Bank of Nova Scotia Boosts Stock Holdings in Comerica Incorporated (NYSE:CMA)

Bank of Nova Scotia boosted its stake in shares of Comerica Incorporated (NYSE:CMAFree Report) by 1,078.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 107,039 shares of the financial services provider’s stock after acquiring an additional 97,954 shares during the period. Bank of Nova Scotia owned 0.08% of Comerica worth $5,974,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CMA. Spire Wealth Management grew its stake in Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 235 shares in the last quarter. Fortitude Family Office LLC purchased a new position in Comerica during the fourth quarter valued at $36,000. Turtle Creek Wealth Advisors LLC bought a new position in Comerica during the fourth quarter valued at $36,000. FNY Investment Advisers LLC bought a new position in Comerica during the fourth quarter valued at $50,000. Finally, Cullen Frost Bankers Inc. bought a new position in Comerica during the fourth quarter valued at $51,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMA has been the subject of several research reports. Morgan Stanley reiterated an “equal weight” rating and set a $53.00 price objective on shares of Comerica in a research report on Monday, April 22nd. Stephens reiterated an “overweight” rating and set a $64.00 price objective on shares of Comerica in a research report on Thursday, May 23rd. Evercore ISI increased their price objective on shares of Comerica from $55.00 to $58.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. UBS Group lowered their target price on shares of Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Finally, Citigroup lowered shares of Comerica from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $60.00 to $56.00 in a report on Monday, May 6th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $56.50.

Get Our Latest Stock Report on Comerica

Comerica Trading Down 2.7 %

NYSE CMA opened at $48.33 on Wednesday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market capitalization of $6.41 billion, a price-to-earnings ratio of 9.61 and a beta of 1.25. The company’s 50-day simple moving average is $52.36 and its two-hundred day simple moving average is $51.84. Comerica Incorporated has a one year low of $37.40 and a one year high of $57.39.

Comerica (NYSE:CMAGet Free Report) last posted its earnings results on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $807.57 million. During the same quarter last year, the firm posted $2.39 EPS. Equities analysts forecast that Comerica Incorporated will post 5.19 EPS for the current fiscal year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.88%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s payout ratio is currently 56.46%.

Insider Transactions at Comerica

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the sale, the executive vice president now directly owns 7,236 shares in the company, valued at approximately $380,541.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.19% of the company’s stock.

About Comerica

(Free Report)

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.

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Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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