First Trust Advisors LP Buys 69,392 Shares of Comerica Incorporated $CMA

First Trust Advisors LP lifted its stake in Comerica Incorporated (NYSE:CMA) by 11.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 654,103 shares of the financial services provider’s stock after purchasing an additional 69,392 shares during the quarter. First Trust Advisors LP’s holdings in Comerica were worth $39,017,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new stake in Comerica during the 2nd quarter valued at about $97,138,000. Primecap Management Co. CA grew its holdings in shares of Comerica by 55.3% during the second quarter. Primecap Management Co. CA now owns 2,593,800 shares of the financial services provider’s stock valued at $154,720,000 after buying an additional 923,690 shares during the last quarter. Azora Capital LP increased its position in shares of Comerica by 53.7% during the first quarter. Azora Capital LP now owns 1,899,198 shares of the financial services provider’s stock valued at $112,167,000 after acquiring an additional 663,513 shares in the last quarter. Kodai Capital Management LP purchased a new position in Comerica in the 1st quarter worth approximately $32,864,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in Comerica in the 2nd quarter valued at approximately $31,365,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMA has been the subject of a number of research analyst reports. Weiss Ratings lowered Comerica from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 24th. Evercore ISI set a $88.00 price objective on Comerica and gave the stock an “in-line” rating in a report on Thursday, October 30th. Cowen initiated coverage on shares of Comerica in a research note on Wednesday, September 24th. They set a “hold” rating on the stock. Truist Financial raised their price target on shares of Comerica from $68.00 to $70.00 and gave the company a “hold” rating in a report on Friday, September 12th. Finally, Morgan Stanley raised shares of Comerica from an “underweight” rating to an “equal weight” rating and set a $83.00 price objective for the company in a report on Tuesday, October 7th. Two investment analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $74.26.

Comerica Price Performance

NYSE CMA opened at $83.81 on Wednesday. The company has a 50-day moving average price of $78.17 and a 200-day moving average price of $69.32. Comerica Incorporated has a 52 week low of $48.12 and a 52 week high of $85.32. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $10.71 billion, a P/E ratio of 15.99 and a beta of 1.07.

Comerica (NYSE:CMA) last announced its earnings results on Monday, December 9th. The financial services provider reported $1.53 earnings per share (EPS) for the quarter. Comerica had a net margin of 14.91% and a return on equity of 10.69%. The company had revenue of $824.00 million during the quarter. Equities research analysts anticipate that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Stockholders of record on Monday, December 15th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, December 15th. Comerica’s dividend payout ratio is 54.20%.

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.