BlackRock Inc. reduced its position in Comerica Incorporated (NYSE:CMA) by 3.0% in the third quarter, Holdings Channel.com reports. The fund owned 13,268,657 shares of the financial services provider’s stock after selling 413,122 shares during the quarter. BlackRock Inc. owned approximately 0.10% of Comerica worth $507,526,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Jacobi Capital Management LLC boosted its position in shares of Comerica by 117.6% in the second quarter. Jacobi Capital Management LLC now owns 681 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 368 shares during the period. Liberty Wealth Management LLC bought a new position in shares of Comerica in the third quarter valued at approximately $31,000. Valeo Financial Advisors LLC boosted its position in shares of Comerica by 1,236.5% in the second quarter. Valeo Financial Advisors LLC now owns 842 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 779 shares during the period. Private Advisor Group LLC bought a new position in shares of Comerica in the second quarter valued at approximately $36,000. Finally, Parkside Financial Bank & Trust boosted its position in shares of Comerica by 37.6% in the second quarter. Parkside Financial Bank & Trust now owns 967 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 264 shares during the period. Institutional investors own 76.25% of the company’s stock.
Shares of Comerica stock opened at $50.44 on Friday. Comerica Incorporated has a 1 year low of $24.28 and a 1 year high of $73.43. The firm’s 50-day moving average is $45.00 and its 200 day moving average is $39.57. The stock has a market cap of $7.02 billion, a price-to-earnings ratio of 13.90 and a beta of 1.75. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.97 and a quick ratio of 0.97.
Comerica (NYSE:CMA) last issued its earnings results on Tuesday, October 20th. The financial services provider reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.60. Comerica had a net margin of 16.17% and a return on equity of 7.12%. During the same period in the prior year, the firm earned $1.96 EPS. On average, equities analysts expect that Comerica Incorporated will post 2.9 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 1st. Stockholders of record on Tuesday, December 15th will be issued a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 5.39%. The ex-dividend date is Monday, December 14th. Comerica’s payout ratio is 34.83%.
A number of equities analysts have recently commented on the stock. Odeon Capital Group upgraded shares of Comerica from a “sell” rating to a “hold” rating in a research report on Monday, September 14th. B. Riley raised their target price on shares of Comerica from $49.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, November 10th. Wolfe Research assumed coverage on shares of Comerica in a research note on Friday, July 31st. They issued an “underperform” rating on the stock. Morgan Stanley raised their target price on shares of Comerica from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 3rd. Finally, Truist raised their target price on shares of Comerica from $40.00 to $45.00 in a research note on Thursday, October 22nd. Seven research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $43.56.
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 for small and middle market businesses, multinational corporations, and governmental entities.
Featured Article: Technical Analysis
Want to see what other hedge funds are holding CMA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Comerica Incorporated (NYSE:CMA).
Receive News & Ratings for Comerica Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica and related companies with MarketBeat.com's FREE daily email newsletter.