Primecap Management Co. CA Raises Stock Holdings in Comerica Incorporated (NYSE:CMA)

Key Points

• Primecap Management Co. CA increased its stake in Comerica Incorporated by 228.8% in the first quarter, now owning approximately 1.27% of the company valued at $98.6 million.
• Comerica recently announced a quarterly dividend of $0.71 per share, which will yield 4.3% annually for its shareholders.
• The stock has a consensus rating of "Hold" from analysts, with a target price range varying from $57.00 to $73.00 depending on various analysts' assessments.

Primecap Management Co. CA grew its holdings in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 228.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,670,110 shares of the financial services provider's stock after acquiring an additional 1,162,110 shares during the quarter. Primecap Management Co. CA owned 1.27% of Comerica worth $98,637,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. M&T Bank Corp raised its stake in shares of Comerica by 11.2% during the first quarter. M&T Bank Corp now owns 13,215 shares of the financial services provider's stock worth $780,000 after acquiring an additional 1,326 shares in the last quarter. Bank of Nova Scotia purchased a new position in shares of Comerica in the fourth quarter worth $1,320,000. Bessemer Group Inc. increased its stake in shares of Comerica by 3.8% in the first quarter. Bessemer Group Inc. now owns 11,273 shares of the financial services provider's stock worth $666,000 after buying an additional 414 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Comerica by 11.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 107,173 shares of the financial services provider's stock worth $6,293,000 after buying an additional 11,148 shares during the period. Finally, tru Independence LLC increased its stake in shares of Comerica by 5.9% in the first quarter. tru Independence LLC now owns 85,075 shares of the financial services provider's stock worth $5,024,000 after buying an additional 4,772 shares during the period. 80.74% of the stock is owned by hedge funds and other institutional investors.

Comerica Stock Down 0.6%

Shares of CMA traded down $0.43 during trading hours on Monday, hitting $66.43. The company had a trading volume of 542,147 shares, compared to its average volume of 1,993,748. The firm has a fifty day moving average price of $61.87 and a 200-day moving average price of $59.94. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $8.54 billion, a price-to-earnings ratio of 12.72, a P/E/G ratio of 12.06 and a beta of 0.94. Comerica Incorporated has a 52-week low of $48.12 and a 52-week high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.19. The firm had revenue of $849.00 million during the quarter, compared to analyst estimates of $844.39 million. Comerica had a return on equity of 10.92% and a net margin of 14.92%. During the same quarter in the previous year, the firm earned $1.49 EPS. On average, equities research analysts forecast that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Monday, September 15th. Comerica's payout ratio is currently 54.41%.

Wall Street Analyst Weigh In

Several brokerages recently commented on CMA. Robert W. Baird decreased their target price on shares of Comerica from $80.00 to $75.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. lifted their target price on shares of Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Wells Fargo & Company decreased their target price on shares of Comerica from $67.00 to $55.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 22nd. The Goldman Sachs Group cut their price target on shares of Comerica from $66.00 to $57.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd. Finally, Evercore ISI cut shares of Comerica from an "in-line" rating to an "underperform" rating and cut their price target for the company from $65.00 to $50.00 in a report on Tuesday, April 22nd. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $64.40.

About Comerica

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.