New York Life Investment Management LLC Makes New $869,000 Investment in Comerica Incorporated (NYSE:CMA)

New York Life Investment Management LLC bought a new position in Comerica Incorporated (NYSE:CMA) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 14,055 shares of the financial services provider’s stock, valued at approximately $869,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Wedmont Private Capital boosted its stake in Comerica by 2.4% in the fourth quarter. Wedmont Private Capital now owns 7,870 shares of the financial services provider’s stock worth $474,000 after buying an additional 186 shares in the last quarter. Blue Trust Inc. boosted its stake in Comerica by 5.2% in the fourth quarter. Blue Trust Inc. now owns 4,040 shares of the financial services provider’s stock worth $242,000 after buying an additional 200 shares in the last quarter. V Square Quantitative Management LLC boosted its stake in Comerica by 36.7% in the fourth quarter. V Square Quantitative Management LLC now owns 824 shares of the financial services provider’s stock worth $51,000 after buying an additional 221 shares in the last quarter. MCF Advisors LLC boosted its stake in Comerica by 56.3% in the fourth quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock worth $39,000 after buying an additional 228 shares in the last quarter. Finally, Centennial Wealth Advisory LLC boosted its stake in Comerica by 5.2% in the third quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock worth $304,000 after buying an additional 252 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Wells Fargo & Company raised Comerica from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $51.00 to $73.00 in a research note on Friday, November 15th. Argus raised Comerica to a “hold” rating in a research note on Friday, January 31st. Royal Bank of Canada dropped their price objective on Comerica from $78.00 to $76.00 and set an “outperform” rating for the company in a research note on Thursday, January 23rd. DA Davidson dropped their price objective on Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a research note on Thursday, January 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on Comerica from $73.00 to $70.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $68.57.

Comerica Price Performance

CMA opened at $62.66 on Tuesday. The stock has a fifty day simple moving average of $64.53 and a two-hundred day simple moving average of $63.28. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09. The company has a market cap of $8.23 billion, a price-to-earnings ratio of 12.48 and a beta of 1.25. Comerica Incorporated has a 12-month low of $45.32 and a 12-month high of $73.45.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 period in the prior year, the company posted $1.46 earnings per share. Research analysts predict that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica announced that its board has approved a share repurchase program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.71 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.84 dividend on an annualized basis and a yield of 4.53%. Comerica’s dividend payout ratio (DPR) is 56.57%.

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.