BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its stake in Comerica Incorporated (NYSE:CMA) by 46.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 58,091 shares of the financial services provider’s stock after selling 50,700 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Comerica were worth $3,990,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently added to or reduced their stakes in CMA. Kepos Capital LP acquired a new stake in Comerica during the 3rd quarter worth about $1,667,000. Pacer Advisors Inc. boosted its position in Comerica by 14.3% during the 3rd quarter. Pacer Advisors Inc. now owns 8,969 shares of the financial services provider’s stock worth $809,000 after acquiring an additional 1,122 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its position in Comerica by 83.8% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,834 shares of the financial services provider’s stock worth $165,000 after acquiring an additional 836 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Comerica by 7.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,292 shares of the financial services provider’s stock worth $3,042,000 after acquiring an additional 3,039 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its position in Comerica by 28.3% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 251,641 shares of the financial services provider’s stock worth $22,729,000 after acquiring an additional 55,445 shares during the period. Institutional investors and hedge funds own 83.20% of the company’s stock.
Shares of 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. Comerica Incorporated has a twelve month low of $63.69 and a twelve month high of $101.05. The company has a market capitalization of $13.11 billion, a P/E ratio of 11.35, a P/E/G ratio of 0.51 and a beta of 1.45.
The business also recently disclosed 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. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.26%. This is an increase from Comerica’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, March 14th. Comerica’s dividend payout ratio (DPR) is presently 33.15%.
Comerica declared that its Board of Directors has approved a stock buyback program on Tuesday, January 22nd that allows the company to repurchase 15,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
CMA has been the subject of several research reports. Stephens lowered Comerica from an “overweight” rating to an “equal weight” rating in a report on Wednesday, March 6th. BMO Capital Markets lowered Comerica from an “outperform” rating to a “market perform” rating and set a $83.00 price target for the company. in a report on Thursday, February 14th. Wedbush lowered Comerica from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $86.00 to $85.00 in a report on Wednesday. Zacks Investment Research upgraded Comerica from a “hold” rating to a “buy” rating and set a $92.00 price target for the company in a report on Tuesday. Finally, Macquarie lowered Comerica from a “neutral” rating to an “underperform” rating in a report on Tuesday, November 27th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $94.95.
In related news, EVP Megan D. Burkhart sold 7,443 shares of the firm’s stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $87.55, for a total value of $651,634.65. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul R. Obermeyer sold 8,200 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $86.75, for a total value of $711,350.00. The disclosure for this sale can be found here. Insiders sold a total of 18,565 shares of company stock worth $1,603,348 over the last three months. 0.83% of the stock is owned by company insiders.
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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