HBK Investments L P trimmed its holdings in Comerica Incorporated (NYSE:CMA) by 24.0% in the fourth quarter, HoldingsChannel reports. The firm owned 184,407 shares of the financial services provider’s stock after selling 58,393 shares during the quarter. HBK Investments L P’s holdings in Comerica were worth $16,008,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Driehaus Capital Management LLC acquired a new position in Comerica in the fourth quarter valued at approximately $209,000. JLB & Associates Inc. acquired a new position in Comerica in the fourth quarter valued at approximately $217,000. ZWJ Investment Counsel Inc. acquired a new position in Comerica in the fourth quarter valued at approximately $217,000. Zeke Capital Advisors LLC acquired a new stake in shares of Comerica in the third quarter valued at approximately $200,000. Finally, IBM Retirement Fund acquired a new stake in shares of Comerica in the third quarter valued at approximately $200,000. 83.05% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently weighed in on CMA shares. Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a report on Monday, December 11th. Piper Jaffray Companies raised Comerica to a “buy” rating and set a $98.00 price objective for the company in a report on Friday, December 8th. B. Riley reissued a “buy” rating and issued a $84.00 price objective on shares of Comerica in a report on Monday, December 4th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $101.00 price objective on shares of Comerica in a report on Friday, December 22nd. Finally, Instinet raised Comerica from a “neutral” rating to a “buy” rating in a report on Friday, January 5th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $92.80.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $1.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.25 by $0.03. Comerica had a return on equity of 10.94% and a net margin of 22.47%. The business had revenue of $830.00 million during the quarter, compared to analysts’ expectations of $819.30 million. During the same quarter in the prior year, the business earned $0.92 earnings per share. research analysts forecast that Comerica Incorporated will post 6.57 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, April 1st. Stockholders of record on Thursday, March 15th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend is Wednesday, March 14th. Comerica’s dividend payout ratio (DPR) is presently 29.06%.
In other Comerica news, EVP Megan D. Burkhart sold 3,000 shares of the stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $94.80, for a total value of $284,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ralph W. Babb, Jr. sold 50,000 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $95.25, for a total value of $4,762,500.00. 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 90 days. Company insiders own 1.10% of the company’s stock.
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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