Allianz Asset Management GmbH raised its position in shares of Comerica Incorporated (NYSE:CMA) by 40.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 150,117 shares of the financial services provider’s stock after purchasing an additional 42,991 shares during the quarter. Allianz Asset Management GmbH owned 0.09% of Comerica worth $11,448,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Zeke Capital Advisors LLC purchased a new stake in Comerica during the 3rd quarter valued at about $200,000. IBM Retirement Fund purchased a new stake in Comerica during the 3rd quarter valued at about $200,000. BB&T Corp purchased a new stake in Comerica during the 3rd quarter valued at about $206,000. Marshall Wace North America L.P. acquired a new position in shares of Comerica in the 2nd quarter valued at about $208,000. Finally, HGK Asset Management Inc. acquired a new position in shares of Comerica in the 2nd quarter valued at about $209,000. Institutional investors and hedge funds own 82.04% of the company’s stock.
In other Comerica news, EVP Christine M. Moore sold 3,200 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $75.07, for a total transaction of $240,224.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael T. Ritchie sold 4,596 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $75.08, for a total value of $345,067.68. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.03. The company had revenue of $821.00 million during the quarter, compared to analysts’ expectations of $812.83 million. Comerica had a return on equity of 10.35% and a net margin of 24.87%. During the same quarter in the prior year, the firm posted $0.84 EPS. analysts forecast that Comerica Incorporated will post 4.85 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 15th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.41%. Comerica’s payout ratio is 27.15%.
Several brokerages have recently issued reports on CMA. Morgan Stanley reissued an “equal weight” rating and issued a $90.00 price objective on shares of Comerica in a report on Wednesday. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $79.00 price objective on shares of Comerica in a report on Friday, September 22nd. 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. Instinet reissued a “neutral” rating and issued a $74.00 price objective (up previously from $71.00) on shares of Comerica in a report on Saturday, September 30th. Finally, SunTrust Banks reissued a “hold” rating and issued a $83.00 price objective on shares of Comerica in a report on Wednesday, November 29th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $81.90.
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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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