MAI Capital Management bought a new stake in Comerica Incorporated (NYSE:CMA) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 23,494 shares of the financial services provider’s stock, valued at approximately $2,119,000.
Several other hedge funds have also recently modified their holdings of CMA. Financial Gravity Wealth Inc. bought a new position in Comerica in the 1st quarter valued at about $155,000. Point72 Asia Hong Kong Ltd raised its holdings in Comerica by 47.1% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,855 shares of the financial services provider’s stock valued at $178,000 after acquiring an additional 594 shares during the period. Piedmont Investment Advisors LLC bought a new position in Comerica in the 2nd quarter valued at about $183,000. CENTRAL TRUST Co raised its holdings in Comerica by 588.2% in the 2nd quarter. CENTRAL TRUST Co now owns 2,340 shares of the financial services provider’s stock valued at $213,000 after acquiring an additional 2,000 shares during the period. Finally, NumerixS Investment Technologies Inc raised its holdings in Comerica by 59.6% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 2,400 shares of the financial services provider’s stock valued at $219,000 after acquiring an additional 896 shares during the period. 81.32% of the stock is currently owned by institutional investors.
In other news, EVP Christine M. Moore sold 4,800 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $98.41, for a total transaction of $472,368.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.83% of the stock is currently owned by company insiders.
Several research firms have weighed in on CMA. B. Riley increased their price target on shares of Comerica from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. Royal Bank of Canada reissued a “buy” rating and issued a $108.00 price target (up from $106.00) on shares of Comerica in a report on Tuesday, July 17th. Morgan Stanley increased their price target on shares of Comerica from $108.00 to $111.00 and gave the company an “equal weight” rating in a report on Thursday, July 26th. Vining Sparks reissued a “buy” rating and issued a $107.00 price target on shares of Comerica in a report on Tuesday. Finally, Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating in a report on Wednesday, June 27th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $101.72.
Shares of CMA opened at $84.73 on Friday. Comerica Incorporated has a 12 month low of $74.16 and a 12 month high of $102.66. The company has a market cap of $15.46 billion, a PE ratio of 17.92, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.69.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, July 17th. The financial services provider reported $1.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.64 by $0.26. Comerica had a net margin of 27.28% and a return on equity of 13.14%. The company had revenue of $838.00 million for the quarter, compared to analysts’ expectations of $833.59 million. During the same period last year, the firm earned $1.13 earnings per share. The business’s revenue for the quarter was up 8.0% on a year-over-year basis. As a group, equities analysts predict that Comerica Incorporated will post 7.14 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 14th were issued a dividend of $0.60 per share. The ex-dividend date was Thursday, September 13th. This is a boost from Comerica’s previous quarterly dividend of $0.34. This represents a $2.40 annualized dividend and a dividend yield of 2.83%. Comerica’s dividend payout ratio (DPR) is currently 50.74%.
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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