Mutual of America Capital Management LLC Acquires 49,516 Shares of Comerica Incorporated (NYSE:CMA)

Mutual of America Capital Management LLC increased its stake in Comerica Incorporated (NYSE:CMA) by 248.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,470 shares of the financial services provider’s stock after acquiring an additional 49,516 shares during the period. Mutual of America Capital Management LLC owned approximately 0.05% of Comerica worth $4,297,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CMA. State Street Corp lifted its position in Comerica by 2.0% in the third quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock worth $301,745,000 after buying an additional 96,084 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Comerica by 5.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock valued at $257,975,000 after acquiring an additional 226,285 shares during the period. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Comerica by 3.0% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 2,481,211 shares of the financial services provider’s stock worth $153,462,000 after acquiring an additional 72,391 shares during the last quarter. Azora Capital LP boosted its stake in shares of Comerica by 7.8% during the 3rd quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider’s stock worth $133,621,000 after purchasing an additional 161,181 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Comerica by 1.4% during 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 purchasing an additional 29,661 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Trading Down 4.5 %

CMA opened at $59.79 on Wednesday. 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 firm has a market cap of $7.85 billion, a price-to-earnings ratio of 11.91 and a beta of 1.25. Comerica Incorporated has a 12 month low of $45.32 and a 12 month high of $73.45. The stock has a fifty day moving average price of $64.48 and a 200-day moving average price of $63.31.

Comerica (NYSE:CMA) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 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 quarter in the prior year, the company earned $1.46 earnings per share. As a group, equities research analysts anticipate that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica announced that its Board of Directors has authorized a stock buyback plan on Tuesday, November 5th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, March 14th. This represents a $2.84 annualized dividend and a dividend yield of 4.75%. Comerica’s dividend payout ratio (DPR) is presently 56.57%.

Analysts Set New Price Targets

Several brokerages have issued reports on CMA. Piper Sandler raised their price objective on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. UBS Group began coverage on Comerica in a research note on Tuesday, December 17th. They set a “sell” rating and a $64.00 price target for the company. JPMorgan Chase & Co. cut their price objective on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. Finally, Robert W. Baird upped their price target on shares of Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, February 11th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $68.57.

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.