Allspring Global Investments Holdings LLC lowered its holdings in shares of Comerica Incorporated (NYSE:CMA – Free Report) by 29.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,886 shares of the financial services provider’s stock after selling 3,317 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Comerica were worth $334,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of CMA. Almanack Investment Partners LLC. acquired a new position in shares of Comerica in the 3rd quarter worth approximately $38,000. Desjardins Global Asset Management Inc. bought a new position in shares of Comerica during the first quarter valued at $25,000. FNY Investment Advisers LLC acquired a new stake in shares of Comerica in the 2nd quarter valued at $25,000. TFC Financial Management Inc. bought a new stake in shares of Comerica in the 1st quarter worth about $27,000. Finally, Chilton Capital Management LLC acquired a new stake in shares of Comerica during the 1st quarter worth about $28,000. Institutional investors own 81.94% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the stock. Wedbush cut shares of Comerica from an “outperform” rating to a “neutral” rating and cut their target price for the company from $47.00 to $45.00 in a research note on Friday, November 3rd. Truist Financial decreased their target price on Comerica from $49.00 to $43.00 and set a “buy” rating on the stock in a report on Monday, October 23rd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $45.00 price target on shares of Comerica in a report on Monday, July 24th. Stephens reissued an “overweight” rating and set a $64.00 price objective on shares of Comerica in a report on Tuesday, September 12th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Comerica from $58.00 to $55.00 and set an “overweight” rating for the company in a research note on Thursday, October 5th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $54.67.
Comerica Stock Up 0.5 %
NYSE:CMA opened at $41.35 on Friday. The stock has a market cap of $5.45 billion, a price-to-earnings ratio of 4.69, a PEG ratio of 1.27 and a beta of 1.25. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.32. The stock has a 50-day moving average price of $41.86 and a two-hundred day moving average price of $43.33. Comerica Incorporated has a 1 year low of $28.40 and a 1 year high of $77.34.
Comerica (NYSE:CMA – Get Free Report) last issued its quarterly earnings data on Friday, October 20th. The financial services provider reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.15. Comerica had a return on equity of 23.66% and a net margin of 23.12%. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $880.88 million. During the same period in the previous year, the firm earned $2.60 EPS. As a group, equities analysts expect that Comerica Incorporated will post 7.6 earnings per share for the current year.
Comerica Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 15th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 6.87%. Comerica’s payout ratio is 32.20%.
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, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services, as well as payment and card services for small and middle market businesses, multinational corporations, and governmental entities.
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