New York Life Investment Management LLC Acquires New Shares in Comerica Incorporated (NYSE:CMA)

New York Life Investment Management LLC acquired a new stake in shares of Comerica Incorporated (NYSE:CMA) during the 4th quarter, Holdings Channel.com reports. The fund acquired 14,055 shares of the financial services provider’s stock, valued at approximately $869,000.

Other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in shares of Comerica by 134.0% during the third quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock valued at $51,309,000 after buying an additional 490,468 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Comerica by 158.2% during the third quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock valued at $1,218,000 after buying an additional 12,454 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Comerica by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock valued at $257,975,000 after buying an additional 226,285 shares during the last quarter. Citigroup Inc. boosted its position in shares of Comerica by 390.6% during 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 last quarter. Finally, Wolverine Asset Management LLC purchased a new stake in shares of Comerica during the third quarter valued at $1,905,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on CMA. Morgan Stanley dropped their target price on Comerica from $76.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 23rd. Compass Point raised their target price on Comerica from $64.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. dropped their target price on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Robert W. Baird raised their target price on Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 11th. Finally, Wells Fargo & Company raised Comerica from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $68.57.

Comerica Stock Down 2.6 %

Shares of CMA opened at $62.66 on Tuesday. The business’s 50 day moving average is $64.53 and its 200 day moving average is $63.28. The company has a market capitalization of $8.23 billion, a PE ratio of 12.48 and a beta of 1.25. Comerica Incorporated has a 12-month low of $45.32 and a 12-month high of $73.45. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09.

Comerica (NYSE:CMA) last issued its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate 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 prior year, the company posted $1.46 EPS. Research analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.53%. The ex-dividend date is Friday, March 14th. Comerica’s dividend payout ratio (DPR) is presently 56.57%.

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 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

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.