Bank of Nova Scotia trimmed its position in shares of Comerica Incorporated (NYSE:CMA – Get Rating) by 94.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,771 shares of the financial services provider’s stock after selling 122,901 shares during the period. Bank of Nova Scotia’s holdings in Comerica were worth $453,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Comerica by 1.4% during the third quarter. Vanguard Group Inc. now owns 16,248,885 shares of the financial services provider’s stock worth $1,155,296,000 after purchasing an additional 221,824 shares in the last quarter. State Street Corp lifted its stake in Comerica by 3.9% during the third quarter. State Street Corp now owns 7,675,947 shares of the financial services provider’s stock worth $550,764,000 after purchasing an additional 284,884 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Comerica by 5.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,492,892 shares of the financial services provider’s stock worth $225,433,000 after acquiring an additional 129,042 shares during the period. Marshall Wace LLP increased its position in shares of Comerica by 12.7% during the third quarter. Marshall Wace LLP now owns 2,377,028 shares of the financial services provider’s stock worth $169,008,000 after acquiring an additional 267,593 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Comerica by 4.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,992,962 shares of the financial services provider’s stock worth $180,255,000 after acquiring an additional 79,871 shares during the period. 81.91% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of analysts have recently weighed in on CMA shares. Piper Sandler cut their price objective on Comerica from $82.00 to $70.00 in a research report on Friday, March 10th. Robert W. Baird cut their price objective on Comerica from $90.00 to $80.00 and set an “outperform” rating on the stock in a research report on Friday, April 21st. Barclays cut their price objective on Comerica from $85.00 to $52.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 12th. JPMorgan Chase & Co. raised Comerica from a “neutral” rating to an “overweight” rating and set a $46.00 target price on the stock in a report on Friday, May 5th. Finally, Wells Fargo & Company dropped their target price on Comerica from $72.00 to $53.00 and set an “underweight” rating on the stock in a report on Monday, April 3rd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $69.23.
Comerica Price Performance
Comerica (NYSE:CMA – Get Rating) last announced its earnings results on Thursday, April 20th. The financial services provider reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.13. Comerica had a net margin of 30.16% and a return on equity of 24.34%. The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $966.40 million. During the same quarter in the prior year, the firm earned $1.37 earnings per share. On average, equities research analysts anticipate that Comerica Incorporated will post 8.23 earnings per share for the current year.
Comerica Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Saturday, July 1st. Stockholders of record on Thursday, June 15th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $2.84 annualized dividend and a dividend yield of 7.16%. Comerica’s dividend payout ratio (DPR) is 29.93%.
Comerica Company Profile
Comerica, Inc engages in the provision of financial services. It operates through the following segments: Commercial Bank, Retail Bank, Wealth Management, Finance, and Other. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services.
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