WCM Investment Management LLC Buys Shares of 5,938 Comerica Incorporated (NYSE:CMA)

WCM Investment Management LLC purchased a new position in shares of Comerica Incorporated (NYSE:CMA) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,938 shares of the financial services provider’s stock, valued at approximately $365,000.

Several other hedge funds and other institutional investors have also made changes to their positions in CMA. Entropy Technologies LP lifted its holdings in Comerica by 303.3% during the 4th quarter. Entropy Technologies LP now owns 38,995 shares of the financial services provider’s stock worth $2,412,000 after buying an additional 29,325 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of Comerica during the fourth quarter worth $355,000. Vest Financial LLC raised its stake in shares of Comerica by 62.6% in the fourth quarter. Vest Financial LLC now owns 40,197 shares of the financial services provider’s stock valued at $2,486,000 after acquiring an additional 15,481 shares in the last quarter. Oakworth Capital Inc. boosted its holdings in Comerica by 1.5% in the fourth quarter. Oakworth Capital Inc. now owns 247,766 shares of the financial services provider’s stock valued at $15,324,000 after purchasing an additional 3,720 shares during the period. Finally, Centennial Wealth Advisory LLC grew its stake in Comerica by 7.2% during the 4th quarter. Centennial Wealth Advisory LLC now owns 5,433 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 365 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Piper Sandler increased their price target on Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Barclays lifted their price target on shares of Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a research note on Monday, January 6th. Compass Point increased their price objective on shares of Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Robert W. Baird reduced their price objective on shares of Comerica from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Comerica from $82.00 to $77.00 and set an “outperform” rating for the company in a research note on Thursday, January 23rd. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Comerica has an average rating of “Hold” and a consensus price target of $68.33.

Comerica Stock Down 2.0 %

Shares of NYSE:CMA opened at $66.24 on Tuesday. Comerica Incorporated has a 1-year low of $45.32 and a 1-year high of $73.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $8.71 billion, a P/E ratio of 13.19 and a beta of 1.25. The firm has a fifty day moving average price of $64.62 and a 200 day moving average price of $61.95.

Comerica (NYSE:CMA) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a return on equity of 12.04% and a net margin of 13.98%. During the same quarter last year, the company posted $1.46 EPS. Sell-side analysts predict that Comerica Incorporated will post 5.34 EPS for the current year.

Comerica declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

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.