State Treasurer State of Michigan lowered its stake in Comerica Incorporated (NYSE:CMA) by 9.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 46,276 shares of the financial services provider’s stock after selling 4,800 shares during the period. State Treasurer State of Michigan’s holdings in Comerica were worth $3,179,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC increased its stake in shares of Comerica by 31.5% in the 2nd quarter. FMR LLC now owns 1,074,432 shares of the financial services provider’s stock valued at $97,687,000 after purchasing an additional 257,581 shares in the last quarter. Atria Investments LLC increased its stake in shares of Comerica by 25.2% in the 3rd quarter. Atria Investments LLC now owns 7,318 shares of the financial services provider’s stock valued at $660,000 after purchasing an additional 1,471 shares in the last quarter. State of Alaska Department of Revenue increased its stake in shares of Comerica by 5.0% in the 3rd quarter. State of Alaska Department of Revenue now owns 46,662 shares of the financial services provider’s stock valued at $4,208,000 after purchasing an additional 2,213 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Comerica by 2.2% in the 3rd quarter. Bank of Montreal Can now owns 819,821 shares of the financial services provider’s stock valued at $73,950,000 after purchasing an additional 17,997 shares in the last quarter. Finally, Sheets Smith Wealth Management purchased a new position in shares of Comerica in the 3rd quarter valued at about $481,000. 84.74% of the stock is owned by institutional investors.
Several equities analysts recently weighed in on CMA shares. Piper Jaffray Companies set a $106.00 price target on Comerica and gave the company a “buy” rating in a research note on Tuesday, December 4th. Nomura cut their price objective on Comerica from $114.00 to $102.00 and set a “buy” rating for the company in a research note on Wednesday, October 17th. B. Riley set a $107.00 price objective on Comerica and gave the stock a “buy” rating in a research note on Monday, October 15th. Stephens reiterated a “buy” rating and set a $85.00 price objective on shares of Comerica in a research note on Wednesday, December 19th. Finally, Argus initiated coverage on Comerica in a research note on Thursday, January 3rd. They set a “buy” rating and a $88.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Comerica presently has an average rating of “Hold” and a consensus target price of $95.52.
Shares of Comerica stock traded down $0.02 on Monday, hitting $82.32. 7,097 shares of the company were exchanged, compared to its average volume of 2,316,442. The stock has a market cap of $13.35 billion, a P/E ratio of 11.37, a P/E/G ratio of 0.51 and a beta of 1.42. Comerica Incorporated has a 1-year low of $63.69 and a 1-year high of $102.66. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.03 and a quick ratio of 1.03.
Comerica (NYSE:CMA) last issued its earnings results on Wednesday, January 16th. The financial services provider reported $1.95 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.87 by $0.08. The business had revenue of $864.00 million for the quarter, compared to analysts’ expectations of $863.43 million. Comerica had a return on equity of 15.84% and a net margin of 34.24%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.28 EPS. As a group, research analysts expect that Comerica Incorporated will post 8.19 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be issued a dividend of $0.67 per share. This is a boost from Comerica’s previous quarterly dividend of $0.60. This represents a $2.68 annualized dividend and a dividend yield of 3.26%. The ex-dividend date is Thursday, March 14th. Comerica’s payout ratio is currently 33.15%.
Comerica announced that its board has authorized a share repurchase program on Tuesday, January 22nd that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
In related news, insider Peter William Guilfoile sold 2,922 shares of the company’s stock in a transaction that occurred on Tuesday, January 29th. The stock was sold at an average price of $82.26, for a total value of $240,363.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.83% of the company’s stock.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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