State of Alaska Department of Revenue Purchases 390 Shares of Comerica Incorporated (NYSE:CMA)

State of Alaska Department of Revenue boosted its position in Comerica Incorporated (NYSE:CMA) by 2.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,390 shares of the financial services provider’s stock after purchasing an additional 390 shares during the quarter. State of Alaska Department of Revenue’s holdings in Comerica were worth $908,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CMA. Dimensional Fund Advisors LP boosted its position in shares of Comerica by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,035,820 shares of the financial services provider’s stock valued at $311,464,000 after buying an additional 114,072 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Comerica by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,431,556 shares of the financial services provider’s stock valued at $274,092,000 after buying an additional 125,514 shares in the last quarter. North Reef Capital Management LP lifted its position in shares of Comerica by 15.7% during the 4th quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider’s stock valued at $250,492,000 after buying an additional 550,000 shares in the last quarter. Geode Capital Management LLC raised its stake in Comerica by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 2,214,963 shares of the financial services provider’s stock valued at $137,039,000 after purchasing an additional 103,118 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its stake in Comerica by 29.7% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,149,591 shares of the financial services provider’s stock valued at $132,952,000 after purchasing an additional 492,381 shares during the period. 80.74% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on CMA. The Goldman Sachs Group reduced their price objective on Comerica from $66.00 to $57.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd. UBS Group upgraded Comerica from a “sell” rating to a “neutral” rating and set a $59.00 price objective for the company in a report on Thursday, April 10th. Royal Bank Of Canada lowered their target price on Comerica from $75.00 to $65.00 and set an “outperform” rating for the company in a report on Tuesday, April 22nd. Wells Fargo & Company reduced their price target on Comerica from $67.00 to $55.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 22nd. Finally, Morgan Stanley lowered Comerica from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $63.00 to $55.00 in a research report on Monday, April 7th. 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 company’s stock. Based on data from MarketBeat.com, Comerica presently has a consensus rating of “Hold” and an average price target of $61.95.

Comerica Trading Up 2.2%

NYSE:CMA opened at $59.14 on Friday. The firm has a market cap of $7.77 billion, a PE ratio of 11.18 and a beta of 0.92. The stock has a fifty day moving average price of $56.27 and a 200 day moving average price of $59.68. Comerica Incorporated has a 12-month low of $47.38 and a 12-month high of $73.45. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.86.

Comerica (NYSE:CMA) last released its earnings results 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 firm had revenue of $829.00 million during the quarter, compared to analyst estimates of $839.31 million. Comerica had a return on equity of 11.59% and a net margin of 14.89%. During the same period last year, the business posted $1.29 earnings per share. Sell-side analysts anticipate that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, June 13th will be issued a $0.71 dividend. The ex-dividend date is Friday, June 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.80%. Comerica’s dividend payout ratio (DPR) is presently 53.69%.

About Comerica

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.