NewEdge Wealth LLC Acquires 30,397 Shares of Comerica Incorporated (NYSE:CMA)

NewEdge Wealth LLC increased its holdings in Comerica Incorporated (NYSE:CMA) by 7.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 464,849 shares of the financial services provider’s stock after purchasing an additional 30,397 shares during the quarter. NewEdge Wealth LLC owned approximately 0.35% of Comerica worth $28,751,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of CMA. Trust Co. of Vermont lifted its holdings in 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 buying an additional 321 shares during the period. Luken Investment Analytics LLC bought a new position in shares of Comerica during the fourth quarter worth about $31,000. MCF Advisors LLC lifted its stake in shares of Comerica by 56.3% in the fourth 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 bought a new stake in Comerica in the third quarter valued at approximately $42,000. Finally, V Square Quantitative Management LLC increased its position in Comerica by 36.7% during the 4th quarter. V Square Quantitative Management LLC now owns 824 shares of the financial services provider’s stock valued at $51,000 after purchasing an additional 221 shares during the period. Institutional investors own 80.74% of the company’s stock.

Comerica Stock Performance

Shares of CMA opened at $63.62 on Thursday. The firm has a market capitalization of $8.37 billion, a P/E ratio of 12.67 and a beta of 1.25. Comerica Incorporated has a 52 week low of $45.32 and a 52 week high of $73.45. The stock has a 50 day moving average price of $64.38 and a two-hundred day moving average price of $63.03. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97.

Comerica (NYSE:CMA) last announced its quarterly 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 return on equity of 12.04% and a net margin of 13.98%. During the same period in the prior year, the company posted $1.46 EPS. Equities analysts forecast that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date of this dividend is Friday, March 14th. Comerica’s payout ratio is currently 56.57%.

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CMA shares. DA Davidson dropped their price target on shares of Comerica from $71.00 to $67.00 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. Evercore ISI boosted their target price on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Truist Financial raised shares of Comerica to a “hold” rating in a research report on Monday, January 6th. UBS Group started coverage on Comerica in a research report on Tuesday, December 17th. They issued a “sell” rating and a $64.00 price objective for the company. Finally, Royal Bank of Canada cut their target price on Comerica from $78.00 to $76.00 and set an “outperform” rating on the stock in a research report on Thursday, January 23rd. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average 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.