TIAA CREF Investment Management LLC lifted its position in Comerica Incorporated (NYSE:CMA) by 17.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,855,255 shares of the financial services provider’s stock after purchasing an additional 415,034 shares during the quarter. TIAA CREF Investment Management LLC owned about 1.65% of Comerica worth $247,865,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in CMA. JPMorgan Chase & Co. increased its holdings in shares of Comerica by 33.4% in the third 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 period. Rockefeller Financial Services Inc. increased its holdings in shares of Comerica by 14,008.7% in the fourth quarter. Rockefeller Financial Services Inc. now owns 1,446,003 shares of the financial services provider’s stock worth $125,527,000 after purchasing an additional 1,435,754 shares during the period. UBS Asset Management Americas Inc. increased its holdings in shares of Comerica by 41.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,370,278 shares of the financial services provider’s stock worth $118,954,000 after purchasing an additional 399,618 shares during the period. Principal Financial Group Inc. increased its stake in Comerica by 82.1% in the third quarter. Principal Financial Group Inc. now owns 783,559 shares of the financial services provider’s stock valued at $59,754,000 after acquiring an additional 353,270 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Comerica by 17.8% in the third quarter. Bank of New York Mellon Corp now owns 1,837,964 shares of the financial services provider’s stock valued at $140,165,000 after acquiring an additional 277,813 shares during the last quarter. 83.05% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Comerica Incorporated (CMA) opened at $99.40 on Wednesday. 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 1 year low of $64.04 and a 1 year high of $102.66. The stock has a market cap of $17,423.04, a PE ratio of 24.07, a price-to-earnings-growth ratio of 1.54 and a beta of 1.39.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, April 1st. Shareholders of record on Thursday, March 15th will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, March 14th. This represents a $1.20 annualized dividend and a yield of 1.21%. Comerica’s payout ratio is 29.06%.
A number of research analysts recently commented on the company. Zacks Investment Research cut Comerica from a “buy” rating to a “hold” rating in a research note on Tuesday. Bank of America increased their target price on Comerica from $97.00 to $104.00 and gave the company a “neutral” rating in a research note on Tuesday. BMO Capital Markets reissued a “buy” rating and issued 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. Finally, Wedbush increased their target price on Comerica from $97.00 to $102.00 and gave the company a “neutral” rating in a research note on Monday, March 5th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $93.27.
In other news, CEO Ralph W. Babb, Jr. sold 50,000 shares of the stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $95.25, for a total transaction of $4,762,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Megan D. Burkhart sold 3,000 shares of the stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $94.80, for a total transaction of $284,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 272,006 shares of company stock valued at $26,250,992. Company insiders own 1.10% of the company’s stock.
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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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