Novare Capital Management LLC increased its position in Comerica Incorporated (NYSE:CMA) by 7.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 81,095 shares of the financial services provider’s stock after acquiring an additional 5,945 shares during the period. Novare Capital Management LLC’s holdings in Comerica were worth $6,184,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its holdings in shares of Comerica by 0.3% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock worth $169,000 after acquiring an additional 8 shares during the period. National Planning Corp boosted its position in shares of Comerica by 0.4% during the 2nd quarter. National Planning Corp now owns 5,763 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 21 shares in the last quarter. Contravisory Investment Management Inc. boosted its position in shares of Comerica by 0.7% during the 2nd quarter. Contravisory Investment Management Inc. now owns 3,588 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 25 shares in the last quarter. Veritable L.P. boosted its position in shares of Comerica by 0.3% during the 2nd quarter. Veritable L.P. now owns 10,844 shares of the financial services provider’s stock valued at $794,000 after purchasing an additional 32 shares in the last quarter. Finally, Cadence Capital Management LLC boosted its position in shares of Comerica by 0.8% during the 2nd quarter. Cadence Capital Management LLC now owns 7,039 shares of the financial services provider’s stock valued at $516,000 after purchasing an additional 58 shares in the last quarter. 82.34% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently weighed in on the stock. Macquarie upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and set a $90.00 price objective for the company in a research report on Friday. Deutsche Bank AG raised their target price on shares of Comerica from $80.00 to $82.00 and gave the stock a “hold” rating in a report on Wednesday, November 8th. Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating in a report on Wednesday, November 1st. Nomura raised their target price on shares of Comerica from $74.00 to $86.00 and gave the stock a “neutral” rating in a report on Monday, October 23rd. Finally, Robert W. Baird reissued a “hold” rating and issued a $74.00 price target on shares of Comerica in a research report on Friday, October 20th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $78.57.
Comerica Incorporated (CMA) traded down $0.46 during trading on Friday, hitting $78.42. The company had a trading volume of 1,237,600 shares, compared to its average volume of 1,705,706. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.00 and a quick ratio of 1.00. Comerica Incorporated has a fifty-two week low of $59.15 and a fifty-two week high of $80.25. The company has a market capitalization of $13,640.00, a PE ratio of 17.81, a price-to-earnings-growth ratio of 1.80 and a beta of 1.50.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.03. The firm had revenue of $821.00 million during the quarter, compared to analysts’ expectations of $812.83 million. Comerica had a return on equity of 10.35% and a net margin of 24.87%. During the same period in the previous year, the business posted $0.84 EPS. equities analysts predict that Comerica Incorporated will post 4.86 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 15th will be issued a dividend of $0.30 per share. The ex-dividend date is Thursday, December 14th. This represents a $1.20 annualized dividend and a yield of 1.53%. Comerica’s dividend payout ratio is currently 27.21%.
Comerica declared that its board has initiated a stock buyback program on Tuesday, July 25th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In other news, insider Peter William Guilfoile sold 2,928 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christine M. Moore sold 3,200 shares of the business’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $75.07, for a total value of $240,224.00. The disclosure for this sale can be found here. Insiders have sold a total of 52,045 shares of company stock valued at $3,680,675 over the last three months. Company insiders own 1.10% of the company’s stock.
Comerica Company Profile
Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services and loan syndication services.
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