Intact Investment Management Inc. Takes Position in Comerica Incorporated (NYSE:CMA)

Intact Investment Management Inc. bought a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 12,100 shares of the financial services provider's stock, valued at approximately $715,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. State of Alaska Department of Revenue increased its position in shares of Comerica by 2.6% in the 1st quarter. State of Alaska Department of Revenue now owns 15,390 shares of the financial services provider's stock valued at $908,000 after purchasing an additional 390 shares during the last quarter. Cyndeo Wealth Partners LLC acquired a new stake in shares of Comerica in the 1st quarter worth $6,621,000. New England Research & Management Inc. grew its holdings in Comerica by 55.3% in the first quarter. New England Research & Management Inc. now owns 19,682 shares of the financial services provider's stock valued at $1,162,000 after purchasing an additional 7,007 shares during the period. Greenwood Capital Associates LLC grew its holdings in Comerica by 23.6% in the first quarter. Greenwood Capital Associates LLC now owns 17,025 shares of the financial services provider's stock valued at $1,005,000 after purchasing an additional 3,246 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in Comerica during the first quarter valued at approximately $9,779,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Comerica Price Performance

Shares of NYSE CMA traded up $0.90 during mid-day trading on Monday, reaching $57.39. The company had a trading volume of 2,138,886 shares, compared to its average volume of 2,025,081. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.96 and a current ratio of 0.96. Comerica Incorporated has a one year low of $47.33 and a one year high of $73.45. The firm has a market cap of $7.54 billion, a price-to-earnings ratio of 10.85 and a beta of 0.92. The business's 50-day simple moving average is $55.83 and its 200 day simple moving average is $59.85.

Comerica (NYSE:CMA - Get Free Report) last issued its quarterly earnings results 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 11.59% and a net margin of 14.89%. The company had revenue of $829.00 million for the quarter, compared to analysts' expectations of $839.31 million. During the same quarter last year, the business earned $1.29 earnings per share. On average, research analysts predict that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

The firm also recently announced 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 yield of 4.95%. The ex-dividend date of this dividend is Friday, June 13th. Comerica's dividend payout ratio is presently 53.69%.

Analyst Ratings Changes

Several analysts recently issued reports on CMA shares. Morgan Stanley cut shares of Comerica from an "equal weight" rating to an "underweight" rating and cut their price target for the company from $63.00 to $55.00 in a report on Monday, April 7th. Jefferies Financial Group started coverage on shares of Comerica in a report on Wednesday, May 21st. They issued an "underperform" rating and a $47.00 price objective for the company. Robert W. Baird cut their price target on shares of Comerica from $80.00 to $75.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Stephens lowered shares of Comerica from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $66.00 to $64.00 in a research note on Monday, March 31st. Finally, UBS Group upgraded Comerica from a "sell" rating to a "neutral" rating and set a $59.00 target price on the stock in a report on Thursday, April 10th. Six investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price 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.