Parallel Advisors LLC lifted its position in Comerica Inc (NYSE:CMA) by 46.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,137 shares of the financial services provider’s stock after acquiring an additional 676 shares during the quarter. Parallel Advisors LLC’s holdings in Comerica were worth $205,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. National Pension Service grew its position in Comerica by 3.2% during the fourth quarter. National Pension Service now owns 196,683 shares of the financial services provider’s stock valued at $17,074,000 after buying an additional 6,058 shares during the period. Creative Planning grew its position in Comerica by 29.9% during the fourth quarter. Creative Planning now owns 5,272 shares of the financial services provider’s stock valued at $458,000 after buying an additional 1,212 shares during the period. Schwab Charles Investment Management Inc. grew its position in Comerica by 3.6% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 588,130 shares of the financial services provider’s stock valued at $51,056,000 after buying an additional 20,386 shares during the period. Lockheed Martin Investment Management Co. bought a new position in Comerica during the fourth quarter valued at about $4,112,000. Finally, State of Alaska Department of Revenue grew its position in Comerica by 30.3% during the fourth quarter. State of Alaska Department of Revenue now owns 38,429 shares of the financial services provider’s stock valued at $3,335,000 after buying an additional 8,930 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.
In other news, CEO Ralph W. Babb, Jr. sold 50,000 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $99.30, for a total value of $4,965,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Megan D. Burkhart sold 4,670 shares of the stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $99.20, for a total transaction of $463,264.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,991 shares of company stock worth $6,056,632. Insiders own 0.83% of the company’s stock.
Several research firms recently weighed in on CMA. BMO Capital Markets restated a “buy” rating and set a $116.00 price target on shares of Comerica in a research report on Wednesday, March 7th. ValuEngine upgraded shares of Comerica from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. Zacks Investment Research lowered shares of Comerica from a “buy” rating to a “hold” rating in a research report on Tuesday, March 13th. Bank of America increased their price target on shares of Comerica from $97.00 to $104.00 and gave the company a “neutral” rating in a research report on Tuesday, March 13th. Finally, UBS initiated coverage on shares of Comerica in a research report on Wednesday, March 21st. They set a “buy” rating and a $114.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Comerica currently has an average rating of “Hold” and an average target price of $97.06.
Shares of Comerica opened at $99.37 on Friday, Marketbeat reports. Comerica Inc has a 12-month low of $98.17 and a 12-month high of $99.16. The stock has a market capitalization of $17.02 billion, a PE ratio of 21.01, a PEG ratio of 1.05 and a beta of 1.39. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, April 17th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.02). Comerica had a return on equity of 12.05% and a net margin of 24.37%. The firm had revenue of $793.00 million during the quarter, compared to analysts’ expectations of $811.59 million. During the same period in the previous year, the company posted $1.11 earnings per share. analysts anticipate that Comerica Inc will post 6.88 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, July 1st. Stockholders of record on Friday, June 15th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.37%. This is an increase from Comerica’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, June 14th. Comerica’s dividend payout ratio is presently 25.37%.
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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