Employees Retirement System of Texas raised its holdings in Comerica Incorporated (NYSE:CMA) by 206.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 138,000 shares of the financial services provider’s stock after acquiring an additional 93,000 shares during the period. Employees Retirement System of Texas’ holdings in Comerica were worth $11,980,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Toronto Dominion Bank grew its holdings in Comerica by 11.4% in the 3rd quarter. Toronto Dominion Bank now owns 66,770 shares of the financial services provider’s stock valued at $5,092,000 after buying an additional 6,843 shares during the last quarter. APG Asset Management N.V. lifted its position in shares of Comerica by 23.4% in the 3rd quarter. APG Asset Management N.V. now owns 93,210 shares of the financial services provider’s stock worth $7,108,000 after acquiring an additional 17,700 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in shares of Comerica by 30.1% in the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 35,236 shares of the financial services provider’s stock worth $3,049,000 after acquiring an additional 8,154 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Comerica by 3.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 996,123 shares of the financial services provider’s stock worth $75,956,000 after acquiring an additional 31,136 shares during the period. Finally, Old Mutual Global Investors UK Ltd. bought a new stake in shares of Comerica in the 3rd quarter worth approximately $35,346,000. 83.26% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO Ralph W. Babb, Jr. sold 50,000 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $95.25, for a total transaction of $4,762,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, President Curtis C. Farmer sold 18,870 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $96.08, for a total value of $1,813,029.60. The disclosure for this sale can be found here. Insiders have sold a total of 211,015 shares of company stock valued at $20,194,360 over the last ninety days. Insiders own 1.10% of the company’s stock.
A number of brokerages have commented on CMA. Zacks Investment Research upgraded Comerica from a “hold” rating to a “strong-buy” rating and set a $104.00 price objective for the company in a research report on Wednesday, January 10th. BMO Capital Markets upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $111.00 price objective for the company in a research report on Friday, February 9th. Instinet upgraded Comerica from a “neutral” rating to a “buy” rating in a research report on Friday, January 5th. Nomura upgraded Comerica from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $86.00 to $106.00 in a research report on Friday, January 5th. Finally, Sanford C. Bernstein set a $99.00 price objective on Comerica and gave the stock a “hold” rating in a research report on Wednesday, January 17th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $92.37.
Comerica Incorporated (NYSE CMA) opened at $97.20 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $16,904.60, a P/E ratio of 23.54, a P/E/G ratio of 1.49 and a beta of 1.47. Comerica Incorporated has a 52-week low of $64.04 and a 52-week high of $99.03.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.03. Comerica had a return on equity of 10.94% and a net margin of 22.47%. The firm had revenue of $830.00 million during the quarter, compared to analysts’ expectations of $819.30 million. During the same period last year, the firm posted $0.92 EPS. analysts forecast that Comerica Incorporated will post 6.56 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, April 1st. Investors of record on Thursday, March 15th will be issued a dividend of $0.30 per share. The ex-dividend date is Wednesday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.23%. Comerica’s dividend payout ratio is 29.06%.
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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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