Envestnet Asset Management Inc. Reduces Stake in Comerica Incorporated $CMA

Envestnet Asset Management Inc. lowered its position in shares of Comerica Incorporated (NYSE:CMA) by 23.2% in the 2nd quarter, Holdings Channel.com reports. The fund owned 32,317 shares of the financial services provider’s stock after selling 9,745 shares during the period. Envestnet Asset Management Inc.’s holdings in Comerica were worth $1,928,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Gen Wealth Partners Inc bought a new position in Comerica in the 1st quarter valued at $34,000. FNY Investment Advisers LLC bought a new stake in Comerica during the second quarter valued at $35,000. Geneos Wealth Management Inc. grew its position in Comerica by 41.8% during the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider’s stock worth $35,000 after buying an additional 176 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in Comerica in the 1st quarter worth about $55,000. Finally, MAI Capital Management raised its holdings in shares of Comerica by 32.1% in the 1st quarter. MAI Capital Management now owns 942 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 229 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CMA. TD Cowen began coverage on Comerica in a report on Thursday, September 25th. They set a “hold” rating and a $75.00 price objective for the company. Wells Fargo & Company boosted their price target on shares of Comerica from $65.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Monday, October 20th. Morgan Stanley upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and set a $83.00 price objective on the stock in a research report on Tuesday, October 7th. Evercore ISI set a $88.00 price objective on shares of Comerica and gave the stock an “in-line” rating in a report on Thursday, October 30th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $93.00 target price (up previously from $73.00) on shares of Comerica in a research note on Friday, October 10th. Three analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $74.55.

Comerica Trading Up 0.5%

CMA stock opened at $76.15 on Wednesday. The firm has a market cap of $9.73 billion, a PE ratio of 14.53 and a beta of 1.04. The firm has a fifty day moving average price of $74.72 and a 200 day moving average price of $66.81. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.96 and a current ratio of 0.96. Comerica Incorporated has a fifty-two week low of $48.12 and a fifty-two week high of $83.22.

Comerica (NYSE:CMA) last released its quarterly earnings data on Monday, December 9th. The financial services provider reported $1.53 EPS for the quarter. Comerica had a net margin of 14.91% and a return on equity of 10.69%. The business had revenue of $824.00 million during the quarter. Sell-side analysts anticipate that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Monday, December 15th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Monday, December 15th. Comerica’s payout ratio is presently 54.20%.

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.