Bokf Na lowered its stake in shares of Comerica Incorporated (NYSE:CMA) by 50.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 21,242 shares of the financial services provider’s stock after selling 21,456 shares during the period. Bokf Na’s holdings in Comerica were worth $1,459,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMA. Geode Capital Management LLC increased its stake in shares of Comerica by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 2,230,560 shares of the financial services provider’s stock valued at $152,960,000 after purchasing an additional 76,845 shares in the last quarter. Kinneret Advisory LLC purchased a new position in shares of Comerica in the 4th quarter valued at about $618,000. Fort L.P. purchased a new position in shares of Comerica in the 4th quarter valued at about $92,000. Prudential PLC increased its stake in shares of Comerica by 27.7% in the 4th quarter. Prudential PLC now owns 6,768 shares of the financial services provider’s stock valued at $465,000 after purchasing an additional 1,468 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Comerica by 11.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,003,942 shares of the financial services provider’s stock valued at $68,959,000 after purchasing an additional 100,589 shares in the last quarter. Institutional investors and hedge funds own 83.20% of the company’s stock.
Several equities analysts recently weighed in on CMA shares. Goldman Sachs Group lowered Comerica from a “conviction-buy” rating to a “buy” rating in a research note on Monday, January 7th. DA Davidson cut their price target on Comerica to $87.00 and set a “neutral” rating for the company in a research note on Thursday, January 17th. Barclays cut their price target on Comerica from $102.00 to $90.00 and set an “underweight” rating for the company in a research note on Wednesday, January 2nd. Keefe, Bruyette & Woods lowered Comerica from an “outperform” rating to a “market perform” rating in a research note on Wednesday, December 12th. Finally, BMO Capital Markets lifted their price target on Comerica to $83.00 and gave the company an “outperform” rating in a research note on Thursday, January 17th. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $94.95.
In other news, EVP Megan D. Burkhart sold 7,443 shares of the business’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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Peter William Guilfoile sold 2,922 shares of the business’s stock in a transaction that occurred on Tuesday, January 29th. The stock was sold at an average price of $82.26, for a total value of $240,363.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,565 shares of company stock worth $1,603,348. Insiders own 0.83% of the company’s stock.
CMA stock opened at $82.27 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.03 and a current ratio of 1.03. Comerica Incorporated has a 12-month low of $63.69 and a 12-month high of $101.05. The stock has a market capitalization of $12.99 billion, a P/E ratio of 11.36, a PEG ratio of 0.51 and a beta of 1.45.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.87 by $0.08. The company had revenue of $864.00 million for the quarter, compared to analysts’ expectations of $863.43 million. Comerica had a return on equity of 15.84% and a net margin of 34.24%. Comerica’s revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.28 EPS. As a group, analysts expect that Comerica Incorporated will post 8.19 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be issued a dividend of $0.67 per share. This is a boost 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 of this dividend is Thursday, March 14th. Comerica’s payout ratio is currently 33.15%.
Comerica declared that its Board of Directors has authorized a stock buyback program on Tuesday, January 22nd that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
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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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