Corebridge Financial Inc. Purchases 142,618 Shares of Comerica Incorporated (NYSE:CMA)

Corebridge Financial Inc. increased its position in shares of Comerica Incorporated (NYSE:CMA) by 2,300.3% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 148,818 shares of the financial services provider’s stock after buying an additional 142,618 shares during the period. Corebridge Financial Inc.’s holdings in Comerica were worth $9,204,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in Comerica by 134.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after acquiring an additional 490,468 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in Comerica during the fourth quarter worth approximately $82,419,000. Jones Financial Companies Lllp increased its holdings in Comerica by 220.9% in the fourth quarter. Jones Financial Companies Lllp now owns 10,762 shares of the financial services provider’s stock worth $666,000 after purchasing an additional 7,408 shares in the last quarter. Independent Advisor Alliance acquired a new position in Comerica in the fourth quarter valued at approximately $206,000. Finally, New England Research & Management Inc. bought a new position in shares of Comerica during the 4th quarter worth approximately $784,000. Institutional investors and hedge funds own 80.74% of the company’s stock.

Analyst Upgrades and Downgrades

CMA has been the subject of several research analyst reports. DA Davidson lowered their price objective on shares of Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a research note on Thursday, January 23rd. Piper Sandler lifted their price target on shares of Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada cut their price objective on shares of Comerica from $78.00 to $76.00 and set an “outperform” rating on the stock in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods reduced their target price on Comerica from $82.00 to $77.00 and set an “outperform” rating for the company in a research note on Thursday, January 23rd. Finally, Compass Point upped their price target on Comerica from $64.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Three 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, the stock presently has a consensus rating of “Hold” and an average price target of $68.29.

Comerica Trading Down 1.1 %

Shares of CMA stock opened at $59.65 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of 11.88 and a beta of 1.23. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45. The company has a 50-day simple moving average of $63.21 and a two-hundred day simple moving average of $63.52.

Comerica (NYSE:CMA) last released its earnings results 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 period in the prior year, the business earned $1.46 earnings per share. Research analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 4.76%. The ex-dividend date is Friday, March 14th. Comerica’s dividend payout ratio is presently 56.57%.

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.