Plan Group Financial LLC Purchases 2,043 Shares of Comerica Incorporated (NYSE:CMA)

Plan Group Financial LLC increased its position in Comerica Incorporated (NYSE:CMA) by 15.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 14,929 shares of the financial services provider’s stock after acquiring an additional 2,043 shares during the quarter. Plan Group Financial LLC’s holdings in Comerica were worth $923,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Citigroup Inc. increased its stake 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 buying an additional 606,375 shares during the period. Vaughan Nelson Investment Management L.P. increased its position in Comerica by 31.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock valued at $144,312,000 after purchasing an additional 574,516 shares during the period. JPMorgan Chase & Co. raised its holdings in Comerica by 134.0% during 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 during the last quarter. Primecap Management Co. CA acquired a new position in shares of Comerica in the 3rd quarter worth approximately $26,630,000. Finally, Holocene Advisors LP bought a new stake in shares of Comerica in the 3rd quarter valued at $16,272,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Comerica Stock Performance

NYSE CMA opened at $67.81 on Wednesday. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45. The firm has a market cap of $8.92 billion, a price-to-earnings ratio of 13.51 and a beta of 1.25. The company has a fifty day moving average price of $64.35 and a 200-day moving average price of $62.54. 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 posted its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing the consensus estimate 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 firm posted $1.46 EPS. As a group, equities research analysts predict that Comerica Incorporated will post 5.34 EPS for the current fiscal year.

Comerica announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 5th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts recently issued reports on CMA shares. JPMorgan Chase & Co. dropped their target price on shares of Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. DA Davidson cut their target price on Comerica from $71.00 to $67.00 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. Truist Financial raised Comerica to a “hold” rating in a research note on Monday, January 6th. Wells Fargo & Company raised Comerica from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $51.00 to $73.00 in a research note on Friday, November 15th. Finally, Robert W. Baird raised their price objective on shares of Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 11th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $68.57.

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.