Commonwealth Bank of Australia increased its holdings in Comerica Incorporated (NYSE:CMA) by 59.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,789 shares of the financial services provider’s stock after acquiring an additional 7,414 shares during the period. Commonwealth Bank of Australia’s holdings in Comerica were worth $1,353,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in CMA. Robeco Institutional Asset Management B.V. raised its position in Comerica by 28.3% during the third quarter. Robeco Institutional Asset Management B.V. now owns 251,641 shares of the financial services provider’s stock worth $22,729,000 after acquiring an additional 55,445 shares during the period. Stratos Wealth Partners LTD. acquired a new stake in shares of Comerica in the third quarter valued at about $163,000. Janney Montgomery Scott LLC acquired a new stake in shares of Comerica in the third quarter valued at about $1,099,000. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Comerica by 3.4% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 648,219 shares of the financial services provider’s stock valued at $58,469,000 after buying an additional 21,515 shares during the last quarter. Finally, Toronto Dominion Bank raised its position in shares of Comerica by 0.8% in the third quarter. Toronto Dominion Bank now owns 111,458 shares of the financial services provider’s stock valued at $10,051,000 after buying an additional 841 shares during the last quarter. 83.20% of the stock is owned by hedge funds and other institutional investors.
Shares of CMA stock opened at $82.16 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.86. The stock has a market cap of $13.11 billion, a price-to-earnings ratio of 11.35, a P/E/G ratio of 0.51 and a beta of 1.45. Comerica Incorporated has a 1-year low of $63.69 and a 1-year high of $101.05.
Comerica (NYSE:CMA) last announced its earnings results on Wednesday, January 16th. The financial services provider reported $1.95 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.87 by $0.08. The company had revenue of $864.00 million during the quarter, compared to analyst estimates of $863.43 million. Comerica had a net margin of 34.24% and a return on equity of 15.84%. Comerica’s revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.28 earnings per share. Equities research analysts anticipate that Comerica Incorporated will post 8.19 earnings per share for the current fiscal year.
Comerica declared that its board has approved a stock buyback plan on Tuesday, January 22nd that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be paid a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend is Thursday, March 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.60. Comerica’s dividend payout ratio (DPR) is 33.15%.
In other Comerica news, EVP Megan D. Burkhart sold 7,443 shares of the 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter William Guilfoile sold 2,922 shares of the stock in a transaction dated Tuesday, January 29th. The stock was sold at an average price of $82.26, for a total transaction of $240,363.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,565 shares of company stock valued at $1,603,348. 0.83% of the stock is currently owned by insiders.
A number of brokerages have recently commented on CMA. Stephens cut shares of Comerica from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, March 6th. BMO Capital Markets lowered shares of Comerica from an “outperform” rating to a “market perform” rating and set a $83.00 price objective for the company. in a report on Thursday, February 14th. Wedbush lowered shares of Comerica from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $86.00 to $85.00 in a report on Wednesday. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $92.00 price objective for the company in a report on Tuesday. Finally, Macquarie lowered shares of Comerica from a “neutral” rating to an “underperform” rating in a report on Tuesday, November 27th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $94.95.
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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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