KLP Kapitalforvaltning AS Makes New $1.68 Million Investment in Comerica Incorporated (NYSE:CMA)

KLP Kapitalforvaltning AS bought a new stake in Comerica Incorporated (NYSE:CMA) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 26,900 shares of the financial services provider’s stock, valued at approximately $1,679,000.

Several other institutional investors and hedge funds have also modified their holdings of CMA. JPMorgan Chase & Co. raised its position in Comerica by 134.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock valued at $51,309,000 after purchasing an additional 490,468 shares during the last quarter. Jupiter Asset Management Ltd. bought a new position in shares of Comerica in the fourth quarter valued at about $82,419,000. Jones Financial Companies Lllp lifted its position in Comerica by 220.9% during the 4th quarter. Jones Financial Companies Lllp now owns 10,762 shares of the financial services provider’s stock worth $666,000 after buying an additional 7,408 shares in the last quarter. Independent Advisor Alliance acquired a new stake in Comerica in the 4th quarter valued at about $206,000. Finally, New England Research & Management Inc. bought a new position in shares of Comerica in the fourth quarter worth about $784,000. 80.74% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMA has been the subject of a number of research reports. Robert W. Baird raised their price target on shares of Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, February 11th. Compass Point lifted their target price on Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Argus raised Comerica to a “hold” rating in a research note on Friday, January 31st. Royal Bank of Canada lowered their price objective on Comerica from $78.00 to $76.00 and set an “outperform” rating for the company in a research report on Thursday, January 23rd. Finally, Morgan Stanley cut their target price on shares of Comerica from $71.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Comerica has an average rating of “Hold” and a consensus target price of $68.00.

Comerica Stock Performance

CMA stock opened at $58.73 on Friday. Comerica Incorporated has a 1-year low of $45.32 and a 1-year high of $73.45. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09. The firm has a market cap of $7.71 billion, a PE ratio of 11.70 and a beta of 1.23. The business’s 50-day moving average price is $63.07 and its two-hundred day moving average price is $63.54.

Comerica (NYSE:CMA) last released its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing the consensus estimate 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 firm posted $1.46 EPS. As a group, research analysts forecast that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 4.84%. The ex-dividend date is Friday, March 14th. Comerica’s dividend payout ratio is 56.57%.

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.