Exchange Capital Management Inc. Trims Stake in Comerica Incorporated (NYSE:CMA)

Exchange Capital Management Inc. trimmed its stake in Comerica Incorporated (NYSE:CMA) by 11.3% in the 4th quarter, HoldingsChannel reports. The firm owned 6,758 shares of the financial services provider’s stock after selling 860 shares during the period. Exchange Capital Management Inc.’s holdings in Comerica were worth $418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in shares of Comerica by 134.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after purchasing an additional 490,468 shares in the last quarter. Oppenheimer & Co. Inc. increased its stake in shares of Comerica by 158.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock worth $1,218,000 after purchasing an additional 12,454 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Comerica by 5.5% in 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 buying an additional 226,285 shares in the last quarter. Citigroup Inc. increased its stake in Comerica by 390.6% in the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after buying an additional 606,375 shares in the last quarter. Finally, Wolverine Asset Management LLC purchased a new stake in Comerica in the 3rd quarter worth $1,905,000. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CMA has been the subject of a number of analyst reports. Robert W. Baird increased their price target on Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 11th. DA Davidson cut their price target on Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a research note on Thursday, January 23rd. Morgan Stanley cut their price target on Comerica from $76.00 to $71.00 and set an “equal weight” rating for the company in a research note on Thursday, January 23rd. Piper Sandler increased their price objective on shares of Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, Argus raised shares of Comerica to a “hold” rating in a report on Friday, January 31st. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $68.57.

Comerica Stock Down 0.8 %

Shares of NYSE CMA opened at $64.28 on Wednesday. The company has a market cap of $8.45 billion, a P/E ratio of 12.80 and a beta of 1.25. The firm has a 50-day simple moving average of $64.33 and a two-hundred day simple moving average of $63.03. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97.

Comerica (NYSE:CMA) last issued its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 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 previous year, the business earned $1.46 EPS. Research analysts anticipate that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.42%. Comerica’s payout ratio is 56.57%.

Comerica declared that its Board of Directors has initiated a stock buyback plan on Tuesday, November 5th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership 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.