CIBC Asset Management Inc Has $252,000 Stock Holdings in Comerica Incorporated (NYSE:CMA)

CIBC Asset Management Inc cut its holdings in Comerica Incorporated (NYSE:CMA) by 67.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,074 shares of the financial services provider’s stock after selling 8,416 shares during the quarter. CIBC Asset Management Inc’s holdings in Comerica were worth $252,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMA. Citigroup Inc. increased its position in Comerica by 390.6% in the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after purchasing an additional 606,375 shares during the period. Vaughan Nelson Investment Management L.P. increased its position in Comerica by 31.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock worth $144,312,000 after purchasing an additional 574,516 shares during the period. JPMorgan Chase & Co. increased its position in Comerica by 134.0% in the third 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. Primecap Management Co. CA acquired a new stake in Comerica in the third quarter worth about $26,630,000. Finally, Holocene Advisors LP acquired a new stake in Comerica in the third quarter worth about $16,272,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on CMA shares. JPMorgan Chase & Co. reduced their target price on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Evercore ISI raised their target price on Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Argus upgraded Comerica to a “hold” rating in a report on Friday, January 31st. Morgan Stanley reduced their target price on Comerica from $76.00 to $71.00 and set an “equal weight” rating on the stock in a report on Thursday, January 23rd. Finally, The Goldman Sachs Group cut Comerica from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $85.00 to $71.00 in a report on Tuesday, January 7th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Comerica presently has a consensus rating of “Hold” and a consensus price target of $68.57.

Comerica Trading Down 0.8 %

NYSE:CMA opened at $64.28 on Wednesday. Comerica Incorporated has a twelve month low of $45.32 and a twelve month high of $73.45. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average price of $64.33 and a two-hundred day moving average price of $63.03. The company has a market cap of $8.45 billion, a P/E ratio of 12.80 and a beta of 1.25.

Comerica (NYSE:CMA) last announced 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 return on equity of 12.04% and a net margin of 13.98%. During the same period in the prior year, the firm posted $1.46 EPS. As a group, analysts expect that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica announced that its Board of Directors has initiated a share repurchase program on Tuesday, November 5th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.42%. Comerica’s dividend payout ratio is currently 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.