Securian Asset Management Inc lessened its stake in Comerica Incorporated (NYSE:CMA) by 5.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,553 shares of the financial services provider’s stock after selling 901 shares during the period. Securian Asset Management Inc’s holdings in Comerica were worth $1,137,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. lifted its position in Comerica by 136.6% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 28,103 shares of the financial services provider’s stock valued at $1,930,000 after acquiring an additional 16,226 shares in the last quarter. LS Investment Advisors LLC lifted its position in Comerica by 7.4% in the 4th quarter. LS Investment Advisors LLC now owns 5,453 shares of the financial services provider’s stock valued at $375,000 after acquiring an additional 377 shares in the last quarter. Lockheed Martin Investment Management Co. bought a new position in Comerica in the 4th quarter valued at approximately $941,000. Janney Montgomery Scott LLC lifted its position in Comerica by 455.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 67,661 shares of the financial services provider’s stock valued at $4,648,000 after acquiring an additional 55,481 shares in the last quarter. Finally, Creative Planning lifted its position in Comerica by 200.8% in the 4th quarter. Creative Planning now owns 21,190 shares of the financial services provider’s stock valued at $1,456,000 after acquiring an additional 14,146 shares in the last quarter. 84.74% of the stock is owned by institutional investors.
In other Comerica news, insider Peter William Guilfoile sold 2,922 shares of the stock in a transaction on Tuesday, January 29th. The stock was sold at an average price of $82.26, for a total value of $240,363.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.83% of the company’s stock.
NYSE:CMA opened at $83.06 on Tuesday. Comerica Incorporated has a one year low of $63.69 and a one year high of $102.66. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $13.35 billion, a PE ratio of 11.47, a P/E/G ratio of 0.51 and a beta of 1.42.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.87 by $0.08. Comerica had a return on equity of 15.84% and a net margin of 34.24%. The business had revenue of $864.00 million during the quarter, compared to analyst estimates of $863.43 million. During the same quarter in the prior year, the business posted $1.28 EPS. Comerica’s revenue for the quarter was up 4.1% compared to the same quarter last year. Sell-side analysts expect that Comerica Incorporated will post 8.19 EPS for the current fiscal year.
Comerica announced that its Board of Directors has initiated a share buyback program on Tuesday, January 22nd that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.
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 paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Thursday, March 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.60. Comerica’s dividend payout ratio is presently 33.15%.
Several research firms recently issued reports on CMA. DA Davidson lowered their price objective on Comerica to $87.00 and set a “neutral” rating on the stock in a research report on Thursday, January 17th. BMO Capital Markets increased their price target on Comerica to $83.00 and gave the company an “outperform” rating in a report on Thursday, January 17th. Wedbush increased their price target on Comerica from $81.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday, January 17th. Morgan Stanley lowered their price target on Comerica from $98.00 to $96.00 and set an “overweight” rating on the stock in a report on Tuesday, January 8th. Finally, Goldman Sachs Group cut Comerica from a “conviction-buy” rating to a “buy” rating in a report on Monday, January 7th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Comerica has a consensus rating of “Hold” and an average price target of $95.52.
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Comerica Company Profile
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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