Ameriprise Financial Inc. Sells 194,408 Shares of Comerica Incorporated (NYSE:CMA)

Ameriprise Financial Inc. trimmed its stake in Comerica Incorporated (NYSE:CMA - Free Report) by 40.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 289,008 shares of the financial services provider's stock after selling 194,408 shares during the period. Ameriprise Financial Inc. owned about 0.22% of Comerica worth $17,955,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CMA. Independent Advisor Alliance acquired a new position in Comerica in the fourth quarter valued at about $206,000. Bank of Nova Scotia bought a new position in shares of Comerica in the fourth quarter valued at approximately $1,320,000. Jupiter Asset Management Ltd. acquired a new position in shares of Comerica in the 4th quarter worth approximately $82,419,000. Franklin Resources Inc. grew its position in Comerica by 251.1% during the 4th quarter. Franklin Resources Inc. now owns 51,573 shares of the financial services provider's stock worth $3,190,000 after acquiring an additional 36,883 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its holdings 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 valued at $666,000 after purchasing an additional 7,408 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company's stock.

Comerica Trading Down 0.9%

Shares of NYSE CMA traded down $0.51 during midday trading on Tuesday, reaching $58.09. 822,239 shares of the stock were exchanged, compared to its average volume of 2,194,054. Comerica Incorporated has a 12 month low of $45.32 and a 12 month high of $73.45. The company has a market capitalization of $7.63 billion, a price-to-earnings ratio of 11.57 and a beta of 0.92. 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 business has a 50-day simple moving average of $55.58 and a two-hundred day simple moving average of $61.99.

Comerica (NYSE:CMA - Get Free Report) last issued its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.25 EPS for the quarter, topping the consensus estimate of $1.14 by $0.11. Comerica had a return on equity of 12.04% and a net margin of 13.98%. The business had revenue of $829.00 million for the quarter, compared to the consensus estimate of $839.31 million. During the same quarter last year, the business posted $1.29 EPS. As a group, equities research analysts expect that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, June 13th will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.89%. Comerica's dividend payout ratio is presently 53.69%.

Analyst Ratings Changes

Several brokerages have recently commented on CMA. Robert W. Baird decreased their target price on Comerica from $80.00 to $75.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Evercore ISI lowered shares of Comerica from an "in-line" rating to an "underperform" rating and decreased their price objective for the stock from $65.00 to $50.00 in a report on Tuesday, April 22nd. Raymond James dropped their target price on shares of Comerica from $72.00 to $67.00 and set an "outperform" rating for the company in a research note on Wednesday, April 2nd. Morgan Stanley lowered shares of Comerica from an "equal weight" rating to an "underweight" rating and reduced their target price for the stock from $63.00 to $55.00 in a research report on Monday, April 7th. Finally, The Goldman Sachs Group decreased their price objective on Comerica from $66.00 to $57.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd. Five equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $63.22.

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.