Nomura Asset Management Co. Ltd. grew its stake in shares of Comerica Incorporated (NYSE:CMA) by 2.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 29,821 shares of the financial services provider’s stock after acquiring an additional 675 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Comerica were worth $2,049,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of CMA. Highwater Wealth Management LLC bought a new position in shares of Comerica during the 4th quarter valued at about $32,000. Oppenheimer Asset Management Inc. bought a new position in shares of Comerica during the 4th quarter valued at about $25,000. Arcadia Investment Management Corp MI bought a new position in shares of Comerica during the 4th quarter valued at about $25,000. Pier 88 Investment Partners LLC lifted its holdings in shares of Comerica by 56.7% during the 4th quarter. Pier 88 Investment Partners LLC now owns 470 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 170 shares in the last quarter. Finally, Csenge Advisory Group bought a new position in shares of Comerica during the 3rd quarter valued at about $39,000. Hedge funds and other institutional investors own 83.20% of the company’s stock.
Several equities analysts have recently weighed in on CMA shares. Goldman Sachs Group cut Comerica from a “conviction-buy” rating to a “buy” rating in a report on Monday, January 7th. DA Davidson cut their price objective on Comerica to $87.00 and set a “neutral” rating on the stock in a report on Thursday, January 17th. Barclays cut their price objective on Comerica from $102.00 to $90.00 and set an “underweight” rating on the stock in a report on Wednesday, January 2nd. Keefe, Bruyette & Woods cut Comerica from an “outperform” rating to a “market perform” rating in a report on Wednesday, December 12th. Finally, BMO Capital Markets lifted their price objective on Comerica to $83.00 and gave the company an “outperform” rating in a report on Thursday, January 17th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $94.95.
In related news, insider Peter William Guilfoile sold 2,922 shares of the business’s stock in a transaction on Tuesday, January 29th. The stock was sold at an average price of $82.26, for a total value of $240,363.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Megan D. Burkhart sold 7,443 shares of the business’s stock in a transaction on Wednesday, February 27th. The shares were sold at an average price of $87.55, for a total value of $651,634.65. The disclosure for this sale can be found here. Insiders sold a total of 18,565 shares of company stock valued at $1,603,348 over the last 90 days. 0.83% of the stock is currently owned by corporate insiders.
CMA stock opened at $82.16 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.86. The company has a market cap of $13.11 billion, a P/E ratio of 11.35, a price-to-earnings-growth 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 posted its earnings results on Wednesday, January 16th. The financial services provider reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $864.00 million for the quarter, compared to analyst estimates of $863.43 million. Comerica had a return on equity of 15.84% and a net margin of 34.24%. The firm’s revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.28 EPS. Equities analysts forecast that Comerica Incorporated will post 8.19 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be paid a $0.67 dividend. The ex-dividend date is Thursday, March 14th. This is an increase from Comerica’s previous quarterly dividend of $0.60. This represents a $2.68 annualized dividend and a yield of 3.26%. Comerica’s payout ratio is 33.15%.
Comerica announced that its board has initiated 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 purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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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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