Primecap Management Co. CA Buys 63,500 Shares of Comerica Incorporated (NYSE:CMA)

Primecap Management Co. CA lifted its stake in shares of Comerica Incorporated (NYSE:CMA) by 14.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 508,000 shares of the financial services provider’s stock after acquiring an additional 63,500 shares during the period. Primecap Management Co. CA owned approximately 0.39% of Comerica worth $31,420,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in shares of Comerica by 134.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after acquiring an additional 490,468 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Comerica by 158.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock worth $1,218,000 after acquiring an additional 12,454 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Comerica by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock worth $257,975,000 after acquiring an additional 226,285 shares during the last quarter. Citigroup Inc. lifted its holdings in shares of Comerica by 390.6% during the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after acquiring an additional 606,375 shares during the last quarter. Finally, Jupiter Asset Management Ltd. bought a new stake in shares of Comerica during the 4th quarter worth $82,419,000. 80.74% of the stock is owned by institutional investors.

Comerica Price Performance

Shares of NYSE:CMA opened at $58.37 on Wednesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a fifty day moving average price of $63.62 and a 200 day moving average price of $63.42. Comerica Incorporated has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of 11.63 and a beta of 1.23.

Comerica (NYSE:CMA) last issued its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share 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 quarter in the prior year, the business posted $1.46 EPS. As a group, sell-side analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.84 annualized dividend and a yield of 4.87%. Comerica’s dividend payout ratio (DPR) is currently 56.57%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CMA shares. Keefe, Bruyette & Woods decreased their target price on shares of Comerica from $82.00 to $77.00 and set an “outperform” rating on the stock in a research report on Thursday, January 23rd. The Goldman Sachs Group cut shares of Comerica from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $85.00 to $71.00 in a research report on Tuesday, January 7th. Compass Point lifted their target price on shares of Comerica from $64.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Piper Sandler boosted their price objective on shares of Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Truist Financial upgraded shares of Comerica to a “hold” rating in a research report on Monday, January 6th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $68.29.

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.