A. D. Beadell Investment Counsel Inc. acquired a new position in Comerica Incorporated (NYSE:CMA) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 5,625 shares of the financial services provider’s stock, valued at approximately $386,000.
Other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its stake in Comerica by 5.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,120,976 shares of the financial services provider’s stock worth $101,112,000 after acquiring an additional 61,777 shares in the last quarter. First Midwest Bank Trust Division lifted its stake in Comerica by 14.3% in the 3rd quarter. First Midwest Bank Trust Division now owns 14,776 shares of the financial services provider’s stock worth $1,333,000 after acquiring an additional 1,846 shares in the last quarter. Strs Ohio lifted its stake in Comerica by 1.8% in the 3rd quarter. Strs Ohio now owns 39,675 shares of the financial services provider’s stock worth $3,578,000 after acquiring an additional 697 shares in the last quarter. Kepos Capital LP purchased a new stake in Comerica in the 3rd quarter worth about $1,667,000. Finally, Pacer Advisors Inc. lifted its stake in Comerica by 14.3% in 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 in the last quarter. 84.74% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE CMA opened at $83.06 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.86. The stock has a market cap of $13.35 billion, a PE ratio of 11.47, a P/E/G ratio of 0.51 and a beta of 1.42. Comerica Incorporated has a 52 week low of $63.69 and a 52 week high of $102.66.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be issued a dividend of $0.67 per share. This is a positive change from Comerica’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.23%. Comerica’s dividend payout ratio is currently 33.15%.
Comerica declared that its Board of Directors has approved a share buyback plan on Tuesday, January 22nd that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
Several equities research analysts recently issued reports on the company. B. Riley set a $107.00 price objective on Comerica and gave the stock a “buy” rating in a research note on Monday, October 15th. Morgan Stanley raised Comerica from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $101.00 to $106.00 in a research note on Monday, November 12th. BMO Capital Markets cut their price target on Comerica from $108.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, October 17th. Royal Bank of Canada raised their price target on Comerica to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 17th. Finally, SunTrust Banks cut their price target on Comerica to $91.00 and set a “hold” rating for the company in a research note on Wednesday, October 17th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Comerica currently has a consensus rating of “Hold” and an average target price of $95.52.
In other news, insider Peter William Guilfoile sold 2,922 shares of the stock in a transaction dated Tuesday, January 29th. The stock was sold at an average price of $82.26, for a total transaction of $240,363.72. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.83% of the company’s stock.
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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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