Cibc World Market Inc. Cuts Stake in Comerica Incorporated (NYSE:CMA)

Cibc World Market Inc. reduced its stake in shares of Comerica Incorporated (NYSE:CMAGet Rating) by 3.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 6,730 shares of the financial services provider’s stock after selling 246 shares during the period. Cibc World Market Inc.’s holdings in Comerica were worth $494,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CMA. New York State Common Retirement Fund increased its position in Comerica by 1.9% during the 1st quarter. New York State Common Retirement Fund now owns 167,797 shares of the financial services provider’s stock worth $15,174,000 after purchasing an additional 3,128 shares in the last quarter. Sentry Investment Management LLC acquired a new stake in Comerica during the 1st quarter worth approximately $94,000. Kentucky Retirement Systems increased its position in Comerica by 7.6% during the 1st quarter. Kentucky Retirement Systems now owns 8,330 shares of the financial services provider’s stock worth $753,000 after purchasing an additional 588 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund increased its position in Comerica by 13.8% during the 1st quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 3,857 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 467 shares in the last quarter. Finally, Xponance Inc. increased its position in Comerica by 49.9% during the 2nd quarter. Xponance Inc. now owns 12,586 shares of the financial services provider’s stock worth $924,000 after purchasing an additional 4,191 shares in the last quarter. 82.56% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Stock Performance

Shares of CMA opened at $72.13 on Wednesday. The business’s fifty day moving average price is $72.17 and its 200 day moving average price is $76.33. Comerica Incorporated has a 12-month low of $64.11 and a 12-month high of $102.09. The stock has a market capitalization of $9.45 billion, a PE ratio of 9.55, a price-to-earnings-growth ratio of 1.32 and a beta of 1.20. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.85 and a quick ratio of 0.85.

Comerica (NYSE:CMAGet Rating) last announced its quarterly earnings data on Wednesday, October 19th. The financial services provider reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.03. Comerica had a return on equity of 16.56% and a net margin of 30.73%. During the same quarter in the previous year, the firm earned $1.90 EPS. Equities research analysts forecast that Comerica Incorporated will post 8.53 EPS for the current year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, January 1st. Shareholders of record on Thursday, December 15th will be paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Wednesday, December 14th. Comerica’s payout ratio is 36.03%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. The Goldman Sachs Group dropped their target price on shares of Comerica from $94.00 to $84.00 and set a “neutral” rating for the company in a research report on Monday, October 3rd. Stephens dropped their target price on shares of Comerica from $100.00 to $93.00 and set an “overweight” rating for the company in a research report on Thursday, October 20th. Piper Sandler dropped their target price on shares of Comerica to $85.00 in a research report on Thursday, October 20th. Raymond James raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $85.00 target price for the company in a research report on Monday. Finally, Citigroup lowered their price objective on shares of Comerica from $95.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, October 6th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Comerica presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.38.

About Comerica

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Comerica, Inc engages in the provision of financial services. It operates through the following segments: Commercial Bank, Retail Bank, Wealth Management, Finance, and Other. The Commercial Bank segment meets the needs of small and middle market businesses, multinational corporations and governmental entities by offering various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services.

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Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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