LSV Asset Management Reduces Stake in Comerica Incorporated (NYSE:CMA)

Key Points

• LSV Asset Management has reduced its holdings in Comerica Incorporated by 3.8%, selling 21,700 shares, and now owns approximately 0.42% of the company.
• Analysts have mixed opinions on Comerica, with Evercore ISI downgrading it to "underperform" and reducing its price target from $65.00 to $50.00, while Keefe, Bruyette & Woods increased their target to $73.00.
• Comerica recently declared a quarterly dividend of $0.71 per share, representing an annual yield of 4.2%, with a payout ratio of 54.41%.

LSV Asset Management decreased its holdings in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 3.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 550,500 shares of the financial services provider's stock after selling 21,700 shares during the period. LSV Asset Management owned approximately 0.42% of Comerica worth $32,513,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Salzhauer Michael lifted its holdings in shares of Comerica by 39.2% during the 4th quarter. Salzhauer Michael now owns 165,971 shares of the financial services provider's stock worth $10,265,000 after acquiring an additional 46,700 shares during the period. LPL Financial LLC grew its stake in shares of Comerica by 16.8% during the 4th quarter. LPL Financial LLC now owns 46,620 shares of the financial services provider's stock valued at $2,883,000 after buying an additional 6,699 shares during the period. Schroder Investment Management Group purchased a new position in shares of Comerica in the 4th quarter worth $706,000. Wellington Management Group LLP acquired a new position in Comerica in the fourth quarter valued at $13,875,000. Finally, Franklin Resources Inc. boosted its holdings in Comerica by 251.1% in the fourth quarter. Franklin Resources Inc. now owns 51,573 shares of the financial services provider's stock valued at $3,190,000 after acquiring an additional 36,883 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company's stock.

Analysts Set New Price Targets

CMA has been the topic of a number of recent research reports. UBS Group set a $64.00 price target on shares of Comerica and gave the company a "neutral" rating in a research report on Monday, July 21st. Keefe, Bruyette & Woods increased their price target on Comerica from $69.00 to $73.00 and gave the company an "outperform" rating in a report on Monday, July 21st. Royal Bank Of Canada reduced their price objective on Comerica from $75.00 to $65.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Truist Financial increased their target price on Comerica from $61.00 to $68.00 and gave the company a "hold" rating in a research note on Thursday, July 24th. Finally, Citigroup boosted their price target on Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $64.40.

Comerica Trading Down 0.9%

NYSE:CMA traded down $0.57 during midday trading on Thursday, reaching $65.93. 902,763 shares of the stock traded hands, compared to its average volume of 2,006,354. The stock has a market capitalization of $8.47 billion, a P/E ratio of 12.63, a PEG ratio of 12.20 and a beta of 0.94. Comerica Incorporated has a 12 month low of $48.12 and a 12 month high of $73.45. 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 company has a fifty day moving average of $61.51 and a 200 day moving average of $59.97.

Comerica (NYSE:CMA - Get Free Report) last issued its quarterly 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 net margin of 14.92% and a return on equity of 10.92%. The company had revenue of $849.00 million during the quarter, compared to analysts' expectations of $844.39 million. During the same period last year, the company posted $1.49 EPS. On average, research analysts predict that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Dividend Announcement

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

Comerica 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.