CIBC Private Wealth Group LLC Sells 648 Shares of Comerica Incorporated (NYSE:CMA)

Posted by Defense World Staff on Jun 8th, 2023

CIBC Private Wealth Group LLC reduced its position in Comerica Incorporated (NYSE:CMA – Get Rating) by 17.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,998 shares of the financial services provider’s stock after selling 648 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Comerica were worth $200,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Petiole USA ltd purchased a new stake in shares of Comerica in the fourth quarter valued at about $2,941,000. PGGM Investments increased its holdings in Comerica by 1.5% during the fourth quarter. PGGM Investments now owns 23,605 shares of the financial services provider’s stock worth $1,578,000 after buying an additional 341 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in Comerica by 6.2% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 32,516 shares of the financial services provider’s stock worth $2,174,000 after purchasing an additional 1,901 shares during the period. ING Groep NV raised its position in shares of Comerica by 667.2% in the fourth quarter. ING Groep NV now owns 22,724 shares of the financial services provider’s stock valued at $1,519,000 after purchasing an additional 19,762 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Comerica by 9.0% in the fourth quarter. Bank of America Corp DE now owns 700,920 shares of the financial services provider’s stock valued at $46,856,000 after purchasing an additional 57,681 shares during the period. 81.91% of the stock is owned by institutional investors.

Comerica Price Performance

Shares of NYSE:CMA opened at $43.84 on Thursday. Comerica Incorporated has a twelve month low of $28.40 and a twelve month high of $87.02. The stock has a market capitalization of $5.77 billion, a PE ratio of 4.62, a price-to-earnings-growth ratio of 1.15 and a beta of 1.15. The firm’s 50 day moving average price is $39.99 and its 200-day moving average price is $56.76. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.26.

Comerica (NYSE:CMA – Get Rating) last released its earnings results on Thursday, April 20th. The financial services provider reported $2.39 EPS 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 analysts’ expectations of $966.40 million. During the same quarter last year, the business earned $1.37 EPS. Equities research analysts expect that Comerica Incorporated will post 8.23 EPS for the current year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, July 1st. Shareholders of record on Thursday, June 15th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 6.48%. The ex-dividend date is Wednesday, June 14th. Comerica’s dividend payout ratio (DPR) is currently 29.93%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CMA shares. UBS Group started coverage on shares of Comerica in a research note on Wednesday, March 15th. They set a “buy” rating and a $68.00 price objective for the company. Raymond James raised shares of Comerica from an “outperform” rating to a “strong-buy” rating and cut their price target for the stock from $84.00 to $57.00 in a research note on Thursday, April 6th. JPMorgan Chase & Co. raised shares of Comerica from a “neutral” rating to an “overweight” rating and set a $46.00 price target for the company in a research note on Friday, May 5th. StockNews.com assumed coverage on shares of Comerica in a research note on Thursday, May 18th. They issued a “sell” rating for the company. Finally, The Goldman Sachs Group cut their price target on shares of Comerica from $83.00 to $61.00 and set a “neutral” rating for the company in a research note on Thursday, March 30th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Comerica has an average rating of “Moderate Buy” and a consensus price target of $67.97.

Comerica Profile

(Get Rating)

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.

Want to see what other hedge funds are holding CMA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Comerica Incorporated (NYSE:CMA – Get Rating).

Institutional Ownership by Quarter for Comerica (NYSE:CMA)

Receive News & Ratings for Comerica Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica and related companies with MarketBeat.com's FREE daily email newsletter.