First Mercantile Trust Co. lifted its position in shares of Comerica Incorporated (NYSE:CMA) by 8.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,610 shares of the financial services provider’s stock after purchasing an additional 360 shares during the period. First Mercantile Trust Co.’s holdings in Comerica were worth $338,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Stephens Inc. AR raised its position in Comerica by 71.8% in the first quarter. Stephens Inc. AR now owns 50,469 shares of the financial services provider’s stock worth $3,700,000 after acquiring an additional 21,098 shares during the period. Stevens Capital Management LP increased its stake in shares of Comerica by 314.3% in the first quarter. Stevens Capital Management LP now owns 121,767 shares of the financial services provider’s stock worth $8,928,000 after purchasing an additional 92,379 shares in the last quarter. Pillar Pacific Capital Management LLC increased its stake in shares of Comerica by 1.2% in the first quarter. Pillar Pacific Capital Management LLC now owns 72,100 shares of the financial services provider’s stock worth $5,286,000 after purchasing an additional 855 shares in the last quarter. First Interstate Bank purchased a new position in shares of Comerica in the first quarter worth about $135,000. Finally, Pearl River Capital LLC purchased a new position in shares of Comerica in the first quarter worth about $252,000. 85.37% of the stock is currently owned by institutional investors.
Several equities analysts have recently weighed in on the stock. B. Riley reduced their target price on shares of Comerica from $87.00 to $80.00 and set a “neutral” rating for the company in a research note on Tuesday, March 26th. JPMorgan Chase & Co. downgraded shares of Comerica from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $89.00 to $79.00 in a research note on Thursday, April 4th. ValuEngine upgraded shares of Comerica from a “strong sell” rating to a “sell” rating in a research note on Friday, May 3rd. DA Davidson reduced their target price on shares of Comerica from $87.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, April 17th. Finally, Jefferies Financial Group downgraded shares of Comerica from a “buy” rating to a “hold” rating and set a $84.00 target price for the company. in a research note on Wednesday, April 17th. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $91.91.
Shares of NYSE:CMA opened at $74.09 on Friday. The company has a market cap of $11.24 billion, a P/E ratio of 9.36, a PEG ratio of 1.27 and a beta of 1.43. Comerica Incorporated has a 12 month low of $63.69 and a 12 month high of $101.05. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.03 and a quick ratio of 1.03.
Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $2.08 EPS for the quarter, beating the consensus estimate of $1.93 by $0.15. The company had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $852.88 million. Comerica had a net margin of 34.75% and a return on equity of 16.95%. Comerica’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.59 earnings per share. As a group, equities research analysts anticipate that Comerica Incorporated will post 8.22 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $0.67 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $2.68 annualized dividend and a yield of 3.62%. Comerica’s dividend payout ratio is currently 37.02%.
Comerica declared that its Board of Directors has approved a stock repurchase plan on Tuesday, January 22nd that permits the company to buyback 15,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
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Comerica Company Profile
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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