Northpointe Capital LLC lessened its holdings in shares of Comerica Incorporated (NYSE:CMA) by 10.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 53,081 shares of the financial services provider’s stock after selling 6,444 shares during the period. Northpointe Capital LLC’s holdings in Comerica were worth $4,048,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the stock. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its stake in Comerica by 0.3% during 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 buying an additional 8 shares during the last quarter. National Planning Corp grew its stake in Comerica by 0.4% during the 2nd quarter. National Planning Corp now owns 5,763 shares of the financial services provider’s stock worth $429,000 after buying an additional 21 shares during the last quarter. Contravisory Investment Management Inc. grew its stake in Comerica by 0.7% during the 2nd quarter. Contravisory Investment Management Inc. now owns 3,588 shares of the financial services provider’s stock worth $263,000 after buying an additional 25 shares during the last quarter. Veritable L.P. grew its stake in Comerica by 0.3% during the 2nd quarter. Veritable L.P. now owns 10,844 shares of the financial services provider’s stock worth $794,000 after buying an additional 32 shares during the last quarter. Finally, United Capital Financial Advisers LLC grew its stake in Comerica by 0.8% during the 1st quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock worth $433,000 after buying an additional 53 shares during the last quarter. Hedge funds and other institutional investors own 83.49% of the company’s stock.
CMA has been the topic of a number of research reports. Zacks Investment Research downgraded Comerica from a “buy” rating to a “hold” rating in a research note on Wednesday, November 1st. Citigroup Inc. reiterated a “sell” rating and issued a $69.00 target price (up from $65.00) on shares of Comerica in a research note on Monday, October 9th. Nomura lifted their target price on Comerica from $74.00 to $86.00 and gave the company a “neutral” rating in a research note on Monday, October 23rd. Robert W. Baird reissued a “hold” rating and issued a $70.00 price target on shares of Comerica in a report on Friday, August 25th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $82.00 price target on shares of Comerica in a report on Friday, September 8th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $78.00.
Shares of Comerica Incorporated (NYSE CMA) traded down $0.35 during trading hours on Friday, hitting $74.93. The stock had a trading volume of 1,165,600 shares, compared to its average volume of 1,700,331. The stock has a market capitalization of $13,092.32, a P/E ratio of 16.99, a P/E/G ratio of 1.72 and a beta of 1.50. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.00 and a current ratio of 1.00. Comerica Incorporated has a twelve month low of $55.75 and a twelve month high of $80.25.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.03. The business had revenue of $821.00 million during the quarter, compared to the consensus estimate of $812.83 million. Comerica had a return on equity of 10.35% and a net margin of 24.87%. During the same quarter in the previous year, the business earned $0.84 earnings per share. research analysts forecast that Comerica Incorporated will post 4.86 earnings per share for the current year.
Comerica announced that its Board of Directors has authorized a stock buyback program on Tuesday, July 25th that authorizes the company to repurchase 5,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Stockholders of record on Friday, December 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date is Thursday, December 14th. Comerica’s dividend payout ratio is currently 27.15%.
In other Comerica 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul R. Obermeyer sold 20,321 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total value of $1,427,347.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,249 shares of company stock valued at $3,095,383. Company insiders own 1.10% of the company’s stock.
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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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