Oakbrook Investments LLC lifted its position in Comerica Incorporated (NYSE:CMA) by 83.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,200 shares of the financial services provider’s stock after purchasing an additional 6,000 shares during the quarter. Oakbrook Investments LLC’s holdings in Comerica were worth $1,007,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Exane Derivatives purchased a new position in Comerica in the second quarter worth about $125,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Comerica in the first quarter valued at approximately $127,000. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its holdings in shares of Comerica by 0.3% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock valued at $169,000 after purchasing an additional 8 shares during the period. Smithfield Trust Co. boosted its holdings in shares of Comerica by 2,446.0% in the second quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock valued at $186,000 after purchasing an additional 2,446 shares during the period. Finally, Regentatlantic Capital LLC purchased a new stake in shares of Comerica in the second quarter valued at approximately $201,000. Institutional investors own 83.49% of the company’s stock.
In other Comerica news, insider Judith S. Love sold 21,000 shares of Comerica stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total value of $1,464,540.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Peter William Guilfoile sold 2,928 shares of Comerica stock in a transaction on Monday, August 28th. The shares were sold at an average price of $69.50, for a total transaction of $203,496.00. The disclosure for this sale can be found here. Insiders have sold a total of 44,249 shares of company stock worth $3,095,383 over the last quarter. 1.10% of the stock is owned by company insiders.
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CMA has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded Comerica from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. Citigroup Inc. reaffirmed a “sell” rating and issued a $69.00 price target (up from $65.00) on shares of Comerica in a report on Monday, October 9th. Nomura increased their target price on shares of Comerica from $74.00 to $86.00 and gave the stock a “neutral” rating in a research note on Monday, October 23rd. Robert W. Baird restated a “hold” rating and set a $70.00 price target on shares of Comerica in a research report on Friday, August 25th. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $82.00 price objective on shares of Comerica in a report on Friday, September 8th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $78.00.
Shares of Comerica Incorporated (NYSE:CMA) traded down $0.35 during trading hours on Friday, reaching $74.93. 1,165,600 shares of the company traded hands, compared to its average volume of 1,700,331. Comerica Incorporated has a 12-month low of $55.75 and a 12-month high of $80.25. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $13,092.32, a price-to-earnings ratio of 16.99, a P/E/G ratio of 1.72 and a beta of 1.50.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.03. Comerica had a net margin of 24.87% and a return on equity of 10.35%. The firm had revenue of $821.00 million for the quarter, compared to analyst estimates of $812.83 million. During the same period last year, the business earned $0.84 EPS. research analysts anticipate that Comerica Incorporated will post 4.86 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 15th will be paid 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 1.60%. Comerica’s dividend payout ratio is currently 27.15%.
Comerica declared that its board has approved a share repurchase plan on Tuesday, July 25th that allows the company to repurchase 5,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
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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