National Pension Service boosted its position in Comerica Incorporated (NYSE:CMA) by 5.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 240,144 shares of the financial services provider’s stock after buying an additional 12,356 shares during the period. National Pension Service owned approximately 0.17% of Comerica worth $15,847,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Commonwealth Equity Services LLC grew its position in Comerica by 5.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 14,984 shares of the financial services provider’s stock worth $1,088,000 after purchasing an additional 813 shares in the last quarter. Bessemer Group Inc. grew its position in Comerica by 5,987.4% during the second quarter. Bessemer Group Inc. now owns 64,709 shares of the financial services provider’s stock valued at $4,701,000 after buying an additional 63,646 shares during the period. Commerzbank Aktiengesellschaft FI increased its holdings in Comerica by 19.0% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,707 shares of the financial services provider’s stock worth $269,000 after buying an additional 591 shares during the last quarter. BB&T Corp purchased a new stake in Comerica during the second quarter worth about $329,000. Finally, Daiwa Securities Group Inc. raised its position in Comerica by 9.7% in the second quarter. Daiwa Securities Group Inc. now owns 19,656 shares of the financial services provider’s stock worth $1,428,000 after acquiring an additional 1,735 shares during the period. Institutional investors own 82.57% of the company’s stock.
CMA has been the topic of a number of research analyst reports. JPMorgan Chase & Co. cut shares of Comerica from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $70.00 to $65.00 in a research note on Thursday, October 17th. Morgan Stanley lowered shares of Comerica from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $77.00 to $75.00 in a research note on Tuesday, November 26th. Stephens reaffirmed a “hold” rating and issued a $72.00 price target on shares of Comerica in a report on Wednesday, October 16th. B. Riley lowered their price target on shares of Comerica from $73.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, October 4th. Finally, Piper Jaffray Companies downgraded Comerica from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $74.50 to $72.50 in a research note on Thursday, October 17th. Six equities research analysts have rated the stock with a sell rating and sixteen have assigned a hold rating to the company. The stock presently has an average rating of “Hold” and an average target price of $72.91.
In other news, EVP Peter William Guilfoile sold 6,959 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $71.45, for a total value of $497,220.55. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Reginald M. Turner, Jr. sold 2,495 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $66.66, for a total transaction of $166,316.70. The disclosure for this sale can be found here. 0.98% of the stock is currently owned by insiders.
Shares of CMA stock opened at $70.10 on Tuesday. The stock has a market capitalization of $10.15 billion, a P/E ratio of 9.68, a PEG ratio of 0.56 and a beta of 1.56. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.02. The firm’s 50 day moving average is $68.43 and its 200 day moving average is $67.81. Comerica Incorporated has a 12 month low of $58.54 and a 12 month high of $88.96.
Comerica (NYSE:CMA) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.06. Comerica had a net margin of 32.11% and a return on equity of 16.82%. The business had revenue of $842.00 million during the quarter, compared to analyst estimates of $836.10 million. During the same period in the previous year, the business earned $1.86 EPS. Comerica’s revenue was up 1.1% compared to the same quarter last year. On average, equities analysts predict that Comerica Incorporated will post 7.71 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Thursday, December 12th. Comerica’s payout ratio is currently 37.02%.
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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