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TCW Group Inc. Boosts Stock Holdings in Comerica Incorporated (NYSE:CMA)

Comerica logo with Finance background

Key Points

  • TCW Group Inc. has increased its stake in Comerica Incorporated by 30.1%, now owning shares worth approximately $1.36 million.
  • Analysts have mixed views on Comerica, with ratings ranging from an underperform by Jefferies Financial Group to an outperform by Keefe, Bruyette & Woods, resulting in a consensus rating of "Hold".
  • Comerica reported earnings of $1.42 per share for the last quarter, surpassing expectations, and has an average target price set at $63.25 based on various analyst forecasts.
  • MarketBeat previews the top five stocks to own by September 1st.
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TCW Group Inc. lifted its holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 30.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,031 shares of the financial services provider's stock after buying an additional 5,330 shares during the period. TCW Group Inc.'s holdings in Comerica were worth $1,360,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. M&T Bank Corp boosted its stake in shares of Comerica by 11.2% in the 1st quarter. M&T Bank Corp now owns 13,215 shares of the financial services provider's stock worth $780,000 after buying an additional 1,326 shares during the last quarter. Bank of Nova Scotia purchased a new position in shares of Comerica in the 4th quarter worth approximately $1,320,000. Bessemer Group Inc. boosted its stake in shares of Comerica by 3.8% in the 1st quarter. Bessemer Group Inc. now owns 11,273 shares of the financial services provider's stock worth $666,000 after buying an additional 414 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Comerica by 11.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 107,173 shares of the financial services provider's stock worth $6,293,000 after buying an additional 11,148 shares during the last quarter. Finally, tru Independence LLC boosted its stake in shares of 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 buying an additional 4,772 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company's stock.

Analyst Ratings Changes

CMA has been the topic of a number of research analyst reports. Morgan Stanley downgraded Comerica from an "equal weight" rating to an "underweight" rating and cut their target price for the stock from $63.00 to $55.00 in a research note on Monday, April 7th. The Goldman Sachs Group lowered their price target on shares of Comerica from $66.00 to $57.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd. Piper Sandler increased their price objective on Comerica from $60.00 to $65.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Jefferies Financial Group initiated coverage on Comerica in a report on Wednesday, May 21st. They set an "underperform" rating and a $47.00 price objective for the company. Finally, Stephens reissued an "equal weight" rating on shares of Comerica in a report on Monday, July 21st. Six analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $63.25.

Get Our Latest Stock Report on CMA

Comerica Price Performance

Shares of Comerica stock traded down $1.17 during trading on Friday, hitting $66.40. The stock had a trading volume of 764,560 shares, compared to its average volume of 2,014,635. The firm has a market cap of $8.73 billion, a price-to-earnings ratio of 12.73 and a beta of 0.92. Comerica Incorporated has a 12 month low of $48.12 and a 12 month high of $73.45. The business's 50-day moving average is $60.68 and its 200 day moving average is $59.91. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.84.

Comerica (NYSE:CMA - Get Free Report) last announced its earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $844.39 million. During the same period in the previous year, the business earned $1.49 earnings per share. As a group, sell-side analysts anticipate that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

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

About Comerica

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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