Comerica Incorporated (NYSE:CMA) Shares Bought by M&T Bank Corp

M&T Bank Corp increased its stake in Comerica Incorporated (NYSE:CMA) by 11.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,215 shares of the financial services provider’s stock after purchasing an additional 1,326 shares during the period. M&T Bank Corp’s holdings in Comerica were worth $780,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of CMA. Norges Bank acquired a new stake in Comerica in the 4th quarter worth approximately $64,150,000. North Reef Capital Management LP boosted its stake in Comerica by 15.7% in the 4th quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider’s stock worth $250,492,000 after purchasing an additional 550,000 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in Comerica by 548.9% during the 4th quarter. Canada Pension Plan Investment Board now owns 642,400 shares of the financial services provider’s stock valued at $39,732,000 after acquiring an additional 543,400 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted 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 acquiring an additional 492,381 shares during the period. Finally, Mackenzie Financial Corp acquired a new stake in Comerica during the 4th quarter valued at approximately $25,692,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMA has been the subject of several research reports. Stephens cut shares of Comerica from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $66.00 to $64.00 in a research note on Monday, March 31st. Piper Sandler lifted their price objective on shares of Comerica from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, June 11th. Raymond James Financial restated a “market perform” rating on shares of Comerica in a research note on Tuesday, July 8th. JPMorgan Chase & Co. lifted their price objective on shares of Comerica from $52.00 to $60.00 and gave the company an “underweight” rating in a research note on Tuesday, July 1st. Finally, Truist Financial set a $61.00 price objective on shares of Comerica and gave the company a “hold” rating in a research note on Friday, June 13th. Six research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Comerica presently has a consensus rating of “Hold” and a consensus target price of $62.35.

Comerica Price Performance

Shares of NYSE CMA opened at $63.81 on Tuesday. The firm has a market cap of $8.39 billion, a PE ratio of 12.06 and a beta of 0.92. The firm has a fifty day moving average of $58.26 and a 200 day moving average of $59.51. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.96 and a current ratio of 0.96. Comerica Incorporated has a one year low of $48.12 and a one year high of $73.45.

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, topping analysts’ consensus estimates of $1.14 by $0.11. Comerica had a net margin of 14.89% and a return on equity of 11.59%. The business had revenue of $829.00 million during the quarter, compared to analyst estimates of $839.31 million. During the same quarter in the prior year, the firm earned $1.29 earnings per share. As a group, research analysts predict that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date is Friday, June 13th. Comerica’s payout ratio is 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.