State of Michigan Retirement System Takes Position in Comerica Incorporated (NYSE:CMA)

State of Michigan Retirement System acquired a new position in Comerica Incorporated (NYSE:CMA) in the fourth quarter, Holdings Channel reports. The firm acquired 31,100 shares of the financial services provider’s stock, valued at approximately $1,924,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of Comerica by 134.0% in the third quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after buying an additional 490,468 shares during the period. Oppenheimer & Co. Inc. lifted its stake in Comerica by 158.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock worth $1,218,000 after acquiring an additional 12,454 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Comerica by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock worth $257,975,000 after acquiring an additional 226,285 shares during the period. Citigroup Inc. grew its stake in Comerica by 390.6% during the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock valued at $45,628,000 after acquiring an additional 606,375 shares in the last quarter. Finally, Wolverine Asset Management LLC acquired a new position in shares of Comerica in the 3rd quarter valued at about $1,905,000. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Stock Down 0.2 %

Comerica stock opened at $58.34 on Friday. The firm has a market cap of $7.66 billion, a price-to-earnings ratio of 11.62 and a beta of 1.23. The firm has a fifty day moving average price of $64.27 and a two-hundred day moving average price of $63.31. Comerica Incorporated has a fifty-two week low of $45.32 and a fifty-two week 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.

Comerica (NYSE:CMA) last posted 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 return on equity of 12.04% and a net margin of 13.98%. During the same period last year, the firm posted $1.46 EPS. As a group, analysts forecast that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given 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 is Friday, March 14th. Comerica’s dividend payout ratio (DPR) is currently 56.57%.

Wall Street Analyst Weigh In

Several research firms recently commented on CMA. JPMorgan Chase & Co. decreased their price target on shares of Comerica from $73.00 to $70.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Keefe, Bruyette & Woods decreased their target price on shares of Comerica from $82.00 to $77.00 and set an “outperform” rating for the company in a research note on Thursday, January 23rd. Argus raised shares of Comerica to a “hold” rating in a research note on Friday, January 31st. Truist Financial raised Comerica to a “hold” rating in a research report on Monday, January 6th. Finally, DA Davidson dropped their target price on Comerica from $71.00 to $67.00 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $68.67.

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.