Principal Financial Group Inc. Has $10.51 Million Holdings in Comerica Incorporated (NYSE:CMA)

Posted by Defense World Staff on May 27th, 2023

Principal Financial Group Inc. cut its stake in shares of Comerica Incorporated (NYSE:CMA – Get Rating) by 3.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 157,233 shares of the financial services provider’s stock after selling 5,607 shares during the period. Principal Financial Group Inc. owned 0.12% of Comerica worth $10,511,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Trexquant Investment LP acquired a new stake in shares of Comerica in the third quarter valued at approximately $3,568,000. National Bank of Canada FI raised its position in shares of Comerica by 29.3% in the fourth quarter. National Bank of Canada FI now owns 67,823 shares of the financial services provider’s stock valued at $4,534,000 after buying an additional 15,361 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Comerica by 0.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,928,269 shares of the financial services provider’s stock valued at $137,118,000 after buying an additional 15,653 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Comerica by 0.9% in the third quarter. Nisa Investment Advisors LLC now owns 58,879 shares of the financial services provider’s stock valued at $4,184,000 after buying an additional 514 shares in the last quarter. Finally, Bleakley Financial Group LLC acquired a new stake in shares of Comerica in the fourth quarter valued at approximately $247,000. 81.91% of the stock is currently owned by institutional investors and hedge funds.

Comerica Price Performance

Shares of NYSE CMA opened at $38.99 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.26. Comerica Incorporated has a 1-year low of $28.40 and a 1-year high of $87.02. The firm has a market capitalization of $5.13 billion, a P/E ratio of 4.11, a P/E/G ratio of 1.13 and a beta of 1.14. The firm’s 50-day moving average price is $40.59 and its 200-day moving average price is $58.64.

Comerica (NYSE:CMA – Get Rating) last posted its earnings results on Thursday, April 20th. The financial services provider reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.13. Comerica had a net margin of 30.16% and a return on equity of 24.34%. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $966.40 million. During the same quarter in the prior year, the business posted $1.37 EPS. Equities research analysts anticipate that Comerica Incorporated will post 8.23 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, July 1st. Shareholders of record on Thursday, June 15th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 7.28%. The ex-dividend date of this dividend is Wednesday, June 14th. Comerica’s payout ratio is 29.93%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Truist Financial decreased their price objective on shares of Comerica from $78.00 to $54.00 and set a “buy” rating on the stock in a research note on Thursday, March 23rd. Wolfe Research cut shares of Comerica from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, May 3rd. TheStreet cut shares of Comerica from a “b-” rating to a “c+” rating in a research note on Monday, May 8th. Barclays decreased their target price on shares of Comerica from $85.00 to $52.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 12th. Finally, Morgan Stanley decreased their target price on shares of Comerica from $85.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 5th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $69.23.

Comerica Profile

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Comerica, Inc engages in the provision of financial services. It operates through the following segments: Commercial Bank, Retail Bank, Wealth Management, Finance, and Other. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services.

Principal Financial Group Inc. Has $10.51 Million Holdings in Comerica Incorporated (NYSE:CMA)

Comerica Price Performance

Comerica Announces Dividend

Wall Street Analysts Forecast Growth

Comerica Profile

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