FTB Advisors Inc. trimmed its position in Comerica Incorporated (NYSE:CMA) by 5.6% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 8,986 shares of the financial services provider’s stock after selling 531 shares during the period. FTB Advisors Inc.’s holdings in Comerica were worth $658,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently made changes to their positions in CMA. CENTRAL TRUST Co raised its stake in shares of Comerica by 10,663.1% in the 1st quarter. CENTRAL TRUST Co now owns 34,980 shares of the financial services provider’s stock valued at $2,565,000 after purchasing an additional 34,655 shares during the period. Daiwa Securities Group Inc. increased its position in shares of Comerica by 183.5% in the first quarter. Daiwa Securities Group Inc. now owns 17,921 shares of the financial services provider’s stock valued at $1,314,000 after acquiring an additional 11,600 shares during the last quarter. Valley National Advisers Inc. grew its holdings in Comerica by 129.3% during the first quarter. Valley National Advisers Inc. now owns 6,293 shares of the financial services provider’s stock worth $461,000 after purchasing an additional 3,549 shares during the period. Bank of Montreal Can grew its holdings in Comerica by 2.2% during the first quarter. Bank of Montreal Can now owns 745,174 shares of the financial services provider’s stock worth $54,635,000 after purchasing an additional 15,922 shares during the period. Finally, Enterprise Financial Services Corp grew its holdings in Comerica by 2,565.0% during the first quarter. Enterprise Financial Services Corp now owns 1,066 shares of the financial services provider’s stock worth $78,000 after purchasing an additional 1,026 shares during the period. Hedge funds and other institutional investors own 85.37% of the company’s stock.
NYSE CMA traded down $1.04 on Wednesday, reaching $73.46. The company had a trading volume of 978,280 shares, compared to its average volume of 1,970,290. The company has a market capitalization of $11.34 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 1.28 and a beta of 1.43. Comerica Incorporated has a fifty-two week low of $63.69 and a fifty-two week high of $100.64. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.92.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.93 by $0.15. The business had revenue of $852.00 million during the quarter, compared to the consensus estimate of $852.88 million. Comerica had a return on equity of 16.95% and a net margin of 34.75%. Comerica’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.59 earnings per share. Research analysts expect that Comerica Incorporated will post 8.22 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.67 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $2.68 dividend on an annualized basis and a yield of 3.65%. Comerica’s dividend payout ratio (DPR) is currently 37.02%.
Comerica announced that its board has approved a stock buyback plan on Tuesday, January 22nd that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
A number of equities analysts recently commented on CMA shares. BMO Capital Markets cut Comerica from an “outperform” rating to a “market perform” rating and set a $83.00 price target for the company. in a report on Thursday, February 14th. Stephens cut Comerica from an “overweight” rating to an “equal weight” rating in a report on Wednesday, March 6th. Zacks Investment Research upgraded Comerica from a “hold” rating to a “buy” rating and set a $92.00 price objective for the company in a report on Tuesday, March 12th. Wedbush cut Comerica from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $86.00 to $85.00 in a report on Wednesday, March 13th. Finally, ValuEngine cut Comerica from a “sell” rating to a “strong sell” rating in a report on Thursday, March 21st. Three equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Comerica has an average rating of “Hold” and a consensus target price of $91.91.
In other 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Christine M. Moore sold 3,200 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $73.49, for a total transaction of $235,168.00. The disclosure for this sale can be found here. Insiders have sold 18,843 shares of company stock worth $1,598,153 in the last ninety days. Insiders own 0.98% of the company’s stock.
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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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