Point72 Asset Management L.P. Sells 92,834 Shares of Comerica Incorporated (NYSE:CMA)

Point72 Asset Management L.P. decreased its holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 90.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,278 shares of the financial services provider's stock after selling 92,834 shares during the period. Point72 Asset Management L.P.'s holdings in Comerica were worth $574,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CMA. PL Capital Advisors LLC boosted its stake in shares of Comerica by 6,085.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,778,188 shares of the financial services provider's stock worth $109,981,000 after acquiring an additional 1,749,438 shares during the period. Jupiter Asset Management Ltd. bought a new position in shares of Comerica in the fourth quarter worth about $82,419,000. Norges Bank bought a new position in shares of Comerica in the fourth quarter worth about $64,150,000. North Reef Capital Management LP boosted its stake in shares of Comerica by 15.7% in the fourth quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider's stock worth $250,492,000 after acquiring an additional 550,000 shares during the period. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Comerica by 548.9% in the fourth quarter. Canada Pension Plan Investment Board now owns 642,400 shares of the financial services provider's stock worth $39,732,000 after acquiring an additional 543,400 shares during the period. Institutional investors own 80.74% of the company's stock.

Comerica Price Performance

Shares of CMA stock opened at $56.28 on Friday. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $7.40 billion, a P/E ratio of 11.21 and a beta of 0.92. The stock has a 50 day moving average price of $55.53 and a 200 day moving average price of $61.88.

Comerica (NYSE:CMA - Get Free Report) last issued its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.14 by $0.11. Comerica had a return on equity of 12.04% and a net margin of 13.98%. The firm had revenue of $829.00 million during the quarter, compared to analyst estimates of $839.31 million. During the same period last year, the company earned $1.29 EPS. As a group, sell-side analysts predict that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, June 13th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date of this dividend is Friday, June 13th. Comerica's dividend payout ratio is currently 53.69%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CMA shares. Wells Fargo & Company dropped their price target on Comerica from $67.00 to $55.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 22nd. Jefferies Financial Group started coverage on Comerica in a research note on Wednesday. They set an "underperform" rating and a $47.00 price target for the company. Evercore ISI lowered Comerica from an "in-line" rating to an "underperform" rating and dropped their price target for the company from $65.00 to $50.00 in a research note on Tuesday, April 22nd. Royal Bank of Canada dropped their price target on Comerica from $75.00 to $65.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Finally, Stephens lowered Comerica from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $66.00 to $64.00 in a research note on Monday, March 31st. Six analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $62.37.

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.

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