Deseret Mutual Benefit Administrators Boosts Stock Position in Comerica Incorporated (NYSE:CMA)

Deseret Mutual Benefit Administrators grew its stake in shares of Comerica Incorporated (NYSE:CMA) by 38.9% during the 4th quarter, HoldingsChannel reports. The fund owned 1,453 shares of the financial services provider’s stock after buying an additional 407 shares during the period. Deseret Mutual Benefit Administrators’ holdings in Comerica were worth $90,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Wolverine Asset Management LLC increased its holdings in shares of Comerica by 5.0% in the fourth quarter. Wolverine Asset Management LLC now owns 33,393 shares of the financial services provider’s stock worth $2,065,000 after purchasing an additional 1,598 shares during the period. Hussman Strategic Advisors Inc. bought a new position in shares of Comerica in the fourth quarter worth $1,299,000. Ieq Capital LLC increased its stake in Comerica by 249.2% in the fourth quarter. Ieq Capital LLC now owns 60,213 shares of the financial services provider’s stock valued at $3,724,000 after acquiring an additional 42,969 shares during the last quarter. Private Advisor Group LLC increased its stake in Comerica by 55.3% in the fourth quarter. Private Advisor Group LLC now owns 8,366 shares of the financial services provider’s stock valued at $517,000 after acquiring an additional 2,978 shares during the last quarter. Finally, Plan Group Financial LLC increased its stake in Comerica by 15.9% in the fourth quarter. Plan Group Financial LLC now owns 14,929 shares of the financial services provider’s stock valued at $923,000 after acquiring an additional 2,043 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Stock Performance

Comerica stock opened at $65.54 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09. The firm has a 50-day moving average of $64.37 and a 200-day moving average of $62.78. The firm has a market cap of $8.62 billion, a P/E ratio of 13.06 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 posted its earnings results 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 return on equity of 12.04% and a net margin of 13.98%. During the same quarter in the previous year, the business earned $1.46 EPS. Sell-side analysts expect that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica announced that its Board of Directors has approved a stock buyback program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CMA has been the topic of a number of research analyst reports. Compass Point increased their target price on Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. UBS Group initiated coverage on Comerica in a research note on Tuesday, December 17th. They issued a “sell” rating and a $64.00 target price on the stock. The Goldman Sachs Group cut Comerica from a “buy” rating to a “neutral” rating and reduced their target price for the company from $85.00 to $71.00 in a research note on Tuesday, January 7th. Argus raised Comerica to a “hold” rating in a research note on Friday, January 31st. Finally, Barclays raised their price objective on Comerica from $66.00 to $68.00 and gave the company an “underweight” rating in a research note on Monday, January 6th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $68.57.

Comerica Company 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.