Proficio Capital Partners LLC Makes New Investment in Comerica Incorporated (NYSE:CMA)

Proficio Capital Partners LLC bought a new position in shares of Comerica Incorporated (NYSE:CMA) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 111,572 shares of the financial services provider’s stock, valued at approximately $6,901,000. Proficio Capital Partners LLC owned 0.08% of Comerica at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CMA. PL Capital Advisors LLC raised its stake in Comerica by 6,085.0% during 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. Citigroup Inc. raised its stake in shares of Comerica by 390.6% in the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock valued at $45,628,000 after acquiring an additional 606,375 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in shares of Comerica by 31.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock valued at $144,312,000 after acquiring an additional 574,516 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Comerica by 134.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock valued at $51,309,000 after acquiring an additional 490,468 shares during the period. Finally, Primecap Management Co. CA purchased a new stake in shares of Comerica in the 3rd quarter valued at approximately $26,630,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CMA has been the topic of a number of research analyst reports. Stephens reissued an “overweight” rating and issued a $72.00 price target on shares of Comerica in a research note on Wednesday, March 5th. The Goldman Sachs Group downgraded shares of Comerica from a “buy” rating to a “neutral” rating and reduced their price target for the company from $85.00 to $71.00 in a research note on Tuesday, January 7th. Piper Sandler boosted their price target 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. Royal Bank of Canada reduced their price target on shares of Comerica from $78.00 to $76.00 and set an “outperform” rating on the stock in a research note on Thursday, January 23rd. Finally, Morgan Stanley dropped their price objective on shares of Comerica from $71.00 to $63.00 and set an “equal weight” rating for the company in a report on Thursday. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Comerica currently has an average rating of “Hold” and a consensus price target of $68.29.

Comerica Trading Up 1.2 %

NYSE CMA opened at $57.75 on Monday. The stock has a market capitalization of $7.58 billion, a PE ratio of 11.50 and a beta of 1.23. 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 52 week low of $45.32 and a 52 week high of $73.45. The firm has a 50 day moving average of $63.81 and a two-hundred day moving average of $63.40.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing the consensus estimate 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 previous year, the company posted $1.46 EPS. As a group, research analysts expect that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Announces Dividend

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 given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.84 annualized dividend and a dividend yield of 4.92%. Comerica’s dividend payout ratio is presently 56.57%.

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.