159,909 Shares in Comerica Incorporated (NYSE:CMA) Bought by Retirement Systems of Alabama

Retirement Systems of Alabama acquired a new stake in Comerica Incorporated (NYSE:CMA - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 159,909 shares of the financial services provider's stock, valued at approximately $9,890,000. Retirement Systems of Alabama owned 0.12% of Comerica at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Trust Co. of Vermont boosted its stake in shares of Comerica by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 321 shares in the last quarter. Luken Investment Analytics LLC bought a new stake in shares of Comerica during the 4th quarter valued at about $31,000. V Square Quantitative Management LLC bought a new stake in shares of Comerica during the 3rd quarter valued at about $36,000. MCF Advisors LLC boosted its stake in shares of Comerica by 56.3% during the 4th quarter. MCF Advisors LLC now owns 633 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 228 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Comerica during the 3rd quarter valued at about $42,000. Hedge funds and other institutional investors own 80.74% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CMA shares. JPMorgan Chase & Co. dropped their price objective on shares of Comerica from $73.00 to $70.00 and set a "neutral" rating on the stock in a research note on Tuesday, January 7th. StockNews.com raised shares of Comerica from a "sell" rating to a "hold" rating in a research note on Monday, October 21st. Evercore ISI boosted their price objective on shares of Comerica from $64.00 to $69.00 and gave the stock an "in-line" rating in a research note on Wednesday, October 30th. The Goldman Sachs Group lowered shares of Comerica from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $85.00 to $71.00 in a research note on Tuesday, January 7th. Finally, Argus raised shares of Comerica to a "hold" rating in a research note on Friday, January 31st. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, Comerica has a consensus rating of "Hold" and an average price target of $68.57.

Comerica Stock Performance

CMA stock traded down $0.20 during midday trading on Wednesday, reaching $66.87. 1,909,216 shares of the company's stock traded hands, compared to its average volume of 2,221,476. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45. The stock has a market cap of $8.79 billion, a P/E ratio of 13.32 and a beta of 1.25. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09. The stock's 50-day moving average is $64.55 and its 200 day moving average is $62.05.

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 for the quarter, missing analysts' consensus estimates 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 earnings per share. As a group, analysts anticipate that Comerica Incorporated will post 5.34 EPS for the current year.

Comerica declared that its board has authorized a share buyback program on Tuesday, November 5th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

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.