Millennium Management LLC lessened its stake in Comerica Incorporated (NYSE:CMA) by 32.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,479,298 shares of the financial services provider’s stock after selling 1,647,272 shares during the quarter. Comerica accounts for approximately 0.4% of Millennium Management LLC’s holdings, making the stock its 9th biggest position. Millennium Management LLC owned approximately 2.01% of Comerica worth $302,038,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently bought and sold shares of CMA. JPMorgan Chase & Co. raised its position in shares of Comerica by 33.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,721,807 shares of the financial services provider’s stock worth $507,632,000 after purchasing an additional 1,681,640 shares during the last quarter. Rockefeller Financial Services Inc. increased its holdings in Comerica by 14,008.7% in the 4th quarter. Rockefeller Financial Services Inc. now owns 1,446,003 shares of the financial services provider’s stock worth $125,527,000 after buying an additional 1,435,754 shares in the last quarter. TIAA CREF Investment Management LLC increased its holdings in Comerica by 17.0% in the 4th quarter. TIAA CREF Investment Management LLC now owns 2,855,255 shares of the financial services provider’s stock worth $247,865,000 after buying an additional 415,034 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in Comerica by 41.2% in the 4th quarter. UBS Asset Management Americas Inc. now owns 1,370,278 shares of the financial services provider’s stock worth $118,954,000 after buying an additional 399,618 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Comerica by 82.1% in the 3rd quarter. Principal Financial Group Inc. now owns 783,559 shares of the financial services provider’s stock worth $59,754,000 after buying an additional 353,270 shares in the last quarter. 83.05% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO Ralph W. Babb, Jr. sold 65,300 shares of Comerica stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $97.61, for a total transaction of $6,373,933.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Curtis C. Farmer sold 18,870 shares of Comerica stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $96.08, for a total value of $1,813,029.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 272,006 shares of company stock worth $26,250,992. Insiders own 1.10% of the company’s stock.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share for the quarter, beating the Zacks’ 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 for the quarter, compared to analysts’ expectations of $819.30 million. During the same period in the previous year, the firm earned $0.92 EPS. sell-side analysts predict that Comerica Incorporated will post 6.57 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, April 1st. Stockholders of record on Thursday, March 15th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.21%. Comerica’s payout ratio is currently 29.06%.
CMA has been the subject of several research analyst reports. Zacks Investment Research upgraded Comerica from a “hold” rating to a “strong-buy” rating and set a $104.00 price objective for the company in a report on Wednesday, January 10th. BMO Capital Markets reiterated a “buy” rating and issued a $116.00 price objective on shares of Comerica in a report on Wednesday, March 7th. Wedbush lifted their price objective on Comerica from $97.00 to $102.00 and gave the stock a “neutral” rating in a report on Monday, March 5th. Vining Sparks reiterated a “buy” rating and issued a $97.50 price objective on shares of Comerica in a report on Tuesday, January 16th. Finally, Sanford C. Bernstein set a $99.00 price objective on Comerica and gave the stock a “hold” rating in a report on Wednesday, January 17th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $93.27.
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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