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

Exchange Capital Management Inc. lessened its holdings in shares of Comerica Incorporated (NYSE:CMA) by 11.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Trust Co. of Vermont grew its holdings in shares of Comerica by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 321 shares during the period. Luken Investment Analytics LLC purchased a new position in shares of Comerica during the 4th quarter worth approximately $31,000. MCF Advisors LLC grew its holdings in shares of Comerica by 56.3% during the 4th quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 228 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Comerica during the 3rd quarter worth approximately $42,000. Finally, V Square Quantitative Management LLC grew its holdings in shares of Comerica by 36.7% during the 4th quarter. V Square Quantitative Management LLC now owns 824 shares of the financial services provider’s stock worth $51,000 after acquiring an additional 221 shares during the period. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CMA. Truist Financial upgraded Comerica to a “hold” rating in a report on Monday, January 6th. Royal Bank of Canada reduced their target price on Comerica from $78.00 to $76.00 and set an “outperform” rating on the stock in a report on Thursday, January 23rd. JPMorgan Chase & Co. reduced their target price on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Keefe, Bruyette & Woods dropped their price target on Comerica from $82.00 to $77.00 and set an “outperform” rating on the stock in a research report on Thursday, January 23rd. Finally, Argus raised Comerica to a “hold” rating in a research report on Friday, January 31st. Three research 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. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $68.57.

Comerica Price Performance

Shares of CMA opened at $64.28 on Wednesday. The firm has a market cap of $8.45 billion, a PE ratio of 12.80 and a beta of 1.25. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09. The firm has a fifty 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.

Comerica (NYSE:CMA) last announced its earnings results 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 quarter in the previous year, the business earned $1.46 EPS. On average, equities analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Announces Dividend

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

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

Comerica Company 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.