Ledyard National Bank Trims Stock Holdings in Comerica Incorporated (NYSE:CMA)

Ledyard National Bank lowered its stake in shares of Comerica Incorporated (NYSE:CMA) by 10.3% during the fourth quarter, Holdings Channel reports. The fund owned 13,000 shares of the financial services provider’s stock after selling 1,500 shares during the quarter. Ledyard National Bank’s holdings in Comerica were worth $804,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Trust Co. of Vermont boosted its stake in shares of Comerica by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 321 shares during the last quarter. Luken Investment Analytics LLC purchased a new position in shares of Comerica during the fourth quarter valued at approximately $31,000. V Square Quantitative Management LLC acquired a new stake in Comerica during the third quarter worth approximately $36,000. MCF Advisors LLC grew its stake in Comerica by 56.3% in the 4th quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 228 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in Comerica in the 3rd quarter valued at $42,000. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Price Performance

CMA stock opened at $67.91 on Friday. The firm has a market cap of $8.93 billion, a P/E ratio of 13.53 and a beta of 1.25. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45. The stock has a 50-day simple moving average of $64.81 and a 200-day simple moving average of $61.60.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) 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 quarter last year, the company posted $1.46 earnings per share. On average, equities analysts predict that Comerica Incorporated will post 5.36 earnings per share for the current fiscal year.

Comerica announced that its board has initiated a stock buyback program on Tuesday, November 5th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

CMA has been the topic of several analyst reports. Argus upgraded Comerica to a “hold” rating in a report on Friday, January 31st. Robert W. Baird lowered their price target on Comerica from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Thursday, January 23rd. Wells Fargo & Company raised shares of Comerica from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $51.00 to $73.00 in a research note on Friday, November 15th. Piper Sandler raised their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Three investment 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. According to data from MarketBeat, Comerica has an average rating of “Hold” and an average price target of $68.33.

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.