Gotham Asset Management LLC purchased a new stake in Comerica Inc (NYSE:CMA) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,514 shares of the financial services provider’s stock, valued at approximately $218,000.
Other large investors also recently made changes to their positions in the company. Driehaus Capital Management LLC bought a new stake in Comerica in the fourth quarter valued at $209,000. Westwood Holdings Group Inc. bought a new stake in Comerica in the fourth quarter valued at $210,000. JLB & Associates Inc. bought a new stake in Comerica in the fourth quarter valued at $217,000. ZWJ Investment Counsel Inc. bought a new stake in Comerica in the fourth quarter valued at $217,000. Finally, Visionary Asset Management Inc. bought a new stake in Comerica in the third quarter valued at $218,000. Hedge funds and other institutional investors own 83.05% of the company’s stock.
In other Comerica news, President Curtis C. Farmer sold 18,870 shares of the stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $96.08, for a total value of $1,813,029.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ralph W. Babb, Jr. sold 61,500 shares of the stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $94.02, for a total value of $5,782,230.00. The disclosure for this sale can be found here. Insiders have sold 272,006 shares of company stock worth $26,250,992 in the last ninety days. 0.83% of the stock is currently owned by insiders.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the 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 for the quarter, compared to analyst estimates of $819.30 million. During the same quarter in the prior year, the firm posted $0.92 earnings per share. research analysts anticipate that Comerica Inc will post 6.65 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Sunday, April 1st. Stockholders of record on Thursday, March 15th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.26%. The ex-dividend date of this dividend was Wednesday, March 14th. Comerica’s dividend payout ratio (DPR) is presently 25.37%.
Several analysts have recently commented on the company. Zacks Investment Research cut Comerica from a “buy” rating to a “hold” rating in a report on Wednesday. ValuEngine upgraded Comerica from a “hold” rating to a “buy” rating in a report on Tuesday. UBS assumed coverage on Comerica in a report on Wednesday, March 21st. They set a “buy” rating and a $114.00 target price on the stock. B. Riley increased their target price on Comerica from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, March 27th. Finally, Nomura increased their target price on Comerica to $117.00 and gave the stock a “buy” rating in a report on Monday, March 26th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $95.62.
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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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