Assenagon Asset Management S.A. Invests $9.78 Million in Comerica Incorporated (NYSE:CMA)

Assenagon Asset Management S.A. bought a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 165,577 shares of the financial services provider's stock, valued at approximately $9,779,000. Assenagon Asset Management S.A. owned about 0.13% of Comerica at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC grew its holdings in shares of Comerica by 36.7% during the fourth quarter. V Square Quantitative Management LLC now owns 824 shares of the financial services provider's stock worth $51,000 after buying an additional 221 shares in the last quarter. Quarry LP grew its stake in Comerica by 152.0% during the fourth quarter. Quarry LP now owns 867 shares of the financial services provider's stock worth $54,000 after buying an additional 523 shares during the period. Steward Partners Investment Advisory LLC grew its stake in Comerica by 64.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,362 shares of the financial services provider's stock worth $84,000 after buying an additional 533 shares during the period. Deseret Mutual Benefit Administrators lifted its position in shares of Comerica by 38.9% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,453 shares of the financial services provider's stock worth $90,000 after purchasing an additional 407 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in shares of Comerica by 19.4% during the first quarter. UMB Bank n.a. now owns 1,777 shares of the financial services provider's stock worth $105,000 after purchasing an additional 289 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company's stock.

Comerica Stock Down 4.5%

Shares of NYSE CMA traded down $2.61 during mid-day trading on Friday, reaching $54.90. The company had a trading volume of 1,683,925 shares, compared to its average volume of 2,156,212. The stock has a fifty day moving average of $55.51 and a two-hundred day moving average of $60.55. Comerica Incorporated has a 12-month low of $45.86 and a 12-month high of $73.45. The company has a market capitalization of $7.21 billion, a price-to-earnings ratio of 10.94 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97.

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

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, June 13th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, June 13th. This represents a $2.84 annualized dividend and a yield of 5.17%. Comerica's dividend payout ratio (DPR) is presently 53.69%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CMA shares. Truist Financial upped their price target on shares of Comerica from $60.00 to $61.00 and gave the company a "hold" rating in a report on Friday. Royal Bank of Canada lowered their price target on shares of Comerica from $75.00 to $65.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. The Goldman Sachs Group lowered their price target on shares of Comerica from $66.00 to $57.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. Raymond James decreased their target price on shares of Comerica from $72.00 to $67.00 and set an "outperform" rating for the company in a research report on Wednesday, April 2nd. Finally, 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 report on Tuesday, April 22nd. Six equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $61.95.

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.