Thrivent Financial for Lutherans lowered its holdings in Comerica Incorporated (NYSE:CMA) by 40.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 406,142 shares of the financial services provider’s stock after selling 277,768 shares during the period. Thrivent Financial for Lutherans owned about 0.26% of Comerica worth $27,898,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC purchased a new stake in Comerica during the 3rd quarter worth about $1,099,000. Commonwealth Bank of Australia lifted its holdings in Comerica by 8.8% during the 3rd quarter. Commonwealth Bank of Australia now owns 12,375 shares of the financial services provider’s stock worth $1,113,000 after buying an additional 1,000 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Comerica by 83.8% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,834 shares of the financial services provider’s stock worth $165,000 after buying an additional 836 shares during the last quarter. Norinchukin Bank The lifted its holdings in Comerica by 13.2% during the 3rd quarter. Norinchukin Bank The now owns 12,126 shares of the financial services provider’s stock worth $1,094,000 after buying an additional 1,413 shares during the last quarter. Finally, Eagle Asset Management Inc. purchased a new stake in Comerica during the 3rd quarter worth about $500,000. 84.41% of the stock is owned by institutional investors and hedge funds.
CMA traded down $1.38 on Monday, hitting $78.95. 2,110,401 shares of the company traded hands, compared to its average volume of 2,072,340. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.86. The company has a market cap of $12.33 billion, a PE ratio of 10.90, a P/E/G ratio of 1.13 and a beta of 1.43. Comerica Incorporated has a 12-month low of $63.69 and a 12-month high of $101.05.
Comerica declared that its board has initiated a stock buyback program on Tuesday, January 22nd that allows the company to buyback 15,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a dividend of $0.67 per share. This is a boost from Comerica’s previous quarterly dividend of $0.60. The ex-dividend date was Thursday, March 14th. This represents a $2.68 annualized dividend and a yield of 3.39%. Comerica’s payout ratio is presently 37.02%.
In other Comerica 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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. Insiders have sold a total of 18,565 shares of company stock worth $1,603,348 in the last quarter. 0.98% of the stock is currently owned by insiders.
A number of brokerages have issued reports on CMA. Goldman Sachs Group downgraded Comerica from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $89.00 to $84.00 in a report on Thursday, April 4th. Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $92.00 price target for the company in a report on Tuesday, March 12th. B. Riley decreased their price target on Comerica from $87.00 to $80.00 and set a “neutral” rating for the company in a report on Tuesday, March 26th. ValuEngine raised Comerica from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 2nd. Finally, Wedbush downgraded Comerica from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $86.00 to $85.00 in a report on Wednesday, March 13th. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $92.38.
Comerica Company Profile
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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