Suntrust Banks Inc. increased its position in shares of Comerica Incorporated (NYSE:CMA) by 19.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,863 shares of the financial services provider’s stock after buying an additional 2,256 shares during the quarter. Suntrust Banks Inc.’s holdings in Comerica were worth $953,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Arcadia Investment Management Corp MI bought a new position in Comerica in the 4th quarter worth approximately $25,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Comerica during the 4th quarter valued at $25,000. Claybrook Capital LLC bought a new stake in shares of Comerica during the 4th quarter valued at $29,000. Highwater Wealth Management LLC bought a new stake in shares of Comerica during the 4th quarter valued at $32,000. Finally, Pier 88 Investment Partners LLC raised its position in shares of 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 acquiring an additional 170 shares during the last quarter. 84.40% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Paul R. Obermeyer sold 8,200 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $86.75, for a total transaction of $711,350.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Megan D. Burkhart sold 7,443 shares of the 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. Over the last three months, insiders sold 18,565 shares of company stock worth $1,603,348. Insiders own 0.98% of the company’s stock.
Comerica (NYSE:CMA) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.93 by $0.15. The company had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $852.88 million. Comerica had a net margin of 34.75% and a return on equity of 16.95%. Comerica’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.59 EPS. Sell-side analysts predict that Comerica Incorporated will post 8.22 EPS for the current fiscal year.
Comerica announced that its Board of Directors has authorized a share repurchase plan on Tuesday, January 22nd that authorizes the company to repurchase 15,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a $0.67 dividend. This is a boost from Comerica’s previous quarterly dividend of $0.60. This represents a $2.68 annualized dividend and a yield of 3.42%. The ex-dividend date was Thursday, March 14th. Comerica’s dividend payout ratio is currently 37.02%.
CMA has been the subject of several recent research reports. ValuEngine upgraded shares of Comerica from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 2nd. Goldman Sachs Group cut shares of Comerica from a “buy” rating to a “neutral” rating and dropped their target price for the company from $89.00 to $84.00 in a research report on Thursday, April 4th. Morgan Stanley decreased their price target on shares of Comerica from $98.00 to $96.00 and set an “overweight” rating for the company in a report on Tuesday, January 8th. Zacks Investment Research lowered shares of Comerica from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. Finally, DA Davidson decreased their price target on shares of Comerica to $87.00 and set a “neutral” rating for the company in a report on Thursday, January 17th. Three research analysts have rated the stock with a sell rating, sixteen 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 a consensus rating of “Hold” and an average target price of $91.91.
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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