31,100 Shares in Comerica Incorporated (NYSE:CMA) Bought by State of Michigan Retirement System

State of Michigan Retirement System purchased a new stake in Comerica Incorporated (NYSE:CMA) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 31,100 shares of the financial services provider’s stock, valued at approximately $1,924,000.

Other large investors have also recently added to or reduced their stakes in the company. Wedmont Private Capital raised its stake in shares of Comerica by 2.4% in the 4th quarter. Wedmont Private Capital now owns 7,870 shares of the financial services provider’s stock valued at $474,000 after purchasing an additional 186 shares in the last quarter. Blue Trust Inc. increased its holdings in Comerica by 5.2% in the fourth quarter. Blue Trust Inc. now owns 4,040 shares of the financial services provider’s stock valued at $242,000 after buying an additional 200 shares during the last quarter. V Square Quantitative Management LLC raised its stake in Comerica by 36.7% during the fourth quarter. V Square Quantitative Management LLC now owns 824 shares of the financial services provider’s stock valued at $51,000 after buying an additional 221 shares in the last quarter. US Bancorp DE lifted its holdings in Comerica by 2.0% during the 4th quarter. US Bancorp DE now owns 11,823 shares of the financial services provider’s stock worth $731,000 after buying an additional 227 shares during the last quarter. Finally, MCF Advisors LLC grew its position in shares of Comerica by 56.3% in the 4th quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 228 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors.

Comerica Trading Down 0.2 %

Comerica stock opened at $58.34 on Friday. Comerica Incorporated has a 12-month low of $45.32 and a 12-month high of $73.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $7.66 billion, a PE ratio of 11.62 and a beta of 1.23. The firm has a 50 day simple moving average of $64.27 and a 200-day simple moving average of $63.31.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same period in the prior year, the business earned $1.46 EPS. As a group, equities research analysts expect that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.87%. The ex-dividend date of this dividend is Friday, March 14th. Comerica’s payout ratio is currently 56.57%.

Wall Street Analysts Forecast Growth

CMA has been the topic of several research reports. Compass Point upped their price target on Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Royal Bank of Canada reduced their price target on shares of Comerica from $78.00 to $76.00 and set an “outperform” rating on the stock in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods lowered their price objective on shares of Comerica from $82.00 to $77.00 and set an “outperform” rating for the company in a research report on Thursday, January 23rd. Piper Sandler raised their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Finally, Stephens restated an “overweight” rating and issued a $72.00 target price on shares of Comerica in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $68.67.

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.