Principal Financial Group Inc. lifted its holdings in shares of Comerica Incorporated (NYSE:CMA) by 1.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 389,837 shares of the financial services provider’s stock after purchasing an additional 5,727 shares during the period. Principal Financial Group Inc.’s holdings in Comerica were worth $28,583,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc increased its holdings in Comerica by 3.5% during the third quarter. Vanguard Group Inc now owns 18,993,812 shares of the financial services provider’s stock valued at $1,713,241,000 after buying an additional 634,716 shares during the period. Bank of New York Mellon Corp boosted its stake in Comerica by 6.7% in the fourth quarter. Bank of New York Mellon Corp now owns 2,909,556 shares of the financial services provider’s stock valued at $199,857,000 after acquiring an additional 182,556 shares in the last quarter. Geode Capital Management LLC boosted its stake in Comerica by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 2,230,560 shares of the financial services provider’s stock valued at $152,960,000 after acquiring an additional 76,845 shares in the last quarter. Two Sigma Advisers LP boosted its stake in Comerica by 133.4% in the fourth quarter. Two Sigma Advisers LP now owns 1,848,949 shares of the financial services provider’s stock valued at $127,004,000 after acquiring an additional 1,056,658 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its stake in Comerica by 59.1% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,492,341 shares of the financial services provider’s stock valued at $102,509,000 after acquiring an additional 554,495 shares in the last quarter. Institutional investors own 83.54% of the company’s stock.
In related news, EVP Christine M. Moore sold 3,200 shares of the business’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $73.49, for a total transaction of $235,168.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.98% of the company’s stock.
Comerica (NYSE:CMA) last posted 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 business 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%. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.59 earnings per share. On average, equities analysts predict that Comerica Incorporated will post 8.23 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.67 per share. The ex-dividend date is Thursday, June 13th. This represents a $2.68 dividend on an annualized basis and a yield of 3.86%. Comerica’s dividend payout ratio is presently 37.02%.
Several equities research analysts have weighed in on the stock. Stephens downgraded shares of Comerica from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, March 6th. BMO Capital Markets downgraded shares of Comerica from an “outperform” rating to a “market perform” rating and set a $83.00 target price for the company. in a research note on Thursday, February 14th. Wedbush downgraded shares of Comerica from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $86.00 to $85.00 in a research note on Wednesday, March 13th. Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research note on Tuesday, March 12th. 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 research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $91.23.
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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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