Cresset Asset Management LLC Reduces Stake in Comerica Incorporated (NYSE:CMA)

Cresset Asset Management LLC reduced its stake in Comerica Incorporated (NYSE:CMA - Free Report) by 72.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,178 shares of the financial services provider's stock after selling 13,778 shares during the period. Cresset Asset Management LLC's holdings in Comerica were worth $324,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in Comerica by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,035,820 shares of the financial services provider's stock worth $311,464,000 after acquiring an additional 114,072 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Comerica by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,431,556 shares of the financial services provider's stock valued at $274,092,000 after purchasing an additional 125,514 shares in the last quarter. North Reef Capital Management LP increased its holdings in shares of Comerica by 15.7% in the fourth quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider's stock worth $250,492,000 after purchasing an additional 550,000 shares during the period. Vaughan Nelson Investment Management L.P. raised its position in shares of Comerica by 3.0% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,481,211 shares of the financial services provider's stock worth $153,462,000 after buying an additional 72,391 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Comerica by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 2,214,963 shares of the financial services provider's stock valued at $137,039,000 after buying an additional 103,118 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Trading Up 0.5%

Shares of NYSE CMA traded up $0.30 during midday trading on Thursday, reaching $56.19. The company had a trading volume of 308,855 shares, compared to its average volume of 2,197,494. The stock has a market cap of $7.38 billion, a PE ratio of 11.19 and a beta of 0.92. Comerica Incorporated has a one year low of $45.32 and a one year high of $73.45. The firm's fifty day moving average price is $55.56 and its 200-day moving average price is $61.92. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09.

Comerica (NYSE:CMA - Get Free Report) last issued its earnings results 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 net margin of 13.98% and a return on equity of 12.04%. The company had revenue of $829.00 million for the quarter, compared to the consensus estimate of $839.31 million. During the same period in the previous year, the firm earned $1.29 earnings per share. On average, equities research analysts anticipate that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, June 13th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date is Friday, June 13th. Comerica's payout ratio is 53.69%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CMA shares. Wells Fargo & Company lowered their price target on Comerica from $67.00 to $55.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley downgraded shares of Comerica from an "equal weight" rating to an "underweight" rating and lowered their target price for the company from $63.00 to $55.00 in a research note on Monday, April 7th. Keefe, Bruyette & Woods cut their price target on shares of Comerica from $77.00 to $68.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. UBS Group raised shares of Comerica from a "sell" rating to a "neutral" rating and set a $59.00 price target on the stock in a report on Thursday, April 10th. Finally, Truist Financial dropped their price objective on shares of Comerica from $65.00 to $57.00 and set a "hold" rating for the company in a report on Tuesday, April 22nd. Six analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, Comerica has a consensus rating of "Hold" and an average target price of $62.37.

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.