Commonwealth Bank of Australia grew its stake in shares of Comerica Incorporated (NYSE:CMA) by 59.9% during the fourth quarter, HoldingsChannel reports. The firm owned 19,789 shares of the financial services provider’s stock after purchasing an additional 7,414 shares during the period. Commonwealth Bank of Australia’s holdings in Comerica were worth $1,353,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. raised its stake in Comerica by 28.3% in the third quarter. Robeco Institutional Asset Management B.V. now owns 251,641 shares of the financial services provider’s stock worth $22,729,000 after buying an additional 55,445 shares in the last quarter. Stratos Wealth Partners LTD. bought a new position in Comerica in the third quarter worth about $163,000. Janney Montgomery Scott LLC bought a new position in Comerica in the third quarter worth about $1,099,000. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Comerica by 3.4% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 648,219 shares of the financial services provider’s stock worth $58,469,000 after buying an additional 21,515 shares in the last quarter. Finally, Toronto Dominion Bank raised its stake in Comerica by 0.8% in the third quarter. Toronto Dominion Bank now owns 111,458 shares of the financial services provider’s stock worth $10,051,000 after buying an additional 841 shares in the last quarter. 83.20% of the stock is currently owned by institutional investors.
CMA has been the subject of a number of research reports. Macquarie downgraded shares of Comerica from a “neutral” rating to an “underperform” rating in a research note on Tuesday, November 27th. Piper Jaffray Companies set a $106.00 price target on shares of Comerica and gave the stock a “buy” rating in a research note on Tuesday, December 4th. B. Riley cut shares of Comerica from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $107.00 to $84.00 in a report on Monday, December 10th. Morgan Stanley cut their price objective on shares of Comerica from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Tuesday, December 11th. Finally, Keefe, Bruyette & Woods cut shares of Comerica from an “outperform” rating to a “market perform” rating in a report on Wednesday, December 12th. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $94.95.
In other Comerica news, insider Paul R. Obermeyer sold 8,200 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $86.75, for a total value of $711,350.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Megan D. Burkhart sold 7,443 shares of the stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $87.55, for a total transaction of $651,634.65. The disclosure for this sale can be found here. Insiders sold 18,565 shares of company stock worth $1,603,348 over the last quarter. Insiders own 0.83% of the company’s stock.
CMA opened at $82.16 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.03 and a current ratio of 1.03. Comerica Incorporated has a 1-year low of $63.69 and a 1-year high of $101.05. The company has a market capitalization of $13.11 billion, a price-to-earnings ratio of 11.35, a price-to-earnings-growth ratio of 0.51 and a beta of 1.45.
Comerica (NYSE:CMA) last released its quarterly 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. Comerica had a net margin of 34.24% and a return on equity of 15.84%. The business had revenue of $864.00 million for the quarter, compared to the consensus estimate of $863.43 million. During the same period last year, the firm earned $1.28 earnings per share. The company’s quarterly revenue was up 4.1% on a year-over-year basis. On average, equities analysts anticipate that Comerica Incorporated will post 8.19 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be given a $0.67 dividend. The ex-dividend date is Thursday, March 14th. This is an increase from Comerica’s previous quarterly dividend of $0.60. This represents a $2.68 annualized dividend and a yield of 3.26%. Comerica’s dividend payout ratio (DPR) is presently 33.15%.
Comerica announced that its Board of Directors has approved a stock buyback plan on Tuesday, January 22nd that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers 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 middle market businesses, multinational corporations, and governmental entities.
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