Comerica Incorporated (NYSE:CMA) Shares Acquired by Primecap Management Co. CA

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 position in Comerica Incorporated (NYSE:CMA - Free Report) by 228.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,670,110 shares of the financial services provider's stock after purchasing an additional 1,162,110 shares during the quarter. Primecap Management Co. CA owned about 1.27% of Comerica worth $98,637,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CMA. MorganRosel Wealth Management LLC acquired a new position in shares of Comerica during the first quarter valued at about $33,000. Quarry LP grew its position in Comerica by 152.0% during the 4th quarter. Quarry LP now owns 867 shares of the financial services provider's stock worth $54,000 after purchasing an additional 523 shares during the last quarter. UMB Bank n.a. increased its stake in Comerica by 19.4% during the 1st quarter. UMB Bank n.a. now owns 1,777 shares of the financial services provider's stock valued at $105,000 after purchasing an additional 289 shares in the last quarter. Point72 Europe London LLP purchased a new position in shares of Comerica in the fourth quarter worth $130,000. Finally, MGO One Seven LLC acquired a new stake in shares of Comerica during the fourth quarter worth $200,000. Institutional investors and hedge funds own 80.74% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CMA shares. Stephens reissued an "equal weight" rating on shares of Comerica in a research report on Monday, July 21st. Wells Fargo & Company cut their price objective on Comerica from $67.00 to $55.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. Truist Financial upped their target price on Comerica from $61.00 to $68.00 and gave the company a "hold" rating in a research report on Thursday, July 24th. Raymond James Financial reissued a "market perform" rating on shares of Comerica in a research report on Tuesday, July 8th. Finally, The Goldman Sachs Group decreased their price objective on shares of Comerica from $66.00 to $57.00 and set a "neutral" rating for the company in a research note 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's stock. According to data from MarketBeat.com, Comerica has an average rating of "Hold" and a consensus price target of $64.40.

Comerica Price Performance

CMA stock traded up $0.79 during mid-day trading on Friday, reaching $66.80. 1,249,938 shares of the company's stock were exchanged, compared to its average volume of 2,893,904. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.96 and a quick ratio of 0.96. Comerica Incorporated has a 12-month low of $48.12 and a 12-month high of $73.45. The stock's 50 day moving average is $61.87 and its 200 day moving average is $59.98. The company has a market cap of $8.59 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 11.91 and a beta of 0.94.

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

Comerica Dividend Announcement

The business also recently announced 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. The ex-dividend date is Monday, September 15th. This represents a $2.84 annualized dividend and a dividend yield of 4.3%. Comerica's dividend payout ratio (DPR) is 54.41%.

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.