Riverhead Capital Management LLC raised its stake in shares of Comerica Incorporated (NYSE:CMA) by 6.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 32,830 shares of the financial services provider’s stock after acquiring an additional 2,109 shares during the quarter. Riverhead Capital Management LLC’s holdings in Comerica were worth $2,961,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Sigma Planning Corp raised its holdings in shares of Comerica by 14.2% in the second quarter. Sigma Planning Corp now owns 4,569 shares of the financial services provider’s stock valued at $415,000 after buying an additional 569 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. raised its holdings in shares of Comerica by 4.7% in the second quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 13,264 shares of the financial services provider’s stock valued at $1,206,000 after buying an additional 600 shares during the last quarter. Advisor Partners LLC increased its position in Comerica by 7.3% in the third quarter. Advisor Partners LLC now owns 9,662 shares of the financial services provider’s stock worth $872,000 after purchasing an additional 658 shares during the period. Strs Ohio increased its position in Comerica by 1.8% in the third quarter. Strs Ohio now owns 39,675 shares of the financial services provider’s stock worth $3,578,000 after purchasing an additional 697 shares during the period. Finally, First Republic Investment Management Inc. increased its position in Comerica by 10.8% in the second quarter. First Republic Investment Management Inc. now owns 7,294 shares of the financial services provider’s stock worth $664,000 after purchasing an additional 713 shares during the period. 84.97% of the stock is owned by institutional investors.
A number of brokerages recently commented on CMA. Vining Sparks reiterated a “buy” rating and issued a $107.00 price objective on shares of Comerica in a research report on Tuesday, October 9th. Royal Bank of Canada lifted their price objective on Comerica to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 17th. Macquarie lowered Comerica from an “outperform” rating to a “neutral” rating in a research report on Friday, September 7th. Citigroup upgraded Comerica from a “sell” rating to a “neutral” rating in a research report on Friday, November 2nd. Finally, Raymond James upgraded Comerica from an “outperform” rating to a “strong-buy” rating and set a $104.00 price objective for the company in a research report on Wednesday, October 31st. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $101.61.
Shares of CMA opened at $74.03 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.03 and a quick ratio of 1.03. Comerica Incorporated has a 52-week low of $73.51 and a 52-week high of $102.66. The company has a market capitalization of $12.15 billion, a P/E ratio of 15.65, a price-to-earnings-growth ratio of 0.53 and a beta of 1.38.
Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.81 by $0.05. Comerica had a return on equity of 14.41% and a net margin of 29.54%. The business had revenue of $833.00 million during the quarter, compared to analyst estimates of $852.72 million. During the same period in the previous year, the firm earned $1.26 EPS. Equities analysts forecast that Comerica Incorporated will post 7.2 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Investors of record on Friday, December 14th will be given a $0.60 dividend. The ex-dividend date is Thursday, December 13th. This represents a $2.40 annualized dividend and a dividend yield of 3.24%. Comerica’s dividend payout ratio is presently 50.74%.
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Comerica, Inc engages in the provision of financial services. It operates through the following segments: Business Bank, Retail Bank, Wealth Management, Finance, and Other. The Business Bank segment involves in the middle market businesses, multinational corporations, and governmental entities by offering 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.
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