Texas Permanent School Fund lessened its holdings in shares of Comerica Incorporated (NYSE:CMA) by 4.9% during the 1st quarter, Holdings Channel reports. The firm owned 30,934 shares of the financial services provider’s stock after selling 1,590 shares during the period. Texas Permanent School Fund’s holdings in Comerica were worth $2,268,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Legal & General Group Plc grew its position in Comerica by 1.7% in the 3rd quarter. Legal & General Group Plc now owns 761,271 shares of the financial services provider’s stock worth $68,666,000 after purchasing an additional 12,475 shares in the last quarter. Vanguard Group Inc grew its position in shares of Comerica by 3.5% during the 3rd quarter. Vanguard Group Inc now owns 18,993,812 shares of the financial services provider’s stock valued at $1,713,241,000 after acquiring an additional 634,716 shares during the period. Steward Partners Investment Advisory LLC grew its position in shares of Comerica by 51.8% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,706 shares of the financial services provider’s stock valued at $460,000 after acquiring an additional 2,289 shares during the period. Virtu Financial LLC bought a new position in shares of Comerica during the 4th quarter valued at approximately $292,000. Finally, Nisa Investment Advisors LLC grew its position in shares of Comerica by 5.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 55,120 shares of the financial services provider’s stock valued at $3,786,000 after acquiring an additional 2,650 shares during the period. 85.37% of the stock is currently owned by institutional investors.
In other Comerica news, EVP Megan D. Burkhart sold 7,443 shares of the stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $87.55, for a total value of $651,634.65. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul R. Obermeyer sold 8,200 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $86.75, for a total transaction of $711,350.00. The disclosure for this sale can be found here. Corporate insiders own 0.98% of the company’s stock.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $2.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.93 by $0.15. The company had revenue of $852.00 million during the quarter, compared to the consensus estimate 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 period last year, the firm earned $1.59 EPS. On average, equities analysts expect that Comerica Incorporated will post 8.22 earnings per share for the current year.
Comerica announced that its board has initiated a stock buyback program on Tuesday, January 22nd that permits the company to repurchase 15,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend is Thursday, June 13th. Comerica’s dividend payout ratio (DPR) is presently 37.02%.
A number of research analysts have recently weighed in on the stock. ValuEngine raised shares of Comerica from a “strong sell” rating to a “sell” rating in a research report 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 report on Wednesday, April 17th. 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 report on Wednesday, April 17th. JPMorgan Chase & Co. downgraded shares of Comerica from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $89.00 to $79.00 in a research report on Thursday, April 4th. Finally, Goldman Sachs Group downgraded shares of Comerica from a “buy” rating to a “neutral” rating and reduced their target price for the company from $89.00 to $84.00 in a research report on Thursday, April 4th. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $91.91.
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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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