NewEdge Wealth LLC Acquires New Holdings in Comerica Incorporated (NYSE:CMA)

NewEdge Wealth LLC purchased a new stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 180,397 shares of the financial services provider's stock, valued at approximately $10,068,000. NewEdge Wealth LLC owned 0.14% of Comerica at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. First Trust Advisors LP raised its holdings in Comerica by 1,192.2% in the 1st quarter. First Trust Advisors LP now owns 3,878,506 shares of the financial services provider's stock worth $168,405,000 after purchasing an additional 3,578,355 shares during the period. Norges Bank bought a new position in Comerica in the 4th quarter worth $113,763,000. BlackRock Inc. raised its holdings in Comerica by 9.4% in the 1st quarter. BlackRock Inc. now owns 13,313,998 shares of the financial services provider's stock worth $578,094,000 after purchasing an additional 1,145,951 shares during the period. Vaughan Nelson Investment Management L.P. raised its holdings in Comerica by 129.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,930,045 shares of the financial services provider's stock worth $107,716,000 after purchasing an additional 1,088,330 shares during the period. Finally, Millennium Management LLC raised its holdings in Comerica by 155.7% in the 4th quarter. Millennium Management LLC now owns 1,517,108 shares of the financial services provider's stock worth $101,419,000 after purchasing an additional 923,864 shares during the period. 80.74% of the stock is owned by institutional investors.

Comerica Trading Down 0.9 %

Shares of NYSE:CMA traded down $0.44 during trading on Friday, reaching $51.24. The company's stock had a trading volume of 1,671,702 shares, compared to its average volume of 1,868,087. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.03. Comerica Incorporated has a 12 month low of $28.40 and a 12 month high of $57.39. The firm's 50 day simple moving average is $51.37 and its two-hundred day simple moving average is $48.94. The stock has a market capitalization of $6.79 billion, a PE ratio of 7.96 and a beta of 1.27.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings results on Friday, January 19th. The financial services provider reported $1.46 EPS for the quarter, beating analysts' consensus estimates of $1.38 by $0.08. Comerica had a net margin of 16.71% and a return on equity of 19.41%. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $826.07 million. During the same quarter last year, the firm earned $2.58 EPS. On average, research analysts predict that Comerica Incorporated will post 5.09 EPS for the current fiscal year.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 5.54%. The ex-dividend date was Thursday, March 14th. Comerica's dividend payout ratio (DPR) is presently 44.10%.

Insiders Place Their Bets

In other news, EVP Wendy Bridges sold 3,034 shares of the company's stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at $920,840.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Wendy Bridges sold 3,034 shares of the company's stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at $920,840.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the company's stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the transaction, the executive vice president now owns 8,314 shares in the company, valued at $454,276.96. The disclosure for this sale can be found here. Insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CMA shares. Royal Bank of Canada decreased their target price on Comerica from $63.00 to $61.00 and set an "outperform" rating on the stock in a report on Tuesday. Evercore ISI increased their price target on Comerica from $55.00 to $58.00 and gave the stock an "in-line" rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods cut their price target on Comerica from $60.00 to $58.00 and set a "market perform" rating for the company in a research note on Monday, January 22nd. Barclays increased their price target on Comerica from $49.00 to $59.00 and gave the stock an "underweight" rating in a research note on Tuesday, January 2nd. Finally, Stephens reiterated an "overweight" rating and issued a $64.00 price target on shares of Comerica in a research note on Wednesday, March 6th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, Comerica presently has an average rating of "Hold" and an average target price of $57.67.

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.