BKS Advisors LLC raised its stake in shares of Comerica Incorporated (NYSE:CMA) by 18.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,470 shares of the financial services provider’s stock after purchasing an additional 1,000 shares during the period. BKS Advisors LLC’s holdings in Comerica were worth $474,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Trust Department MB Financial Bank N A raised its position 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 buying 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 about $32,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Comerica in the fourth quarter valued at about $25,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Comerica in the fourth quarter valued at about $25,000. Finally, Liberty Wealth Management LLC acquired a new stake in shares of Comerica in the fourth quarter valued at about $26,000. 84.40% of the stock is currently owned by institutional investors and hedge funds.
In other Comerica news, EVP Megan D. Burkhart sold 7,443 shares of Comerica stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $87.55, for a total transaction of $651,634.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Paul R. Obermeyer sold 8,200 shares of Comerica stock in a transaction dated 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. Over the last quarter, insiders have sold 18,565 shares of company stock valued at $1,603,348. Company insiders own 0.98% of the company’s stock.
CMA has been the subject of a number of recent research reports. Stephens reiterated a “buy” rating and issued a $85.00 target price on shares of Comerica in a research report on Wednesday, December 19th. Barclays reduced their target price on shares of Comerica from $102.00 to $90.00 and set an “underweight” rating for the company in a research report on Wednesday, January 2nd. ValuEngine upgraded shares of Comerica from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 2nd. Argus initiated coverage on shares of Comerica in a research report on Thursday, January 3rd. They issued a “buy” rating and a $88.00 target price for the company. Finally, Goldman Sachs Group cut shares of Comerica from a “conviction-buy” rating to a “buy” rating in a research report on Monday, January 7th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $92.38.
Comerica stock opened at $79.39 on Wednesday. Comerica Incorporated has a 12-month low of $63.69 and a 12-month high of $101.05. The stock has a market cap of $12.69 billion, a P/E ratio of 10.97, a PEG ratio of 1.16 and a beta of 1.43. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.86.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.93 by $0.15. Comerica had a net margin of 34.24% and a return on equity of 15.84%. The firm had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $852.88 million. During the same period last year, the business earned $1.59 earnings per share. Comerica’s revenue was up 7.4% compared to the same quarter last year. As a group, equities research analysts predict that Comerica Incorporated will post 8.11 earnings per share for the current year.
Comerica announced that its Board of Directors has authorized a share repurchase plan on Tuesday, January 22nd that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared 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. The ex-dividend date was Thursday, March 14th. This is a boost from Comerica’s previous quarterly dividend of $0.60. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.38%. Comerica’s dividend payout ratio (DPR) is currently 37.02%.
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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