TIAA CREF Investment Management LLC increased its stake in Comerica Incorporated (NYSE:CMA) by 17.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,855,255 shares of the financial services provider’s stock after buying an additional 415,034 shares during the period. TIAA CREF Investment Management LLC’s holdings in Comerica were worth $247,865,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in CMA. IBM Retirement Fund bought a new position in Comerica in the third quarter worth about $200,000. Zeke Capital Advisors LLC bought a new position in Comerica in the third quarter worth about $200,000. Driehaus Capital Management LLC bought a new position in Comerica in the fourth quarter worth about $209,000. JLB & Associates Inc. bought a new position in Comerica in the fourth quarter worth about $217,000. Finally, ZWJ Investment Counsel Inc. bought a new position in Comerica in the fourth quarter worth about $217,000. 83.05% of the stock is owned by institutional investors.
In related news, President Curtis C. Farmer sold 18,870 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Peter William Guilfoile sold 1,052 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $97.00, for a total transaction of $102,044.00. The disclosure for this sale can be found here. Insiders have sold 272,006 shares of company stock valued at $26,250,992 in the last three months. 1.10% of the stock is owned by insiders.
Shares of Comerica Incorporated (CMA) opened at $99.40 on Wednesday. The firm has a market cap of $17,423.04, a P/E ratio of 24.07, a P/E/G ratio of 1.54 and a beta of 1.39. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.58. Comerica Incorporated has a 1 year low of $64.04 and a 1 year high of $102.66.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.03. The company had revenue of $830.00 million during the quarter, compared to the consensus estimate of $819.30 million. Comerica had a net margin of 22.47% and a return on equity of 10.94%. During the same quarter last year, the firm earned $0.92 earnings per share. research analysts forecast that Comerica Incorporated will post 6.57 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, April 1st. Investors of record on Thursday, March 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Wednesday, March 14th. Comerica’s dividend payout ratio (DPR) is currently 29.06%.
CMA has been the subject of a number of analyst reports. Macquarie raised shares of Comerica from a “neutral” rating to an “outperform” rating and set a $90.00 target price for the company in a research note on Friday, November 17th. 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. ValuEngine downgraded shares of Comerica from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. B. Riley reaffirmed a “buy” rating and set a $84.00 target price on shares of Comerica in a research note on Monday, December 4th. Finally, Piper Jaffray Companies raised shares of Comerica to a “buy” rating and set a $98.00 target price for the company in a research note on Friday, December 8th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $93.27.
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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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