California Public Employees Retirement System cut its holdings in Comerica Incorporated (NYSE:CMA) by 5.4% during the first quarter, Holdings Channel reports. The firm owned 407,972 shares of the financial services provider’s stock after selling 23,380 shares during the quarter. California Public Employees Retirement System’s holdings in Comerica were worth $29,913,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Trust Department MB Financial Bank N A raised its holdings in shares of Comerica by 64.3% in the first quarter. Trust Department MB Financial Bank N A now owns 345 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. Highwater Wealth Management LLC acquired a new stake in shares of Comerica in the fourth quarter valued at approximately $32,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Comerica in the fourth quarter valued at approximately $25,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Comerica in the fourth quarter valued at approximately $25,000. Finally, Liberty Wealth Management LLC acquired a new stake in shares of Comerica in the fourth quarter valued at approximately $26,000. Institutional investors own 85.37% of the company’s stock.
Shares of CMA opened at $74.09 on Friday. The firm has a market cap of $11.24 billion, a P/E ratio of 9.36, a PEG ratio of 1.27 and a beta of 1.43. Comerica Incorporated has a 1-year low of $63.69 and a 1-year high of $101.05. 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 declared that its board has approved a share buyback program on Tuesday, January 22nd that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders 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 yield of 3.62%. Comerica’s dividend payout ratio (DPR) is 37.02%.
In other Comerica news, insider Paul R. Obermeyer sold 8,200 shares of Comerica 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Megan D. Burkhart sold 7,443 shares of Comerica stock in a transaction 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. Insiders own 0.98% of the company’s stock.
A number of research firms have recently issued reports on CMA. 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 lowered 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 downgraded shares of Comerica from a “buy” rating to a “hold” rating and set a $84.00 price objective on the stock. in a report on Wednesday, April 17th. Three 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 stock. Comerica currently has an average rating of “Hold” and an average price target 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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