Meridian Wealth Management LLC Takes Position in Comerica Incorporated (NYSE:CMA)

Meridian Wealth Management LLC acquired a new position in shares of Comerica Incorporated (NYSE:CMAFree Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 3,585 shares of the financial services provider’s stock, valued at approximately $200,000.

Several other institutional investors have also recently added to or reduced their stakes in CMA. Raymond James & Associates lifted its position in shares of Comerica by 18.1% during the fourth quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock worth $11,348,000 after purchasing an additional 31,125 shares in the last quarter. Avaii Wealth Management LLC acquired a new stake in Comerica during the 4th quarter worth approximately $679,000. NewEdge Wealth LLC purchased a new position in Comerica in the 4th quarter valued at approximately $10,068,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Comerica by 73.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 56,771 shares of the financial services provider’s stock worth $3,168,000 after acquiring an additional 23,947 shares in the last quarter. Finally, LSV Asset Management increased its position in shares of Comerica by 3.5% during the third quarter. LSV Asset Management now owns 678,976 shares of the financial services provider’s stock worth $28,211,000 after acquiring an additional 22,800 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Stock Up 0.6 %

Shares of NYSE:CMA opened at $54.83 on Monday. The company has a market cap of $7.27 billion, a price-to-earnings ratio of 10.90 and a beta of 1.27. Comerica Incorporated has a fifty-two week low of $34.88 and a fifty-two week high of $57.39. The firm’s 50-day simple moving average is $52.42 and its 200-day simple moving average is $51.17. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.26.

Comerica (NYSE:CMAGet Free Report) last posted its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, beating the consensus estimate of $1.13 by $0.16. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $807.57 million. During the same period last year, the firm earned $2.39 EPS. As a group, equities research analysts predict that Comerica Incorporated will post 5.16 earnings per share for the current year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.84 annualized dividend and a yield of 5.18%. Comerica’s payout ratio is currently 56.46%.

Analysts Set New Price Targets

CMA has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft started coverage on Comerica in a research note on Wednesday, April 10th. They set a “hold” rating and a $59.00 target price for the company. DA Davidson reiterated a “neutral” rating and issued a $56.00 price target on shares of Comerica in a research note on Wednesday, March 6th. Citigroup downgraded shares of Comerica from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $60.00 to $56.00 in a research report on Monday, May 6th. Royal Bank of Canada lifted their price objective on shares of Comerica from $61.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, April 19th. Finally, Stephens reissued an “overweight” rating and issued a $64.00 target price on shares of Comerica in a report on Friday, April 19th. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $56.89.

Read Our Latest Research Report on CMA

Insider Activity

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the sale, the executive vice president now owns 7,236 shares in the company, valued at approximately $380,541.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

About Comerica

(Free Report)

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.

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Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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