New York State Common Retirement Fund Grows Position in Comerica Incorporated (NYSE:CMA)

New York State Common Retirement Fund increased its position in Comerica Incorporated (NYSE:CMA) by 5.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 94,464 shares of the financial services provider’s stock after buying an additional 5,300 shares during the quarter. New York State Common Retirement Fund owned 0.07% of Comerica worth $5,579,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Comerica in the fourth quarter worth about $64,150,000. North Reef Capital Management LP increased its stake in shares of Comerica by 15.7% during the fourth 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 during the period. Canada Pension Plan Investment Board raised its holdings in shares of Comerica by 548.9% during the fourth 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 in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Comerica by 29.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,149,591 shares of the financial services provider’s stock worth $132,952,000 after acquiring an additional 492,381 shares during the period. Finally, Mackenzie Financial Corp bought a new stake in Comerica in the fourth quarter valued at $25,692,000. 80.74% of the stock is currently owned by institutional investors.

Comerica Stock Up 4.7%

Shares of CMA stock opened at $65.38 on Monday. The company’s fifty day simple moving average is $59.00 and its two-hundred day simple moving average is $59.55. Comerica Incorporated has a 52 week low of $48.12 and a 52 week high of $73.45. The stock has a market cap of $8.59 billion, a P/E ratio of 12.52 and a beta of 0.92. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.19. The business had revenue of $849.00 million during the quarter, compared to analysts’ expectations of $844.39 million. Comerica had a return on equity of 10.92% and a net margin of 14.92%. During the same quarter last year, the business posted $1.49 EPS. Analysts predict that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.84 annualized dividend and a yield of 4.34%. Comerica’s dividend payout ratio (DPR) is currently 54.41%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CMA shares. Keefe, Bruyette & Woods lifted their target price on shares of Comerica from $68.00 to $69.00 and gave the company an “outperform” rating in a research note on Friday, July 11th. Evercore ISI cut Comerica from an “in-line” rating to an “underperform” rating and lowered their target price for the company from $65.00 to $50.00 in a research note on Tuesday, April 22nd. Wells Fargo & Company dropped their price target on Comerica from $67.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 22nd. Robert W. Baird lowered their price objective on Comerica from $80.00 to $75.00 and set an “outperform” rating for the company in a research report on Tuesday, April 22nd. Finally, The Goldman Sachs Group reduced their target price on shares of Comerica from $66.00 to $57.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd. Six research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Comerica has a consensus rating of “Hold” and a consensus target price of $62.35.

Comerica Company 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.