Tounjian Advisory Partners LLC Takes Position in Comerica Incorporated (NYSE:CMA)

Tounjian Advisory Partners LLC acquired a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 10,078 shares of the financial services provider's stock, valued at approximately $595,000.

Several other institutional investors have also modified their holdings of CMA. Independent Advisor Alliance purchased a new stake in Comerica during the 4th quarter worth about $206,000. Bank of Nova Scotia acquired a new stake in Comerica during the fourth quarter worth approximately $1,320,000. Jupiter Asset Management Ltd. acquired a new position in shares of Comerica in the 4th quarter valued at $82,419,000. Franklin Resources Inc. grew its position in shares of Comerica by 251.1% in the 4th quarter. Franklin Resources Inc. now owns 51,573 shares of the financial services provider's stock valued at $3,190,000 after buying an additional 36,883 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its stake in Comerica by 220.9% during the 4th quarter. Jones Financial Companies Lllp now owns 10,762 shares of the financial services provider's stock worth $666,000 after acquiring an additional 7,408 shares in the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Comerica Price Performance

Shares of NYSE:CMA traded down $0.33 during midday trading on Wednesday, hitting $58.58. 346,764 shares of the stock were exchanged, compared to its average volume of 2,169,442. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09. The company has a 50 day moving average price of $55.16 and a 200-day moving average price of $60.79. Comerica Incorporated has a twelve month low of $45.32 and a twelve month high of $73.45. The stock has a market cap of $7.70 billion, a P/E ratio of 11.70 and a beta of 0.92.

Comerica (NYSE:CMA - Get Free Report) last issued its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.11. The firm had revenue of $829.00 million during the quarter, compared to the consensus estimate of $839.31 million. Comerica had a return on equity of 12.04% and a net margin of 13.98%. During the same period in the previous year, the firm posted $1.29 EPS. On average, research analysts forecast that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, June 13th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 4.85%. The ex-dividend date is Friday, June 13th. Comerica's payout ratio is 53.69%.

Analysts Set New Price Targets

Several research firms have recently weighed in on CMA. Wells Fargo & Company reduced their target price on Comerica from $67.00 to $55.00 and set an "equal weight" rating for the company in a report on Tuesday, April 22nd. Morgan Stanley cut shares of Comerica from an "equal weight" rating to an "underweight" rating and cut their target price for the company from $63.00 to $55.00 in a report on Monday, April 7th. Jefferies Financial Group began coverage on shares of Comerica in a research report on Wednesday, May 21st. They set an "underperform" rating and a $47.00 price objective on the stock. Truist Financial decreased their target price on shares of Comerica from $65.00 to $57.00 and set a "hold" rating for the company in a research note on Tuesday, April 22nd. Finally, Robert W. Baird dropped their price target on Comerica from $80.00 to $75.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Six analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Comerica has a consensus rating of "Hold" and an average 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.