Private Advisor Group LLC Acquires 2,978 Shares of Comerica Incorporated (NYSE:CMA)

Private Advisor Group LLC increased its holdings in Comerica Incorporated (NYSE:CMA) by 55.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,366 shares of the financial services provider’s stock after acquiring an additional 2,978 shares during the period. Private Advisor Group LLC’s holdings in Comerica were worth $517,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CMA. Plan Group Financial LLC grew its holdings in Comerica by 15.9% during the fourth quarter. Plan Group Financial LLC now owns 14,929 shares of the financial services provider’s stock valued at $923,000 after purchasing an additional 2,043 shares during the period. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Comerica during the fourth quarter valued at $401,000. Atria Wealth Solutions Inc. grew its holdings in Comerica by 67.3% during the fourth quarter. Atria Wealth Solutions Inc. now owns 6,985 shares of the financial services provider’s stock valued at $432,000 after purchasing an additional 2,809 shares during the period. Allworth Financial LP grew its holdings in Comerica by 290.7% during the fourth quarter. Allworth Financial LP now owns 2,930 shares of the financial services provider’s stock valued at $184,000 after purchasing an additional 2,180 shares during the period. Finally, Stieven Capital Advisors L.P. grew its holdings in Comerica by 15.4% during the fourth quarter. Stieven Capital Advisors L.P. now owns 161,047 shares of the financial services provider’s stock valued at $9,961,000 after purchasing an additional 21,500 shares during the period. 80.74% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CMA. UBS Group began coverage on Comerica in a report on Tuesday, December 17th. They set a “sell” rating and a $64.00 price objective for the company. Royal Bank of Canada reduced their price objective on Comerica from $78.00 to $76.00 and set an “outperform” rating for the company in a report on Thursday, January 23rd. Morgan Stanley reduced their price objective on Comerica from $76.00 to $71.00 and set an “equal weight” rating for the company in a report on Thursday, January 23rd. DA Davidson cut their price target on Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a report on Thursday, January 23rd. Finally, Truist Financial raised Comerica to a “hold” rating in a report on Monday, January 6th. Three equities research 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, the stock has a consensus rating of “Hold” and a consensus target price of $68.57.

Comerica Trading Down 2.6 %

Shares of CMA stock opened at $62.66 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45. The company has a market capitalization of $8.23 billion, a PE ratio of 12.48 and a beta of 1.25. The business’s fifty day moving average is $64.53 and its 200 day moving average is $63.28.

Comerica (NYSE:CMA) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share 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 previous year, the company posted $1.46 EPS. On average, equities research analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica announced that its board has authorized a share buyback plan on Tuesday, November 5th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Comerica Announces Dividend

The company also recently declared 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 4.53%. Comerica’s payout ratio is 56.57%.

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.