NewEdge Wealth LLC Buys 105,886 Shares of 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 holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 22.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 570,735 shares of the financial services provider's stock after purchasing an additional 105,886 shares during the quarter. NewEdge Wealth LLC owned approximately 0.43% of Comerica worth $33,708,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. M&T Bank Corp raised its holdings in shares of Comerica by 11.2% during the first quarter. M&T Bank Corp now owns 13,215 shares of the financial services provider's stock valued at $780,000 after purchasing an additional 1,326 shares during the period. Bank of Nova Scotia bought a new position in Comerica in the 4th quarter valued at $1,320,000. Bessemer Group Inc. boosted its holdings in Comerica by 3.8% in the 1st quarter. Bessemer Group Inc. now owns 11,273 shares of the financial services provider's stock valued at $666,000 after purchasing an additional 414 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of 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 valued at $6,293,000 after buying an additional 11,148 shares in the last quarter. Finally, tru Independence LLC raised its position in Comerica by 5.9% in the 1st quarter. tru Independence LLC now owns 85,075 shares of the financial services provider's stock worth $5,024,000 after purchasing an additional 4,772 shares during the period. Institutional investors and hedge funds own 80.74% of the company's stock.

Comerica Stock Down 0.4%

NYSE CMA traded down $0.23 during trading on Thursday, reaching $66.27. 402,526 shares of the company's stock were exchanged, compared to its average volume of 2,003,283. Comerica Incorporated has a fifty-two week low of $48.12 and a fifty-two week high of $73.45. The firm has a market capitalization of $8.52 billion, a PE ratio of 12.68, a P/E/G ratio of 12.20 and a beta of 0.94. 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 company's fifty day simple moving average is $61.51 and its 200-day simple moving average is $59.97.

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

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 annualized dividend and a yield of 4.3%. Comerica's payout ratio is currently 54.41%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. DA Davidson set a $60.00 target price on shares of Comerica and gave the company a "neutral" rating in a research note on Monday, July 21st. JPMorgan Chase & Co. increased their price objective on shares of Comerica from $52.00 to $60.00 and gave the company an "underweight" rating in a research report on Tuesday, July 1st. UBS Group set a $64.00 price objective on shares of Comerica and gave the stock a "neutral" rating in a research note on Monday, July 21st. Stephens reaffirmed an "equal weight" rating on shares of Comerica in a research note on Monday, July 21st. Finally, Evercore ISI lowered shares of Comerica from an "in-line" rating to an "underperform" rating and lowered their target price for the stock from $65.00 to $50.00 in a report on Tuesday, April 22nd. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Comerica presently has a consensus rating of "Hold" and an average target price of $64.40.

About Comerica

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.