State of Alaska Department of Revenue Increases Holdings in Comerica Incorporated (NYSE:CMA)

State of Alaska Department of Revenue grew its holdings in shares of Comerica Incorporated (NYSE:CMA) by 2.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,390 shares of the financial services provider’s stock after buying an additional 390 shares during the period. State of Alaska Department of Revenue’s holdings in Comerica were worth $908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of CMA. Quarry LP lifted its holdings in Comerica by 152.0% during the 4th quarter. Quarry LP now owns 867 shares of the financial services provider’s stock worth $54,000 after buying an additional 523 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in Comerica by 64.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,362 shares of the financial services provider’s stock worth $84,000 after buying an additional 533 shares during the last quarter. UMB Bank n.a. lifted its holdings in Comerica by 19.4% during the 1st quarter. UMB Bank n.a. now owns 1,777 shares of the financial services provider’s stock worth $105,000 after buying an additional 289 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in Comerica by 63.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,061 shares of the financial services provider’s stock worth $127,000 after buying an additional 802 shares during the last quarter. Finally, Point72 Europe London LLP purchased a new stake in Comerica during the 4th quarter worth about $130,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CMA shares. Evercore ISI downgraded Comerica from an “in-line” rating to an “underperform” rating and decreased their price target for the stock from $65.00 to $50.00 in a report on Tuesday, April 22nd. Raymond James Financial cut their target price on Comerica from $72.00 to $67.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 2nd. Robert W. Baird cut their target price on Comerica from $80.00 to $75.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 22nd. Piper Sandler lifted their target price on Comerica from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 11th. Finally, UBS Group upgraded Comerica from a “sell” rating to a “neutral” rating and set a $59.00 target price on the stock in a research report on Thursday, April 10th. Six analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Comerica currently has a consensus rating of “Hold” and a consensus target price of $61.95.

Comerica Stock Performance

Shares of CMA stock opened at $59.14 on Friday. The stock has a market capitalization of $7.77 billion, a PE ratio of 11.18 and a beta of 0.92. Comerica Incorporated has a 52-week low of $47.38 and a 52-week high of $73.45. The stock’s 50-day moving average price is $56.27 and its 200 day moving average price is $59.68. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.86.

Comerica (NYSE:CMA) last issued its earnings results on Monday, April 21st. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The business had revenue of $829.00 million during the quarter, compared to the consensus estimate of $839.31 million. Comerica had a return on equity of 11.59% and a net margin of 14.89%. During the same period in the prior year, the business posted $1.29 EPS. As a group, equities research analysts forecast that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, June 13th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.80%. The ex-dividend date is Friday, June 13th. Comerica’s dividend payout ratio is currently 53.69%.

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.