Entropy Technologies LP Purchases 29,325 Shares of Comerica Incorporated (NYSE:CMA)

Entropy Technologies LP grew its holdings in shares of Comerica Incorporated (NYSE:CMA) by 303.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 38,995 shares of the financial services provider’s stock after buying an additional 29,325 shares during the period. Entropy Technologies LP’s holdings in Comerica were worth $2,412,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Citigroup Inc. increased its stake in Comerica by 390.6% in the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after purchasing an additional 606,375 shares during the period. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Comerica by 31.3% in the third 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 purchasing an additional 574,516 shares during the last quarter. JPMorgan Chase & Co. lifted 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 valued at $51,309,000 after buying an additional 490,468 shares in the last quarter. Primecap Management Co. CA purchased a new stake in Comerica in the 3rd quarter valued at about $26,630,000. Finally, Holocene Advisors LP bought a new position in Comerica in the 3rd quarter worth about $16,272,000. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Trading Down 0.5 %

Comerica stock opened at $67.60 on Monday. Comerica Incorporated has a one year low of $45.32 and a one year high of $73.45. The stock has a market cap of $8.89 billion, a PE ratio of 13.47 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. The stock has a 50-day moving average of $64.72 and a two-hundred day moving average of $61.86.

Comerica (NYSE:CMA) last announced 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 quarter in the previous year, the business earned $1.46 EPS. On average, research analysts anticipate that Comerica Incorporated will post 5.34 EPS for the current fiscal year.

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

Analysts Set New Price Targets

Several research firms have recently weighed in on CMA. UBS Group initiated coverage on shares of Comerica in a research note on Tuesday, December 17th. They set a “sell” rating and a $64.00 price target for the company. Argus upgraded Comerica to a “hold” rating in a report on Friday, January 31st. JPMorgan Chase & Co. cut their price target on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Stephens upped their price objective on shares of Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Finally, Piper Sandler increased their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $68.33.

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.