Principal Financial Group Inc. Has $18.65 Million Stock Holdings in Comerica Incorporated (NYSE:CMA)

Principal Financial Group Inc. decreased its position in shares of Comerica Incorporated (NYSE:CMA) by 51.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 301,588 shares of the financial services provider’s stock after selling 323,066 shares during the period. Principal Financial Group Inc. owned 0.23% of Comerica worth $18,653,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Trust Co. of Vermont lifted its holdings in shares of Comerica by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider’s stock valued at $26,000 after buying an additional 321 shares during the last quarter. Luken Investment Analytics LLC bought a new position in Comerica during the fourth quarter valued at approximately $31,000. MCF Advisors LLC lifted its stake in Comerica by 56.3% in the fourth quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 228 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Comerica in the third quarter worth approximately $42,000. Finally, V Square Quantitative Management LLC increased its stake in shares of Comerica by 36.7% during the 4th 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 during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Trading Down 0.9 %

Shares of CMA opened at $64.86 on Tuesday. The stock’s 50-day moving average price is $64.34 and its 200 day moving average price is $62.94. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09. Comerica Incorporated has a 12-month low of $45.32 and a 12-month high of $73.45. The firm has a market capitalization of $8.53 billion, a price-to-earnings ratio of 12.92 and a beta of 1.25.

Comerica (NYSE:CMA) last released its quarterly earnings data 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 net margin of 13.98% and a return on equity of 12.04%. During the same period in the prior year, the firm earned $1.46 EPS. As a group, research analysts predict that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica declared that its board has approved a share repurchase program on Tuesday, November 5th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CMA shares. Piper Sandler lifted their price objective on shares of Comerica from $64.00 to $72.00 and gave the company 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. Royal Bank of Canada lowered their price objective on Comerica from $78.00 to $76.00 and set an “outperform” rating on the stock in a report on Thursday, January 23rd. Keefe, Bruyette & Woods reduced their target price on Comerica from $82.00 to $77.00 and set an “outperform” rating for the company in a report on Thursday, January 23rd. Finally, JPMorgan Chase & Co. lowered their price target on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. 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. According to data from MarketBeat, Comerica currently has a consensus rating of “Hold” and an average target price of $68.57.

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.