UMB Bank n.a. Raises Position in Comerica Incorporated (NYSE:CMA)

UMB Bank n.a. grew its holdings in shares of Comerica Incorporated (NYSE:CMA) by 19.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,777 shares of the financial services provider’s stock after acquiring an additional 289 shares during the period. UMB Bank n.a.’s holdings in Comerica were worth $105,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Independent Advisor Alliance bought a new stake in Comerica during the fourth quarter valued at about $206,000. Bank of Nova Scotia purchased a new position in shares of Comerica during the 4th quarter valued at about $1,320,000. Jupiter Asset Management Ltd. bought a new position in shares of Comerica during the 4th quarter valued at approximately $82,419,000. Franklin Resources Inc. grew its stake in shares of Comerica by 251.1% during the 4th quarter. Franklin Resources Inc. now owns 51,573 shares of the financial services provider’s stock valued at $3,190,000 after acquiring an additional 36,883 shares during the period. Finally, Jones Financial Companies Lllp increased its holdings in Comerica by 220.9% in the 4th quarter. Jones Financial Companies Lllp now owns 10,762 shares of the financial services provider’s stock worth $666,000 after acquiring an additional 7,408 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Stock Performance

Comerica stock opened at $57.42 on Friday. Comerica Incorporated has a 1-year low of $45.86 and a 1-year high of $73.45. The company’s 50-day moving average is $55.41 and its 200 day moving average is $60.67. The firm has a market capitalization of $7.55 billion, a P/E ratio of 11.44 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. The company had revenue of $829.00 million during the quarter, compared to analysts’ expectations of $839.31 million. 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 business earned $1.29 EPS. Research analysts forecast that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.95%. The ex-dividend date is Friday, June 13th. Comerica’s payout ratio is presently 53.69%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CMA. Jefferies Financial Group assumed coverage on shares of Comerica in a research report on Wednesday, May 21st. They issued an “underperform” rating and a $47.00 price target for the company. Morgan Stanley cut shares of Comerica from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $63.00 to $55.00 in a research note on Monday, April 7th. Robert W. Baird dropped their target price on shares of Comerica from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Tuesday, April 22nd. Evercore ISI cut Comerica from an “in-line” rating to an “underperform” rating and decreased their price target for the company from $65.00 to $50.00 in a report on Tuesday, April 22nd. Finally, The Goldman Sachs Group dropped their price objective on Comerica from $66.00 to $57.00 and set a “neutral” rating for the company in a research note on Tuesday, April 22nd. Six research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $61.74.

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.