Fmr LLC cut its position in shares of Comerica Incorporated (NYSE:CMA) by 28.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 421,564 shares of the financial services provider’s stock after selling 163,679 shares during the quarter. Fmr LLC owned approximately 0.27% of Comerica worth $28,958,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Comerica during the fourth quarter worth $220,000. Valley National Advisers Inc. acquired a new position in shares of Comerica during the fourth quarter worth $188,000. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund acquired a new position in shares of Comerica during the fourth quarter worth $383,000. Nordea Investment Management AB lifted its position in shares of Comerica by 4.6% during the fourth quarter. Nordea Investment Management AB now owns 9,714 shares of the financial services provider’s stock worth $667,000 after purchasing an additional 428 shares in the last quarter. Finally, APG Asset Management N.V. lifted its position in shares of Comerica by 85.8% during the fourth quarter. APG Asset Management N.V. now owns 1,198,410 shares of the financial services provider’s stock worth $72,010,000 after purchasing an additional 553,300 shares in the last quarter. Institutional investors and hedge funds own 84.40% of the company’s stock.
CMA has been the topic of a number of recent research reports. ValuEngine raised 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 reduced their target price for the stock from $89.00 to $84.00 in a research report on Thursday, April 4th. Morgan Stanley reduced their target price on shares of Comerica from $98.00 to $96.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 8th. Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Finally, DA Davidson reduced their target price on shares of Comerica to $87.00 and set a “neutral” rating on the stock in a research report on Thursday, January 17th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $91.91.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.15. Comerica had a net margin of 34.75% and a return on equity of 16.95%. The firm had revenue of $852.00 million during the quarter, compared to analyst estimates of $852.88 million. During the same quarter in the previous year, the firm earned $1.59 earnings per share. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. Equities research analysts predict that Comerica Incorporated will post 8.22 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a dividend of $0.67 per share. This is a positive change from Comerica’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $2.68 annualized dividend and a yield of 3.42%. Comerica’s payout ratio is presently 37.02%.
Comerica declared that its board has approved a stock repurchase program on Tuesday, January 22nd that permits the company to buyback 15,000,000 shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In other Comerica news, EVP Megan D. Burkhart sold 7,443 shares of the business’s stock in a transaction on Wednesday, February 27th. The shares were sold at an average price of $87.55, for a total transaction of $651,634.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul R. Obermeyer sold 8,200 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $86.75, for a total transaction of $711,350.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,565 shares of company stock valued at $1,603,348. 0.98% of the stock is owned by insiders.
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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