Primecap Management Co. CA Acquires 63,500 Shares of Comerica Incorporated (NYSE:CMA)

Primecap Management Co. CA raised its holdings in shares of Comerica Incorporated (NYSE:CMA) by 14.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 508,000 shares of the financial services provider’s stock after buying an additional 63,500 shares during the quarter. Primecap Management Co. CA’s holdings in Comerica were worth $31,420,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Trust Co. of Vermont lifted its position in Comerica by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 321 shares during the last quarter. Luken Investment Analytics LLC purchased a new stake in shares of Comerica in the fourth quarter valued at $31,000. MCF Advisors LLC raised 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 valued at $39,000 after acquiring an additional 228 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Comerica in the third quarter valued at $42,000. Finally, V Square Quantitative Management LLC raised its stake in shares of Comerica by 36.7% in the fourth quarter. V Square Quantitative Management LLC now owns 824 shares of the financial services provider’s stock valued at $51,000 after acquiring an additional 221 shares during the period. Institutional investors own 80.74% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CMA shares. Robert W. Baird increased 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. Morgan Stanley reduced their target price on shares of Comerica from $71.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Keefe, Bruyette & Woods reduced their price target on shares of Comerica from $82.00 to $77.00 and set an “outperform” rating on the stock in a research note on Thursday, January 23rd. JPMorgan Chase & Co. reduced their price target on shares of Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Finally, Piper Sandler raised their price target on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Comerica has an average rating of “Hold” and a consensus price target of $68.29.

Comerica Stock Up 0.8 %

Shares of Comerica stock opened at $58.37 on Wednesday. The firm’s 50 day moving average price is $63.62 and its 200-day moving average price is $63.42. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45. The company has a market cap of $7.67 billion, a P/E ratio of 11.63 and a beta of 1.23.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 previous year, the company posted $1.46 earnings per share. On average, sell-side analysts predict that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.87%. The ex-dividend date of this dividend is Friday, March 14th. Comerica’s payout ratio is currently 56.57%.

About Comerica

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.