NewEdge Wealth LLC Boosts Stock Position in Comerica Incorporated (NYSE:CMA)

NewEdge Wealth LLC grew its holdings in shares of Comerica Incorporated (NYSE:CMA) by 7.0% in the 4th quarter, HoldingsChannel reports. The firm owned 464,849 shares of the financial services provider’s stock after acquiring an additional 30,397 shares during the quarter. NewEdge Wealth LLC’s holdings in Comerica were worth $28,751,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Trust Co. of Vermont increased its holdings in Comerica by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider’s stock worth $26,000 after buying an additional 321 shares during the last quarter. Luken Investment Analytics LLC purchased a new stake in shares of Comerica during the 4th quarter worth approximately $31,000. MCF Advisors LLC increased 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 worth $39,000 after purchasing an additional 228 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Comerica in the 3rd quarter worth approximately $42,000. Finally, V Square Quantitative Management LLC lifted its stake in Comerica by 36.7% in the fourth quarter. V Square Quantitative Management LLC now owns 824 shares of the financial services provider’s stock valued at $51,000 after purchasing an additional 221 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors.

Comerica Stock Performance

NYSE:CMA opened at $63.62 on Thursday. Comerica Incorporated has a twelve month low of $45.32 and a twelve month high of $73.45. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09. The stock has a market cap of $8.37 billion, a P/E ratio of 12.67 and a beta of 1.25. The business’s 50-day moving average price is $64.38 and its two-hundred day moving average price is $63.03.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) 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 company earned $1.46 EPS. As a group, equities analysts predict that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica announced that its Board of Directors has initiated a stock 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 buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Comerica Announces Dividend

The company 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 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 dividend yield of 4.46%. Comerica’s dividend payout ratio (DPR) is presently 56.57%.

Wall Street Analyst Weigh In

CMA has been the subject of a number of recent research reports. Morgan Stanley decreased their target price on Comerica from $76.00 to $71.00 and set an “equal weight” rating for the company in a research report on Thursday, January 23rd. The Goldman Sachs Group lowered Comerica from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $85.00 to $71.00 in a report on Tuesday, January 7th. Compass Point upped their price objective on shares of Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Truist Financial upgraded shares of Comerica to a “hold” rating in a research note on Monday, January 6th. Finally, DA Davidson lowered their price target on shares of Comerica from $71.00 to $67.00 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. Three investment 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. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $68.57.

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.