Castine Capital Management LLC Reduces Holdings in Comerica Incorporated (CMA)

Castine Capital Management LLC cut its position in Comerica Incorporated (NYSE:CMA) by 25.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 95,977 shares of the financial services provider’s stock after selling 33,079 shares during the quarter. Comerica accounts for about 2.7% of Castine Capital Management LLC’s holdings, making the stock its 19th biggest holding. Castine Capital Management LLC owned about 0.06% of Comerica worth $7,319,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Acadian Asset Management LLC raised its position in shares of Comerica by 2,080.0% during the second quarter. Acadian Asset Management LLC now owns 18,094 shares of the financial services provider’s stock worth $1,324,000 after acquiring an additional 17,264 shares during the last quarter. NGAM Advisors L.P. raised its position in shares of Comerica by 2.6% during the second quarter. NGAM Advisors L.P. now owns 40,068 shares of the financial services provider’s stock worth $2,935,000 after acquiring an additional 1,010 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of Comerica by 0.5% during the second quarter. CIBC Asset Management Inc now owns 19,572 shares of the financial services provider’s stock worth $1,433,000 after acquiring an additional 93 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Comerica by 78.7% during the second quarter. Daiwa Securities Group Inc. now owns 8,400 shares of the financial services provider’s stock worth $615,000 after acquiring an additional 3,700 shares during the last quarter. Finally, Retirement Systems of Alabama raised its position in shares of Comerica by 0.9% during the second quarter. Retirement Systems of Alabama now owns 85,788 shares of the financial services provider’s stock worth $6,283,000 after acquiring an additional 780 shares during the last quarter. Hedge funds and other institutional investors own 82.04% of the company’s stock.

Several equities research analysts recently commented on the company. B. Riley reaffirmed a “buy” rating and set a $84.00 target price on shares of Comerica in a research note on Monday. BidaskClub cut Comerica from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Wells Fargo & Company assumed coverage on Comerica in a research note on Wednesday, August 9th. They set a “market perform” rating and a $73.00 target price for the company. SunTrust Banks reaffirmed a “hold” rating and set a $83.00 target price on shares of Comerica in a research note on Wednesday, November 29th. Finally, Nomura raised their target price on Comerica from $71.00 to $74.00 and gave the stock a “neutral” rating in a research note on Thursday, September 28th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. Comerica has an average rating of “Hold” and a consensus target price of $79.81.

Shares of Comerica Incorporated (NYSE:CMA) opened at $83.23 on Thursday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.58. Comerica Incorporated has a one year low of $64.04 and a one year high of $86.78. The company has a market capitalization of $14,598.43, a P/E ratio of 18.95, a price-to-earnings-growth ratio of 1.92 and a beta of 1.51.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.03. Comerica had a return on equity of 10.35% and a net margin of 24.87%. The firm had revenue of $821.00 million during the quarter, compared to analysts’ expectations of $812.83 million. During the same quarter last year, the firm posted $0.84 earnings per share. equities research analysts expect that Comerica Incorporated will post 4.85 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.44%. Comerica’s dividend payout ratio (DPR) is presently 27.15%.

In related news, insider Michael T. Ritchie sold 4,596 shares of Comerica stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $75.08, for a total transaction of $345,067.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Christine M. Moore sold 3,200 shares of Comerica stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $75.07, for a total value of $240,224.00. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

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Comerica Company Profile

Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering 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.

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Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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