Ieq Capital LLC Boosts Stake in Comerica Incorporated (NYSE:CMA)

Ieq Capital LLC grew its position in shares of Comerica Incorporated (NYSE:CMA) by 249.2% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 60,213 shares of the financial services provider’s stock after acquiring an additional 42,969 shares during the period. Ieq Capital LLC’s holdings in Comerica were worth $3,724,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CMA. Citigroup Inc. grew its holdings in shares of Comerica by 390.6% during the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after acquiring an additional 606,375 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in shares of 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 buying an additional 574,516 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Comerica by 134.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after buying an additional 490,468 shares during the last quarter. Primecap Management Co. CA purchased a new stake in shares of Comerica in the 3rd quarter worth approximately $26,630,000. Finally, Holocene Advisors LP purchased a new stake in shares of Comerica in the 3rd quarter worth approximately $16,272,000. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Trading Down 2.2 %

Shares of Comerica stock opened at $65.54 on Friday. The firm has a market cap of $8.62 billion, a price-to-earnings ratio of 13.06 and a beta of 1.25. The business has a 50-day moving average price of $64.37 and a 200-day moving average price of $62.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09. Comerica Incorporated has a twelve month low of $45.32 and a twelve month high of $73.45.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing analysts’ consensus estimates 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 previous year, the business posted $1.46 EPS. Equities research analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

CMA has been the topic of several recent research reports. Argus upgraded Comerica to a “hold” rating in a research note on Friday, January 31st. Royal Bank of Canada lowered their price objective on Comerica from $78.00 to $76.00 and set an “outperform” rating on the stock in a research report on Thursday, January 23rd. JPMorgan Chase & Co. lowered their price target on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. UBS Group started coverage on Comerica in a report on Tuesday, December 17th. They set a “sell” rating and a $64.00 price target on the stock. Finally, DA Davidson lowered their price target on Comerica from $71.00 to $67.00 and set a “neutral” rating on the stock in a report on Thursday, January 23rd. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $68.57.

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.