Louisiana State Employees Retirement System Sells 27,600 Shares of Comerica Incorporated (NYSE:CMA)

Louisiana State Employees Retirement System reduced its stake in shares of Comerica Incorporated (NYSE:CMA) by 43.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 36,500 shares of the financial services provider’s stock after selling 27,600 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Comerica were worth $2,258,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Trust Co. of Vermont lifted its holdings in shares of Comerica by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 321 shares during the last quarter. Luken Investment Analytics LLC purchased a new position in Comerica in the 4th quarter worth $31,000. V Square Quantitative Management LLC purchased a new position in Comerica in the 3rd quarter worth $36,000. MCF Advisors LLC raised its position in 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 purchasing an additional 228 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new position in Comerica in the 3rd quarter worth $42,000. 80.74% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Argus upgraded shares of Comerica to a “hold” rating in a research report on Friday, January 31st. Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. Truist Financial upgraded shares of Comerica to a “hold” rating in a research report on Monday, January 6th. DA Davidson decreased their price objective on shares of Comerica from $71.00 to $67.00 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. Finally, UBS Group began coverage on shares of Comerica in a research report on Tuesday, December 17th. They issued a “sell” rating and a $64.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Comerica presently has an average rating of “Hold” and a consensus target price of $68.57.

Comerica Trading Up 0.5 %

NYSE:CMA opened at $67.13 on Friday. Comerica Incorporated has a one year low of $45.32 and a one year 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 company’s 50-day simple moving average is $64.36 and its 200 day simple moving average is $62.21. The firm has a market capitalization of $8.83 billion, a P/E ratio of 13.37 and a beta of 1.25.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a return on equity of 12.04% and a net margin of 13.98%. During the same quarter in the prior year, the business posted $1.46 EPS. As a group, analysts forecast that Comerica Incorporated will post 5.34 EPS for the current fiscal year.

Comerica announced that its board has approved a stock repurchase program on Tuesday, November 5th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

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.