Mirae Asset Global Investments Co. Ltd. Grows Stake in Comerica Incorporated (NYSE:CMA)

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Comerica Incorporated (NYSE:CMA) by 73.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,771 shares of the financial services provider’s stock after purchasing an additional 23,947 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Comerica were worth $3,168,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Comerica by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 15,871,102 shares of the financial services provider’s stock valued at $1,435,224,000 after purchasing an additional 366,188 shares during the last quarter. BlackRock Inc. lifted its position in Comerica by 9.4% during the 1st quarter. BlackRock Inc. now owns 13,313,998 shares of the financial services provider’s stock worth $578,094,000 after acquiring an additional 1,145,951 shares during the period. State Street Corp lifted its holdings in shares of Comerica by 3.9% in the 3rd quarter. State Street Corp now owns 7,675,947 shares of the financial services provider’s stock valued at $550,764,000 after buying an additional 284,884 shares during the period. First Trust Advisors LP lifted its holdings in shares of Comerica by 1,192.2% in the 1st quarter. First Trust Advisors LP now owns 3,878,506 shares of the financial services provider’s stock valued at $168,405,000 after buying an additional 3,578,355 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Comerica by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,294,605 shares of the financial services provider’s stock valued at $136,891,000 after purchasing an additional 115,446 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Stock Performance

Shares of CMA stock opened at $49.82 on Thursday. The stock’s 50-day moving average is $51.39 and its two-hundred day moving average is $49.14. The firm has a market cap of $6.60 billion, a price-to-earnings ratio of 7.74 and a beta of 1.27. Comerica Incorporated has a 1 year low of $28.40 and a 1 year high of $57.39. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.94 and a current ratio of 0.94.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Friday, January 19th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.08. Comerica had a return on equity of 19.41% and a net margin of 16.71%. The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $826.07 million. During the same quarter last year, the company posted $2.58 earnings per share. Analysts predict that Comerica Incorporated will post 5.09 earnings per share for the current year.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a dividend of $0.71 per share. The ex-dividend date was Thursday, March 14th. This represents a $2.84 annualized dividend and a dividend yield of 5.70%. Comerica’s dividend payout ratio (DPR) is 44.10%.

Analysts Set New Price Targets

Several research firms have commented on CMA. Barclays boosted their price objective on Comerica from $49.00 to $59.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 2nd. Keefe, Bruyette & Woods reduced their price objective on Comerica from $60.00 to $58.00 and set a “market perform” rating on the stock in a research note on Monday, January 22nd. DA Davidson reiterated a “neutral” rating and issued a $56.00 price objective on shares of Comerica in a research note on Wednesday, March 6th. Bank Of America (Bofa) increased their price objective on Comerica from $52.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. Finally, Truist Financial increased their price objective on Comerica from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $57.67.

Insider Transactions at Comerica

In other news, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the sale, the executive vice president now owns 8,314 shares in the company, valued at $454,276.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the sale, the executive vice president now owns 17,460 shares in the company, valued at $920,840.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the sale, the executive vice president now owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

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.