Ledyard National Bank Cuts Holdings in Comerica Incorporated (NYSE:CMA)

Ledyard National Bank lowered its holdings in shares of Comerica Incorporated (NYSE:CMA) by 9.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,000 shares of the financial services provider’s stock after selling 1,600 shares during the quarter. Ledyard National Bank’s holdings in Comerica were worth $678,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CMA. First Trust Advisors LP increased its position in Comerica by 1,192.2% in the first quarter. First Trust Advisors LP now owns 3,878,506 shares of the financial services provider’s stock worth $168,405,000 after buying an additional 3,578,355 shares in the last quarter. Norges Bank bought a new position in shares of Comerica in the fourth quarter worth approximately $113,763,000. BlackRock Inc. increased its stake in shares of Comerica by 9.4% in the first quarter. BlackRock Inc. now owns 13,313,998 shares of the financial services provider’s stock worth $578,094,000 after purchasing an additional 1,145,951 shares in the last quarter. Millennium Management LLC raised its position in shares of Comerica by 155.7% during the 4th quarter. Millennium Management LLC now owns 1,517,108 shares of the financial services provider’s stock valued at $101,419,000 after purchasing an additional 923,864 shares during the period. Finally, Fourthstone LLC lifted its stake in shares of Comerica by 1,285.6% during the 2nd quarter. Fourthstone LLC now owns 974,054 shares of the financial services provider’s stock valued at $41,261,000 after buying an additional 903,757 shares in the last quarter. Hedge funds and other institutional investors own 81.94% of the company’s stock.

Comerica Stock Down 2.2 %

Shares of NYSE CMA traded down $0.97 during trading hours on Thursday, hitting $44.08. 172,512 shares of the stock were exchanged, compared to its average volume of 3,038,141. The company has a market cap of $5.81 billion, a PE ratio of 5.11, a PEG ratio of 1.26 and a beta of 1.25. Comerica Incorporated has a 12 month low of $28.40 and a 12 month high of $77.34. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.32. The firm has a fifty day moving average price of $41.59 and a 200-day moving average price of $43.37.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, October 20th. The financial services provider reported $1.84 EPS for the quarter, beating analysts’ consensus estimates of $1.69 by $0.15. Comerica had a return on equity of 23.66% and a net margin of 23.12%. The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $880.88 million. During the same period last year, the business posted $2.60 earnings per share. On average, sell-side analysts expect that Comerica Incorporated will post 7.6 EPS for the current year.

Comerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 15th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 6.44%. The ex-dividend date is Thursday, December 14th. Comerica’s dividend payout ratio is presently 32.20%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CMA shares. DA Davidson boosted their price target on Comerica from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Tuesday, August 8th. Citigroup reaffirmed a “buy” rating and set a $58.00 target price on shares of Comerica in a research note on Tuesday, September 19th. Truist Financial decreased their price target on shares of Comerica from $49.00 to $43.00 and set a “buy” rating on the stock in a research note on Monday, October 23rd. Odeon Capital Group downgraded Comerica from a “buy” rating to a “hold” rating and set a $46.00 target price on the stock. in a research report on Tuesday, September 26th. Finally, Morgan Stanley restated an “equal weight” rating and set a $45.00 price target on shares of Comerica in a report on Monday, July 24th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $54.19.

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, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services, as well as payment and card services for small and middle market businesses, multinational corporations, and governmental entities.