Teachers Insurance & Annuity Association of America bought a new position in shares of Comerica Incorporated (NYSE:CMA) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 11,946 shares of the financial services provider’s stock, valued at approximately $1,038,000.
Other hedge funds have also bought and sold shares of the company. IBM Retirement Fund acquired a new stake in Comerica during the third quarter worth $200,000. Zeke Capital Advisors LLC acquired a new stake in Comerica during the third quarter worth $200,000. Driehaus Capital Management LLC acquired a new stake in Comerica during the fourth quarter worth $209,000. JLB & Associates Inc. acquired a new stake in Comerica during the fourth quarter worth $217,000. Finally, ZWJ Investment Counsel Inc. acquired a new stake in Comerica during the fourth quarter worth $217,000. 83.05% of the stock is owned by institutional investors.
Several research firms have issued reports on CMA. BMO Capital Markets reissued a “buy” rating and set a $116.00 target price on shares of Comerica in a research note on Wednesday, March 7th. ValuEngine raised Comerica from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Wedbush lifted their price objective on Comerica from $97.00 to $102.00 and gave the company a “neutral” rating in a research note on Monday, March 5th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $103.00 price objective on shares of Comerica in a research note on Wednesday, January 17th. Finally, SunTrust Banks lifted their price objective on Comerica to $98.00 and gave the company a “hold” rating in a research note on Wednesday, January 17th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $92.80.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, January 16th. The financial services provider reported $1.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.25 by $0.03. Comerica had a return on equity of 10.94% and a net margin of 22.47%. The firm had revenue of $830.00 million during the quarter, compared to analysts’ expectations of $819.30 million. During the same period in the previous year, the firm posted $0.92 EPS. analysts anticipate that Comerica Incorporated will post 6.57 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, April 1st. Investors of record on Thursday, March 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $1.20 annualized dividend and a yield of 1.19%. Comerica’s payout ratio is 29.06%.
In other Comerica news, EVP Michael T. Ritchie sold 4,000 shares of Comerica stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $99.45, for a total transaction of $397,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ralph W. Babb, Jr. sold 61,500 shares of Comerica stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $94.02, for a total value of $5,782,230.00. The disclosure for this sale can be found here. Insiders have sold a total of 272,006 shares of company stock valued at $26,250,992 over the last three months. 1.10% of the stock is currently owned by insiders.
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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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