Vanguard Group Inc. Purchases 676,959 Shares of Comerica Incorporated (NYSE:CMA)

Vanguard Group Inc. raised its holdings in shares of Comerica Incorporated (NYSE:CMA) by 4.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,878,129 shares of the financial services provider’s stock after acquiring an additional 676,959 shares during the quarter. Vanguard Group Inc. owned approximately 0.13% of Comerica worth $941,968,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CMA. Spire Wealth Management raised its stake in Comerica by 95.9% during the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 235 shares during the period. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Comerica during the fourth quarter valued at approximately $36,000. Fortitude Family Office LLC purchased a new position in shares of Comerica in the fourth quarter worth $36,000. FNY Investment Advisers LLC bought a new position in shares of Comerica during the fourth quarter worth $50,000. Finally, Cullen Frost Bankers Inc. purchased a new position in Comerica during the fourth quarter valued at $51,000. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the transaction, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at $380,541.24. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.19% of the company’s stock.

Comerica Stock Up 1.0 %

Shares of NYSE CMA opened at $47.80 on Friday. Comerica Incorporated has a 52-week low of $37.40 and a 52-week high of $57.39. The firm has a market capitalization of $6.34 billion, a price-to-earnings ratio of 9.50 and a beta of 1.25. The stock has a 50 day moving average price of $50.86 and a 200 day moving average price of $51.99. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 0.95.

Comerica (NYSE:CMA) last issued its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same period in the prior year, the business earned $2.39 EPS. Sell-side analysts expect that Comerica Incorporated will post 5.13 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 5.94%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s payout ratio is 56.46%.

Analyst Upgrades and Downgrades

Several analysts have commented on CMA shares. Jefferies Financial Group decreased their price target on shares of Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Stephens reissued an “overweight” rating and set a $64.00 price target on shares of Comerica in a research note on Tuesday, June 11th. Evercore ISI lifted their price objective on Comerica from $55.00 to $58.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Citigroup downgraded Comerica from a “buy” rating to a “neutral” rating and lowered their target price for the company from $60.00 to $56.00 in a research report on Monday, May 6th. Finally, DA Davidson restated a “neutral” rating and issued a $56.00 price target on shares of Comerica in a research report on Wednesday, March 6th. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Comerica has an average rating of “Hold” and an average target price of $56.30.

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.