California State Teachers Retirement System reduced its holdings in shares of Comerica Incorporated (NYSE:CMA) by 6.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 268,062 shares of the financial services provider’s stock after selling 19,492 shares during the period. California State Teachers Retirement System owned about 0.17% of Comerica worth $18,413,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. Parallel Advisors LLC lifted its stake in shares of Comerica by 7.3% during the 4th quarter. Parallel Advisors LLC now owns 2,292 shares of the financial services provider’s stock worth $157,000 after acquiring an additional 155 shares during the last quarter. Simmons Bank lifted its stake in shares of Comerica by 1.3% during the 4th quarter. Simmons Bank now owns 13,283 shares of the financial services provider’s stock worth $913,000 after acquiring an additional 165 shares during the last quarter. Pier 88 Investment Partners LLC raised its position in Comerica by 56.7% during the 4th quarter. Pier 88 Investment Partners LLC now owns 470 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 170 shares in the last quarter. Moody National Bank Trust Division raised its position in Comerica by 0.9% during the 4th quarter. Moody National Bank Trust Division now owns 22,198 shares of the financial services provider’s stock valued at $1,524,000 after purchasing an additional 198 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its position in Comerica by 3.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 6,321 shares of the financial services provider’s stock valued at $434,000 after purchasing an additional 200 shares in the last quarter. 83.20% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on CMA. Wedbush lowered Comerica from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $86.00 to $85.00 in a research report on Wednesday. Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research report on Tuesday, March 12th. Stephens lowered Comerica from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, March 6th. BMO Capital Markets lowered Comerica from an “outperform” rating to a “market perform” rating and set a $83.00 target price for the company. in a research report on Thursday, February 14th. Finally, DA Davidson decreased their target price on Comerica to $87.00 and set a “neutral” rating for the company in a research report on Thursday, January 17th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Comerica has an average rating of “Hold” and a consensus target price of $94.95.
CMA opened at $82.27 on Friday. The firm has a market capitalization of $12.99 billion, a PE ratio of 11.36, a P/E/G ratio of 0.51 and a beta of 1.45. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.03 and a quick ratio of 1.03. Comerica Incorporated has a 12 month low of $63.69 and a 12 month high of $101.05.
Comerica (NYSE:CMA) last released its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $1.95 EPS for the quarter, topping 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 return on equity of 15.84% and a net margin of 34.24%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.28 EPS. Research analysts expect that Comerica Incorporated will post 8.19 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be given a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 3.26%. This is a positive change from Comerica’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, March 14th. Comerica’s payout ratio is presently 33.15%.
Comerica declared that its board has approved a stock buyback program on Tuesday, January 22nd that authorizes the company to repurchase 15,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In other news, insider Paul R. Obermeyer sold 8,200 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $86.75, for a total value of $711,350.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Peter William Guilfoile sold 2,922 shares of the business’s stock in a transaction 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 three months, insiders sold 18,565 shares of company stock valued at $1,603,348. Corporate insiders own 0.83% of the company’s stock.
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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