NewEdge Wealth LLC Has $33.71 Million Stock Holdings in Comerica Incorporated (NYSE:CMA)

Key Points

• NewEdge Wealth LLC increased its stake in Comerica Incorporated by 22.8%, owning a total of 570,735 shares valued at approximately $33.71 million after purchasing additional shares in the first quarter.
• Comerica recently reported an EPS of $1.42 for the quarter, exceeding the consensus estimate of $1.23, with total revenue of $849 million.
• The company announced a $0.71 quarterly dividend, which translates to an annualized yield of 4.3%, with the ex-dividend date set for September 15th.

NewEdge Wealth LLC increased its position in Comerica Incorporated (NYSE:CMA - Free Report) by 22.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 570,735 shares of the financial services provider's stock after buying an additional 105,886 shares during the quarter. NewEdge Wealth LLC owned 0.43% of Comerica worth $33,708,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in CMA. Bessemer Group Inc. lifted its stake in Comerica by 2.0% in the fourth quarter. Bessemer Group Inc. now owns 10,859 shares of the financial services provider's stock valued at $672,000 after buying an additional 211 shares during the period. Meeder Asset Management Inc. lifted its holdings in shares of Comerica by 0.3% in the 1st quarter. Meeder Asset Management Inc. now owns 84,408 shares of the financial services provider's stock worth $4,985,000 after purchasing an additional 221 shares in the last quarter. Xponance Inc. grew its position in Comerica by 1.6% in the 1st quarter. Xponance Inc. now owns 15,346 shares of the financial services provider's stock valued at $906,000 after purchasing an additional 238 shares during the period. Townsquare Capital LLC increased its stake in Comerica by 4.6% during the 4th quarter. Townsquare Capital LLC now owns 5,811 shares of the financial services provider's stock valued at $359,000 after purchasing an additional 256 shares in the last quarter. Finally, Avantax Advisory Services Inc. raised its holdings in Comerica by 5.8% during the first quarter. Avantax Advisory Services Inc. now owns 4,654 shares of the financial services provider's stock worth $275,000 after buying an additional 257 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company's stock.

Wall Street Analyst Weigh In

CMA has been the topic of several recent research reports. DA Davidson set a $60.00 price target on shares of Comerica and gave the company a "neutral" rating in a research report on Monday, July 21st. Evercore ISI cut shares of Comerica from an "in-line" rating to an "underperform" rating and cut their price target for the stock from $65.00 to $50.00 in a report on Tuesday, April 22nd. Wells Fargo & Company dropped their price target on Comerica from $67.00 to $55.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. JPMorgan Chase & Co. lifted their target price on Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Finally, 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. Six analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $63.25.

Comerica Price Performance

CMA stock opened at $66.59 on Friday. The firm has a 50 day moving average of $60.89 and a 200-day moving average of $59.90. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $8.56 billion, a P/E ratio of 12.76 and a beta of 0.94. Comerica Incorporated has a 12 month low of $48.12 and a 12 month high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.23 by $0.19. The firm had revenue of $849.00 million during the quarter, compared to the consensus estimate of $844.39 million. Comerica had a net margin of 14.92% and a return on equity of 10.92%. During the same period last year, the firm earned $1.49 EPS. As a group, sell-side analysts predict that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Monday, September 15th. Comerica's dividend payout ratio is currently 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.

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