Prudential PLC Takes Position in Comerica Incorporated (NYSE:CMA)

Prudential PLC acquired a new stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 30,319 shares of the financial services provider's stock, valued at approximately $1,875,000.

A number of other institutional investors have also added to or reduced their stakes in CMA. PL Capital Advisors LLC increased its holdings 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 acquiring an additional 1,749,438 shares during the last quarter. Jupiter Asset Management Ltd. bought a new position in Comerica during the fourth quarter valued at approximately $82,419,000. Norges Bank purchased a new position in Comerica during the 4th quarter valued at approximately $64,150,000. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Comerica by 29.7% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,149,591 shares of the financial services provider's stock worth $132,952,000 after acquiring an additional 492,381 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings 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 in the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Comerica Stock Performance

CMA stock traded down $1.61 during trading on Friday, reaching $49.69. The company had a trading volume of 745,455 shares, compared to its average volume of 2,195,063. The firm has a 50-day simple moving average of $60.69 and a 200-day simple moving average of $63.17. Comerica Incorporated has a twelve month low of $45.32 and a twelve month high of $73.45. 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 company has a market cap of $6.52 billion, a price-to-earnings ratio of 9.91 and a beta of 0.96.

Remove Ads

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly 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 last year, the company earned $1.46 EPS. As a group, sell-side analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 5.72%. The ex-dividend date of this dividend was Friday, March 14th. Comerica's dividend payout ratio (DPR) is presently 56.57%.

Analysts Set New Price Targets

Several research firms have recently weighed in on CMA. Stephens downgraded Comerica from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $66.00 to $64.00 in a research report on Monday, March 31st. Barclays increased their price objective on Comerica from $66.00 to $68.00 and gave the stock an "underweight" rating in a research note on Monday, January 6th. Argus raised Comerica to a "hold" rating in a research report on Friday, January 31st. The Goldman Sachs Group downgraded Comerica from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $85.00 to $71.00 in a report on Tuesday, January 7th. Finally, Royal Bank of Canada dropped their target price on shares of Comerica from $78.00 to $76.00 and set an "outperform" rating on the stock in a report on Thursday, January 23rd. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Comerica presently has an average rating of "Hold" and an average price target of $68.16.

Comerica Company 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.