BlackRock Inc. lifted its stake in shares of Comerica Incorporated (NYSE:CMA) by 3.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,276,183 shares of the financial services provider’s stock after purchasing an additional 393,237 shares during the quarter. BlackRock Inc. owned about 7.14% of Comerica worth $1,177,655,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the company. Advisors Preferred LLC bought a new position in Comerica in the 1st quarter valued at about $111,000. Massey Quick Simon & CO. LLC bought a new position in Comerica in the 1st quarter valued at about $153,000. Financial Gravity Wealth Inc. bought a new position in Comerica in the 1st quarter valued at about $155,000. Parallel Advisors LLC lifted its position in Comerica by 46.3% in the 1st quarter. Parallel Advisors LLC now owns 2,137 shares of the financial services provider’s stock valued at $205,000 after acquiring an additional 676 shares in the last quarter. Finally, First National Bank of Hutchinson bought a new position in Comerica in the 1st quarter valued at about $206,000. 82.44% of the stock is currently owned by institutional investors.
Shares of CMA stock opened at $97.76 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.70. Comerica Incorporated has a 12-month low of $64.04 and a 12-month high of $102.66. The company has a market cap of $17.02 billion, a PE ratio of 20.67, a P/E/G ratio of 1.04 and a beta of 1.39.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, April 17th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.56 by ($0.02). Comerica had a return on equity of 12.05% and a net margin of 24.37%. The company had revenue of $793.00 million for the quarter, compared to analysts’ expectations of $811.59 million. During the same quarter in the previous year, the business earned $1.11 EPS. equities analysts forecast that Comerica Incorporated will post 6.91 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, July 1st. Stockholders of record on Friday, June 15th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $1.36 annualized dividend and a dividend yield of 1.39%. This is a positive change from Comerica’s previous quarterly dividend of $0.30. Comerica’s dividend payout ratio (DPR) is presently 25.37%.
In other news, EVP Michael T. Ritchie sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $99.45, for a total transaction of $397,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Megan D. Burkhart sold 4,670 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $99.20, for a total transaction of $463,264.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,991 shares of company stock valued at $1,091,632. 0.83% of the stock is currently owned by company insiders.
Several equities analysts recently weighed in on the stock. ValuEngine cut shares of Comerica from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $105.00 price target on the stock in a research report on Tuesday, April 3rd. Susquehanna Bancshares set a $99.00 price target on shares of Comerica and gave the company a “hold” rating in a research report on Tuesday, April 10th. Morgan Stanley raised their price target on shares of Comerica from $98.00 to $104.00 and gave the company an “equal weight” rating in a research report on Friday, April 20th. Finally, Bank of America increased their price objective on shares of Comerica from $97.00 to $104.00 and gave the company a “neutral” rating in a research note on Tuesday, March 13th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Comerica currently has a consensus rating of “Hold” and a consensus price target of $97.06.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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