Jacobs Levy Equity Management Inc. Acquires 393,507 Shares of Comerica Incorporated (NYSE:CMA)

Jacobs Levy Equity Management Inc. lifted its stake in Comerica Incorporated (NYSE:CMA - Free Report) by 39.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,396,095 shares of the financial services provider's stock after purchasing an additional 393,507 shares during the quarter. Jacobs Levy Equity Management Inc. owned 1.06% of Comerica worth $86,348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. Jefferies Financial Group Inc. increased its stake in Comerica by 27.2% in the 4th quarter. Jefferies Financial Group Inc. now owns 13,000 shares of the financial services provider's stock valued at $804,000 after buying an additional 2,782 shares during the period. Graham Capital Management L.P. grew its holdings in shares of Comerica by 649.7% during the 4th quarter. Graham Capital Management L.P. now owns 56,748 shares of the financial services provider's stock valued at $3,510,000 after acquiring an additional 49,179 shares in the last quarter. Focus Partners Wealth acquired a new position in shares of Comerica in the fourth quarter worth $426,000. Ensign Peak Advisors Inc raised its holdings in shares of Comerica by 27.4% during the fourth quarter. Ensign Peak Advisors Inc now owns 93,766 shares of the financial services provider's stock worth $5,799,000 after acquiring an additional 20,153 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Comerica during the fourth quarter worth $11,895,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on CMA. JPMorgan Chase & Co. lowered Comerica from a "neutral" rating to an "underweight" rating and dropped their target price for the stock from $64.00 to $52.00 in a research report on Tuesday, April 22nd. Robert W. Baird lowered their price target on Comerica from $80.00 to $75.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods cut their price objective on shares of Comerica from $77.00 to $68.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Morgan Stanley cut shares of Comerica from an "equal weight" rating to an "underweight" rating and reduced their target price for the company from $63.00 to $55.00 in a research note on Monday, April 7th. Finally, Truist Financial dropped their price target on shares of Comerica from $65.00 to $57.00 and set a "hold" rating on the stock in a research note on Tuesday, April 22nd. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, Comerica currently has a consensus rating of "Hold" and a consensus price target of $63.22.

Comerica Stock Performance

Shares of NYSE:CMA traded up $0.73 during midday trading on Friday, hitting $58.81. The company's stock had a trading volume of 1,297,202 shares, compared to its average volume of 2,194,499. 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 stock's 50 day simple moving average is $55.53 and its 200 day simple moving average is $62.08. The stock has a market capitalization of $7.73 billion, a price-to-earnings ratio of 11.71 and a beta of 0.92. Comerica Incorporated has a fifty-two week low of $45.32 and a fifty-two week high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last announced its earnings results on Monday, April 21st. The financial services provider reported $1.25 earnings per share for the quarter, beating 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 quarter in the prior year, the company earned $1.29 EPS. As a group, research analysts anticipate that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be given a $0.71 dividend. The ex-dividend date is Friday, June 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.83%. Comerica's dividend payout ratio is 53.69%.

Comerica Company 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.