Norges Bank Acquires Shares of 1,037,189 Comerica Incorporated (NYSE:CMA)

Norges Bank bought a new position in shares of Comerica Incorporated (NYSE:CMA) during the fourth quarter, Holdings Channel.com reports. The firm bought 1,037,189 shares of the financial services provider’s stock, valued at approximately $64,150,000.

Other hedge funds have also modified their holdings of the company. State Street Corp raised its position in Comerica by 2.0% in the 3rd quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock worth $301,745,000 after purchasing an additional 96,084 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Comerica by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,431,556 shares of the financial services provider’s stock worth $274,092,000 after acquiring an additional 125,514 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Comerica by 3.0% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,481,211 shares of the financial services provider’s stock valued at $153,462,000 after acquiring an additional 72,391 shares during the period. Geode Capital Management LLC boosted its holdings in Comerica by 1.4% in the third 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 last quarter. Finally, PL Capital Advisors LLC increased its position in Comerica by 6,085.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,778,188 shares of the financial services provider’s stock worth $109,981,000 after purchasing an additional 1,749,438 shares during the period. 80.74% of the stock is owned by institutional investors.

Comerica Stock Performance

CMA opened at $53.32 on Friday. 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 $7.00 billion, a price-to-earnings ratio of 10.62 and a beta of 1.23. The business’s 50-day moving average price is $62.51 and its two-hundred day moving average price is $63.55. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45.

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 in the prior year, the firm posted $1.46 earnings per share. Equities analysts expect that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 5.33%. The ex-dividend date was Friday, March 14th. Comerica’s payout ratio is 56.57%.

Analyst Ratings Changes

A number of research firms have issued reports on CMA. Raymond James cut their target price on shares of Comerica from $72.00 to $67.00 and set an “outperform” rating on the stock in a research report on Wednesday. Stephens cut shares of Comerica from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $66.00 to $64.00 in a research note on Monday. UBS Group initiated coverage on shares of Comerica in a research report on Tuesday, December 17th. They set a “sell” rating and a $64.00 target price for the company. The Goldman Sachs Group lowered Comerica from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $85.00 to $71.00 in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. dropped their price objective on Comerica from $73.00 to $70.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Comerica has a consensus rating of “Hold” and a consensus price target of $67.95.

Comerica 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.