Basswood Capital Management L.L.C. boosted its holdings in shares of Comerica Incorporated (NYSE:CMA) by 38.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 222,551 shares of the financial services provider’s stock after acquiring an additional 61,414 shares during the period. Basswood Capital Management L.L.C. owned about 0.14% of Comerica worth $15,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also modified their holdings of CMA. Allianz Asset Management GmbH grew its holdings in Comerica by 936.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,591,118 shares of the financial services provider’s stock worth $143,519,000 after acquiring an additional 1,437,542 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Comerica by 47.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,727,000 shares of the financial services provider’s stock valued at $245,975,000 after buying an additional 881,990 shares in the last quarter. Vanguard Group Inc boosted its holdings in shares of Comerica by 3.5% in the 3rd quarter. Vanguard Group Inc now owns 18,993,812 shares of the financial services provider’s stock valued at $1,713,241,000 after buying an additional 634,716 shares in the last quarter. Lord Abbett & CO. LLC boosted its holdings in shares of Comerica by 59.1% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,492,341 shares of the financial services provider’s stock valued at $102,509,000 after buying an additional 554,495 shares in the last quarter. Finally, MUFG Securities EMEA plc bought a new stake in shares of Comerica in the 4th quarter valued at about $34,383,000. Institutional investors own 83.20% of the company’s stock.
In other Comerica news, insider Peter William Guilfoile sold 2,922 shares of the firm’s stock in a transaction that occurred on Tuesday, January 29th. The shares were sold at an average price of $82.26, for a total transaction of $240,363.72. 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 7,443 shares of the firm’s stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $87.55, for a total transaction of $651,634.65. The disclosure for this sale can be found here. Insiders sold a total of 18,565 shares of company stock valued at $1,603,348 over the last ninety days. 0.83% of the stock is currently owned by insiders.
Shares of Comerica stock opened at $82.27 on Friday. The company has a market capitalization of $12.99 billion, a P/E ratio of 11.36, a P/E/G ratio of 0.51 and a beta of 1.45. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.86. Comerica Incorporated has a 52 week low of $63.69 and a 52 week high of $101.05.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $1.95 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.87 by $0.08. The firm had revenue of $864.00 million during the quarter, compared to analyst estimates of $863.43 million. Comerica had a net margin of 34.24% and a return on equity of 15.84%. Comerica’s revenue was up 4.1% on a year-over-year basis. During the same period last year, the firm posted $1.28 EPS. Analysts expect that Comerica Incorporated will post 8.19 EPS for the current fiscal year.
Comerica declared that its board has initiated a share repurchase program on Tuesday, January 22nd that allows the company to buyback 15,000,000 shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be given a $0.67 dividend. This is a positive change from Comerica’s previous quarterly dividend of $0.60. This represents a $2.68 annualized dividend and a dividend yield of 3.26%. The ex-dividend date is Thursday, March 14th. Comerica’s dividend payout ratio (DPR) is presently 33.15%.
A number of analysts have recently weighed in on CMA shares. Goldman Sachs Group cut shares of Comerica from a “conviction-buy” rating to a “buy” rating in a report on Monday, January 7th. DA Davidson lowered their price target on shares of Comerica to $87.00 and set a “neutral” rating on the stock in a report on Thursday, January 17th. Barclays lowered their price target on shares of Comerica from $102.00 to $90.00 and set an “underweight” rating on the stock in a report on Wednesday, January 2nd. Keefe, Bruyette & Woods cut shares of Comerica from an “outperform” rating to a “market perform” rating in a report on Wednesday, December 12th. Finally, BMO Capital Markets raised their price target on shares of Comerica to $83.00 and gave the company an “outperform” rating in a report on Thursday, January 17th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Comerica has a consensus rating of “Hold” and a consensus target price of $94.95.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers 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 middle market businesses, multinational corporations, and governmental entities.
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