Pzena Investment Management LLC Decreases Holdings in Comerica Incorporated (NYSE:CMA)

Pzena Investment Management LLC cut its holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 2.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 422,573 shares of the financial services provider's stock after selling 11,319 shares during the quarter. Pzena Investment Management LLC owned approximately 0.32% of Comerica worth $24,957,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CMA. Forum Financial Management LP increased its stake in Comerica by 6.1% during the 1st quarter. Forum Financial Management LP now owns 7,558 shares of the financial services provider's stock worth $446,000 after buying an additional 432 shares during the period. Louisiana State Employees Retirement System boosted its holdings in shares of Comerica by 0.8% in the 1st quarter. Louisiana State Employees Retirement System now owns 36,800 shares of the financial services provider's stock valued at $2,173,000 after buying an additional 300 shares during the period. New York State Common Retirement Fund boosted its holdings in shares of Comerica by 5.9% in the 1st quarter. New York State Common Retirement Fund now owns 94,464 shares of the financial services provider's stock valued at $5,579,000 after buying an additional 5,300 shares during the period. Ballentine Partners LLC acquired a new position in shares of Comerica in the 1st quarter valued at about $233,000. Finally, Xponance Inc. boosted its holdings in shares of 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 buying an additional 238 shares during the period. Institutional investors and hedge funds own 80.74% of the company's stock.

Wall Street Analysts Forecast Growth

CMA has been the topic of several analyst reports. Jefferies Financial Group initiated coverage on shares of Comerica in a research report on Wednesday, May 21st. They issued an "underperform" rating and a $47.00 target price on the stock. Wells Fargo & Company cut their target price on shares of Comerica from $67.00 to $55.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 22nd. Evercore ISI lowered shares of Comerica from an "in-line" rating to an "underperform" rating and lowered their price target for the company from $65.00 to $50.00 in a report on Tuesday, April 22nd. JPMorgan Chase & Co. upped their target price on shares of Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a report on Tuesday, July 1st. Finally, Piper Sandler increased their price objective on shares of Comerica from $57.00 to $60.00 and gave the stock a "neutral" rating in a report on Wednesday, June 11th. Six equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Comerica presently has an average rating of "Hold" and a consensus price target of $62.35.

Comerica Trading Up 4.7%

Shares of NYSE CMA traded up $2.96 during trading hours on Friday, hitting $65.38. 4,791,315 shares of the company traded hands, compared to its average volume of 2,016,682. The company's 50 day moving average price is $59.00 and its 200 day moving average price is $59.58. Comerica Incorporated has a 12 month low of $48.12 and a 12 month high of $73.45. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $8.59 billion, a price-to-earnings ratio of 12.36 and a beta of 0.92.

Comerica (NYSE:CMA - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.23 by $0.19. The firm had revenue of $849.00 million during the quarter, compared to analyst estimates of $844.39 million. Comerica had a return on equity of 11.59% and a net margin of 14.89%. During the same period in the previous year, the company posted $1.49 EPS. On average, equities research analysts anticipate 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 paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.84 annualized dividend and a yield of 4.34%. Comerica's dividend payout ratio (DPR) is 53.69%.

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.