Comerica Incorporated (NYSE:CMA) Stock Holdings Reduced by South Dakota Investment Council

South Dakota Investment Council lowered its position in Comerica Incorporated (NYSE:CMA) by 4.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,847 shares of the financial services provider’s stock after selling 3,557 shares during the quarter. South Dakota Investment Council’s holdings in Comerica were worth $5,310,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Sequoia Financial Advisors LLC bought a new stake in shares of Comerica during the 3rd quarter worth about $216,000. International Assets Investment Management LLC bought a new stake in shares of Comerica during the 3rd quarter worth about $11,091,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Comerica by 12.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 80,847 shares of the financial services provider’s stock worth $4,801,000 after acquiring an additional 9,052 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Comerica by 31.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 9,335 shares of the financial services provider’s stock worth $559,000 after acquiring an additional 2,215 shares in the last quarter. Finally, Morton Brown Family Wealth LLC bought a new stake in shares of Comerica during the 3rd quarter worth about $138,000. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Trading Down 2.2 %

Shares of CMA opened at $65.54 on Monday. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09. The stock has a 50 day simple moving average of $64.37 and a 200-day simple moving average of $62.86. The stock has a market cap of $8.62 billion, a PE ratio of 13.06 and a beta of 1.25.

Comerica (NYSE:CMA) last issued its earnings results 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 period last year, the firm earned $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 declared that its Board of Directors has initiated a share buyback program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Piper Sandler upped their price target on Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. cut their price objective on Comerica from $73.00 to $70.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Wells Fargo & Company raised Comerica from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. DA Davidson cut their price objective on Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a research report on Thursday, January 23rd. Finally, Argus raised Comerica to a “hold” rating in a research report on Friday, January 31st. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Comerica presently has a consensus 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.