Comerica Incorporated (NYSE:CMA) Stake Reduced by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in shares of Comerica Incorporated (NYSE:CMA) by 10.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,361,219 shares of the financial services provider’s stock after selling 154,372 shares during the period. Bank of New York Mellon Corp’s holdings in Comerica were worth $84,191,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in CMA. Trust Co. of Vermont grew its stake 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 last quarter. Luken Investment Analytics LLC bought a new position in shares of Comerica in the fourth quarter worth $31,000. MCF Advisors LLC grew 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 purchasing an additional 228 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Comerica in the third quarter worth $42,000. Finally, V Square Quantitative Management LLC grew 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 worth $51,000 after purchasing an additional 221 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors.

Comerica Stock Up 1.2 %

CMA opened at $64.30 on Monday. Comerica Incorporated has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. The business has a 50-day moving average of $64.52 and a 200-day moving average of $63.23. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $8.46 billion, a PE ratio of 12.81 and a beta of 1.25.

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

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date of this dividend is Friday, March 14th. Comerica’s dividend payout ratio is 56.57%.

Comerica declared that its Board of Directors has approved a share buyback plan on Tuesday, November 5th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CMA shares. The Goldman Sachs Group cut Comerica from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $85.00 to $71.00 in a research note on Tuesday, January 7th. Piper Sandler raised their target price on Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Robert W. Baird raised their target price on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, February 11th. Royal Bank of Canada reduced their target price on Comerica from $78.00 to $76.00 and set an “outperform” rating for the company in a report on Thursday, January 23rd. Finally, Truist Financial raised Comerica to a “hold” rating in a report on Monday, January 6th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $68.57.

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.