tru Independence LLC Acquires 4,772 Shares of Comerica Incorporated (NYSE:CMA)

tru Independence LLC raised its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 85,075 shares of the financial services provider's stock after purchasing an additional 4,772 shares during the period. Comerica accounts for approximately 1.6% of tru Independence LLC's investment portfolio, making the stock its 23rd biggest position. tru Independence LLC owned approximately 0.06% of Comerica worth $5,024,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Jupiter Asset Management Ltd. acquired a new position in Comerica during the 4th quarter valued at about $82,419,000. Norges Bank purchased a new position in shares of Comerica during the fourth quarter valued at approximately $64,150,000. North Reef Capital Management LP boosted its position in shares of Comerica by 15.7% during the fourth quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider's stock valued at $250,492,000 after buying an additional 550,000 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in Comerica by 548.9% during 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 buying an additional 543,400 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its position in Comerica by 29.7% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,149,591 shares of the financial services provider's stock valued at $132,952,000 after buying an additional 492,381 shares during the last quarter. Institutional investors own 80.74% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CMA shares. Citigroup upped their target price on shares of Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company decreased their price objective 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. The Goldman Sachs Group cut their target price on Comerica from $66.00 to $57.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. UBS Group raised Comerica from a "sell" rating to a "neutral" rating and set a $59.00 target price for the company in a report on Thursday, April 10th. Finally, Piper Sandler lifted their price target on Comerica from $57.00 to $60.00 and gave the stock a "neutral" rating in a report on Wednesday, June 11th. Six analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $62.30.

Comerica Stock Performance

Shares of Comerica stock traded up $1.20 during trading hours on Thursday, reaching $64.00. The company had a trading volume of 1,814,302 shares, compared to its average volume of 2,012,032. The firm has a market cap of $8.41 billion, a PE ratio of 12.10 and a beta of 0.92. Comerica Incorporated has a one year low of $48.12 and a one year high of $73.45. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.96 and a quick ratio of 0.96. The business has a fifty day simple moving average of $57.93 and a 200 day simple moving average of $59.53.

Comerica (NYSE:CMA - Get Free Report) last issued its earnings results on Monday, April 21st. The financial services provider reported $1.25 EPS for the quarter, topping the consensus estimate of $1.14 by $0.11. Comerica had a return on equity of 11.59% and a net margin of 14.89%. The business had revenue of $829.00 million during the quarter, compared to the consensus estimate of $839.31 million. During the same quarter last year, the company earned $1.29 EPS. On average, analysts anticipate that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date is Friday, June 13th. Comerica's dividend payout ratio (DPR) is presently 53.69%.

Comerica Profile

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.