Wakefield Asset Management LLLP Sells 39,076 Shares of Comerica Incorporated (CMA)

Wakefield Asset Management LLLP cut its position in Comerica Incorporated (NYSE:CMA) by 98.9% in the first quarter, HoldingsChannel reports. The firm owned 434 shares of the financial services provider’s stock after selling 39,076 shares during the period. Wakefield Asset Management LLLP’s holdings in Comerica were worth $32,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CMA. Norges Bank bought a new position in Comerica in the fourth quarter worth about $89,893,000. Two Sigma Advisers LP increased its holdings in shares of Comerica by 133.4% during the fourth quarter. Two Sigma Advisers LP now owns 1,848,949 shares of the financial services provider’s stock valued at $127,004,000 after acquiring an additional 1,056,658 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of Comerica by 319.1% during the fourth quarter. Deutsche Bank AG now owns 1,277,668 shares of the financial services provider’s stock valued at $87,758,000 after acquiring an additional 972,773 shares in the last quarter. Vanguard Group Inc increased its holdings in shares of Comerica by 3.5% during the third quarter. Vanguard Group Inc now owns 18,993,812 shares of the financial services provider’s stock valued at $1,713,241,000 after acquiring an additional 634,716 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in shares of Comerica by 59.1% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,492,341 shares of the financial services provider’s stock valued at $102,509,000 after acquiring an additional 554,495 shares in the last quarter. Institutional investors and hedge funds own 85.37% of the company’s stock.

In other news, insider Paul R. Obermeyer sold 8,200 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $86.75, for a total transaction of $711,350.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Megan D. Burkhart sold 7,443 shares of the stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $87.55, for a total value of $651,634.65. The disclosure for this sale can be found here. Company insiders own 0.98% of the company’s stock.

Several equities analysts have recently issued reports on the stock. Stephens downgraded shares of Comerica from an “overweight” rating to an “equal weight” rating in a report on Wednesday, March 6th. Goldman Sachs Group downgraded shares of Comerica from a “buy” rating to a “neutral” rating and cut their price objective for the company from $89.00 to $84.00 in a report on Thursday, April 4th. Zacks Investment Research downgraded shares of Comerica from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. ValuEngine downgraded shares of Comerica from a “sell” rating to a “strong sell” rating in a report on Thursday, March 21st. Finally, Jefferies Financial Group lowered Comerica from a “buy” rating to a “hold” rating and set a $84.00 target price on the stock. in a research report on Wednesday, April 17th. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Comerica presently has an average rating of “Hold” and an average price target of $91.91.

Comerica stock opened at $74.61 on Wednesday. The company has a debt-to-equity ratio of 0.92, 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 company has a market capitalization of $11.32 billion, a price-to-earnings ratio of 10.31, a P/E/G ratio of 1.28 and a beta of 1.43.

Comerica (NYSE:CMA) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.15. Comerica had a return on equity of 16.95% and a net margin of 34.75%. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $852.88 million. During the same quarter last year, the firm posted $1.59 EPS. The business’s revenue was up 7.4% on a year-over-year basis. Sell-side analysts expect that Comerica Incorporated will post 8.22 earnings per share for the current year.

Comerica declared that its Board of Directors has initiated a share repurchase plan on Tuesday, January 22nd that allows the company to buyback 15,000,000 outstanding shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.67 per share. The ex-dividend date is Thursday, June 13th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.59%. Comerica’s dividend payout ratio (DPR) is 37.02%.

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About Comerica

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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Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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