stephens reiterated an "overweight" rating and issued a $72.00 price target on shares of Comerica in a report on Wednesday, March 5th. Barclays upped their price target on shares of Comerica from $66.00 to $68.00 and gave the company an "underweight" rating in a report on Monday, January 6th. Keefe, Bruyette & Woods reduced their price target on shares of Comerica from $82.00 to $77.00 and set an "outperform" rating for the company in a report on Thursday, January 23rd. Finally, JPMorgan Chase & Co. reduced their price target on shares of Comerica from $73.00 to $70.00 and set a "neutral" rating for the company in a report on Tuesday, January 7th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Comerica currently has a consensus rating of "Hold" and an average target price of $68.29.

Comerica Stock Performance

NYSE CMA traded down $0.06 on Thursday, hitting $59.04. 1,165,490 shares of the stock were exchanged, compared to its average volume of 2,037,590. 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 business's fifty day moving average is $63.56 and its 200 day moving average is $63.39. Comerica Incorporated has a 52 week low of $45.32 and a 52 week high of $73.45. The company has a market capitalization of $7.75 billion, a PE ratio of 11.76 and a beta of 1.23.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings results 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 return on equity of 12.04% and a net margin of 13.98%. During the same quarter in the prior year, the business earned $1.46 EPS. Research analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

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

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.