Hussman Strategic Advisors Inc. Purchases New Position in Comerica Incorporated (NYSE:CMA)

Hussman Strategic Advisors Inc. bought a new stake in shares of Comerica Incorporated (NYSE:CMA) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 21,000 shares of the financial services provider’s stock, valued at approximately $1,299,000.

A number of other large investors have also recently made changes to their positions in the stock. Citigroup Inc. grew its holdings in Comerica by 390.6% during the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock valued at $45,628,000 after buying an additional 606,375 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in Comerica by 31.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock worth $144,312,000 after purchasing an additional 574,516 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Comerica by 134.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock valued at $51,309,000 after purchasing an additional 490,468 shares during the period. Primecap Management Co. CA purchased a new position in shares of Comerica during the 3rd quarter valued at $26,630,000. Finally, Holocene Advisors LP purchased a new stake in shares of Comerica in the third quarter worth $16,272,000. 80.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CMA shares. Piper Sandler raised their price target on Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods decreased their price target on shares of Comerica from $82.00 to $77.00 and set an “outperform” rating on the stock in a report on Thursday, January 23rd. DA Davidson cut their target price on shares of Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a research report on Thursday, January 23rd. UBS Group assumed coverage on Comerica in a research note on Tuesday, December 17th. They set a “sell” rating and a $64.00 price target for the company. Finally, Robert W. Baird boosted their target price on Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 11th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $68.57.

Comerica Price Performance

CMA stock opened at $67.80 on Thursday. The firm has a 50-day moving average of $64.37 and a 200 day moving average of $62.57. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $8.92 billion, a P/E ratio of 13.51 and a beta of 1.25. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45.

Comerica (NYSE:CMA) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same period in the prior year, the business earned $1.46 EPS. On average, sell-side analysts forecast that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica declared that its Board of Directors has authorized a share buyback plan on Tuesday, November 5th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

About Comerica

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.