Comerica Incorporated (NYSE:CMA) Stake Reduced by Legal & General Group Plc

Legal & General Group Plc trimmed its stake in Comerica Incorporated (NYSE:CMA) by 36.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 294,716 shares of the financial services provider’s stock after selling 171,893 shares during the quarter. Legal & General Group Plc’s holdings in Comerica were worth $18,228,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of CMA. National Bank of Canada FI grew its position in Comerica by 364.5% in the 3rd quarter. National Bank of Canada FI now owns 3,112 shares of the financial services provider’s stock worth $186,000 after purchasing an additional 2,442 shares during the last quarter. M&T Bank Corp grew its holdings in Comerica by 25.2% in the 3rd quarter. M&T Bank Corp now owns 12,568 shares of the financial services provider’s stock worth $753,000 after buying an additional 2,530 shares in the last quarter. Geode Capital Management LLC increased its position in Comerica by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,111,845 shares of the financial services provider’s stock valued at $126,555,000 after acquiring an additional 29,661 shares during the period. Sanctuary Advisors LLC raised its stake in Comerica by 17.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 10,095 shares of the financial services provider’s stock valued at $605,000 after acquiring an additional 1,467 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in Comerica during the 3rd quarter worth $42,000. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Price Performance

CMA opened at $52.19 on Tuesday. The firm has a market capitalization of $6.85 billion, a P/E ratio of 10.40 and a beta of 0.96. The stock has a fifty day moving average of $60.03 and a 200-day moving average of $63.09. 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 12-month low of $45.32 and a 12-month high of $73.45.

Comerica (NYSE:CMA) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share 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 previous year, the firm posted $1.46 EPS. Equities analysts forecast that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a $0.71 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.44%. Comerica’s payout ratio is 56.57%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CMA. UBS Group upgraded shares of Comerica from a “sell” rating to a “neutral” rating and set a $59.00 price objective on the stock in a research note on Thursday, April 10th. JPMorgan Chase & Co. decreased their price objective on shares of Comerica from $73.00 to $70.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Robert W. Baird raised their price objective 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. Stephens lowered Comerica from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $66.00 to $64.00 in a research note on Monday, March 31st. Finally, Argus raised Comerica to a “hold” rating in a research note on Friday, January 31st. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Comerica has a consensus rating of “Hold” and a consensus target price of $68.16.

Comerica Company 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.