Independent Advisor Alliance Purchases New Shares in Comerica Incorporated (NYSE:CMA)

Independent Advisor Alliance bought a new position in Comerica Incorporated (NYSE:CMA) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 3,337 shares of the financial services provider’s stock, valued at approximately $206,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CMA. JPMorgan Chase & Co. grew its position in 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. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 during the last quarter. Citigroup Inc. grew its holdings in shares of Comerica by 390.6% in the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock valued at $45,628,000 after acquiring an additional 606,375 shares in the last quarter. Petiole USA ltd increased its position in shares of Comerica by 164.7% during the third quarter. Petiole USA ltd now owns 57,855 shares of the financial services provider’s stock valued at $3,466,000 after acquiring an additional 36,000 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Comerica during the third quarter worth $1,144,000. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CMA. Royal Bank of Canada reduced their price objective on Comerica from $78.00 to $76.00 and set an “outperform” rating for the company in a research note on Thursday, January 23rd. Piper Sandler raised their price objective on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Robert W. Baird boosted their target price on shares of Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, February 11th. Compass Point raised their price target on shares of Comerica from $64.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, Barclays lifted their price target on shares of Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a report on Monday, January 6th. Three 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 data from MarketBeat.com, Comerica has an average rating of “Hold” and an average price target of $68.29.

Comerica Trading Up 1.3 %

Shares of CMA stock opened at $59.06 on Thursday. The business has a 50-day moving average of $63.56 and a 200 day moving average of $63.39. 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 Incorporated has a 1-year low of $45.32 and a 1-year high of $73.45. The stock has a market capitalization of $7.76 billion, a PE ratio of 11.77 and a beta of 1.23.

Comerica (NYSE:CMA) last released its quarterly earnings data 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 net margin of 13.98% and a return on equity of 12.04%. During the same period in the previous year, the business posted $1.46 EPS. As a group, sell-side analysts anticipate that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.81%. Comerica’s dividend payout ratio is currently 56.57%.

Comerica 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.