Allworth Financial LP Buys 7,219 Shares of Comerica Incorporated (NYSE:CMA)

Allworth Financial LP grew its position in Comerica Incorporated (NYSE:CMA - Free Report) by 246.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,149 shares of the financial services provider's stock after acquiring an additional 7,219 shares during the quarter. Allworth Financial LP's holdings in Comerica were worth $599,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Independent Advisor Alliance acquired a new stake in shares of Comerica in the 4th quarter valued at $206,000. Bank of Nova Scotia bought a new stake in Comerica during the fourth quarter worth about $1,320,000. Bessemer Group Inc. increased its holdings in shares of Comerica by 3.8% during 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 in the last quarter. M&T Bank Corp raised its stake in shares of Comerica by 11.2% in the first quarter. M&T Bank Corp now owns 13,215 shares of the financial services provider's stock valued at $780,000 after acquiring an additional 1,326 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Comerica by 11.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 107,173 shares of the financial services provider's stock worth $6,293,000 after acquiring an additional 11,148 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company's stock.

Comerica Stock Performance

Shares of CMA traded up $1.33 during midday trading on Thursday, reaching $62.47. The stock had a trading volume of 3,131,860 shares, compared to its average volume of 2,007,410. The firm has a 50 day simple moving average of $58.68 and a 200-day simple moving average of $59.55. The firm has a market cap of $8.21 billion, a PE ratio of 11.81 and a beta of 0.92. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.86. Comerica Incorporated has a one year low of $48.12 and a one year high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last posted its earnings results on Monday, April 21st. The financial services provider reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.11. Comerica had a return on equity of 11.59% and a net margin of 14.89%. The business had revenue of $829.00 million for the quarter, compared to analyst estimates of $839.31 million. During the same period in the previous year, the firm earned $1.29 EPS. As a group, sell-side analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The business 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 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 4.55%. Comerica's dividend payout ratio (DPR) is presently 53.69%.

Analyst Upgrades and Downgrades

A number of research firms have commented on CMA. JPMorgan Chase & Co. boosted their price objective on Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Citigroup raised their price objective on shares of Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company lowered their price target on shares of Comerica from $67.00 to $55.00 and set an "equal weight" rating for the company in a report on Tuesday, April 22nd. Stephens cut Comerica from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $66.00 to $64.00 in a report on Monday, March 31st. Finally, Evercore ISI lowered Comerica from an "in-line" rating to an "underperform" rating and reduced their price target for the stock from $65.00 to $50.00 in a research report on Tuesday, April 22nd. Six investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, Comerica has an average rating of "Hold" and a consensus price target of $62.35.

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.