PL Capital Advisors LLC Purchases 1,749,438 Shares of Comerica Incorporated (NYSE:CMA)

PL Capital Advisors LLC lifted its position in Comerica Incorporated (NYSE:CMA) by 6,085.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,778,188 shares of the financial services provider’s stock after purchasing an additional 1,749,438 shares during the period. Comerica makes up about 1.3% of PL Capital Advisors LLC’s holdings, making the stock its 13th largest holding. PL Capital Advisors LLC’s holdings in Comerica were worth $109,981,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Sequoia Financial Advisors LLC bought a new stake in Comerica during the 3rd quarter valued at approximately $216,000. International Assets Investment Management LLC bought a new stake in shares of Comerica in the third quarter valued at approximately $11,091,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Comerica by 12.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 80,847 shares of the financial services provider’s stock worth $4,801,000 after acquiring an additional 9,052 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Comerica by 31.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 9,335 shares of the financial services provider’s stock worth $559,000 after acquiring an additional 2,215 shares during the period. Finally, First Trust Direct Indexing L.P. raised its stake in Comerica by 77.0% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 12,205 shares of the financial services provider’s stock valued at $731,000 after purchasing an additional 5,311 shares during the last quarter. 80.74% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. The Goldman Sachs Group lowered shares of Comerica from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $85.00 to $71.00 in a research report on Tuesday, January 7th. Argus raised Comerica to a “hold” rating in a research report on Friday, January 31st. Truist Financial raised Comerica to a “hold” rating in a report on Monday, January 6th. Wells Fargo & Company raised Comerica from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $51.00 to $73.00 in a report on Friday, November 15th. Finally, Robert W. Baird boosted their price objective on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, February 11th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $68.57.

Comerica Stock Down 0.8 %

Shares of Comerica stock opened at $64.28 on Wednesday. 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 capitalization of $8.45 billion, a P/E ratio of 12.80 and a beta of 1.25. The business has a 50-day moving average of $64.33 and a two-hundred day moving average of $63.03. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45.

Comerica (NYSE:CMA) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing the consensus estimate 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 last year, the firm posted $1.46 EPS. As a group, equities analysts predict that Comerica Incorporated will post 5.28 EPS for the current year.

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

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.42%. Comerica’s payout ratio is 56.57%.

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.