Ethic Inc. Reduces Stock Position in Comerica Incorporated (NYSE:CMA)

Ethic Inc. lessened its stake in Comerica Incorporated (NYSE:CMA) by 22.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,279 shares of the financial services provider’s stock after selling 7,826 shares during the quarter. Ethic Inc.’s holdings in Comerica were worth $1,687,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in CMA. PL Capital Advisors LLC increased its stake in shares of 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 worth $109,981,000 after acquiring an additional 1,749,438 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in Comerica during the fourth quarter worth about $82,419,000. Norges Bank acquired a new stake in Comerica during the fourth quarter worth about $64,150,000. North Reef Capital Management LP raised its stake in Comerica by 15.7% during the fourth quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider’s stock worth $250,492,000 after purchasing an additional 550,000 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in Comerica by 548.9% in the 4th quarter. Canada Pension Plan Investment Board now owns 642,400 shares of the financial services provider’s stock valued at $39,732,000 after purchasing an additional 543,400 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CMA. DA Davidson cut their price target on shares of Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a report on Thursday, January 23rd. Truist Financial reduced their target price on Comerica from $65.00 to $57.00 and set a “hold” rating on the stock in a research report on Tuesday, April 22nd. Robert W. Baird decreased their price target on Comerica from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods cut their price objective on Comerica from $77.00 to $68.00 and set an “outperform” rating for the company in a research report on Tuesday, April 22nd. Finally, Morgan Stanley lowered shares of Comerica from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $63.00 to $55.00 in a report on Monday, April 7th. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $63.22.

Comerica Price Performance

Comerica stock opened at $58.37 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45. The firm has a market cap of $7.67 billion, a PE ratio of 11.63 and a beta of 0.92. The company’s 50 day moving average is $55.49 and its two-hundred day moving average is $62.16.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The business had revenue of $829.00 million for the quarter, compared to analyst estimates of $839.31 million. 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 $1.29 earnings per share. On average, research analysts expect that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, June 13th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 4.87%. The ex-dividend date is Friday, June 13th. Comerica’s dividend payout ratio is currently 53.69%.

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.