Congress Wealth Management LLC DE Invests $367,000 in Comerica Incorporated (NYSE:CMA)

Congress Wealth Management LLC DE bought a new stake in shares of Comerica Incorporated (NYSE:CMA) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 5,933 shares of the financial services provider’s stock, valued at approximately $367,000.

A number of other hedge funds have also recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in shares of Comerica by 134.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after purchasing an additional 490,468 shares during the period. Jupiter Asset Management Ltd. bought a new position in Comerica during the fourth quarter valued at about $82,419,000. Independent Advisor Alliance bought a new position in Comerica during the fourth quarter valued at about $206,000. Jones Financial Companies Lllp raised its holdings in Comerica by 220.9% in the 4th quarter. Jones Financial Companies Lllp now owns 10,762 shares of the financial services provider’s stock valued at $666,000 after acquiring an additional 7,408 shares in the last quarter. Finally, New England Research & Management Inc. bought a new stake in shares of Comerica in the 4th quarter worth approximately $784,000. 80.74% of the stock is owned by institutional investors.

Comerica Stock Performance

Shares of Comerica stock opened at $58.73 on Friday. The firm has a 50 day simple moving average of $63.07 and a 200 day simple moving average of $63.58. Comerica Incorporated has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. 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 firm has a market cap of $7.71 billion, a P/E ratio of 11.70 and a beta of 1.23.

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

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.84 dividend on an annualized basis and a yield of 4.84%. Comerica’s payout ratio is presently 56.57%.

Analyst Upgrades and Downgrades

CMA has been the topic of a number of research reports. Barclays boosted their price objective on Comerica from $66.00 to $68.00 and gave the company an “underweight” rating in a research report on Monday, January 6th. Compass Point boosted their price target on shares of Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. UBS Group started coverage on shares of Comerica in a report on Tuesday, December 17th. They set a “sell” rating and a $64.00 price objective for the company. Morgan Stanley lowered their target price on shares of Comerica from $71.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Finally, DA Davidson cut their price target on shares of Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a research note on Thursday, January 23rd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $68.00.

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.