Dupont Capital Management Corp boosted its position in shares of Comerica Incorporated (NYSE:CMA) by 24.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,743 shares of the financial services provider’s stock after purchasing an additional 11,654 shares during the period. Dupont Capital Management Corp’s holdings in Comerica were worth $4,556,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in CMA. OppenheimerFunds Inc. boosted its stake in shares of Comerica by 20.7% during the 1st quarter. OppenheimerFunds Inc. now owns 6,226 shares of the financial services provider’s stock worth $427,000 after buying an additional 1,069 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Comerica during the 1st quarter worth about $127,000. Nomura Asset Management Co. Ltd. boosted its stake in shares of Comerica by 3.1% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 24,158 shares of the financial services provider’s stock worth $1,656,000 after buying an additional 721 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Comerica during the 2nd quarter worth about $388,000. Finally, Capital One National Association boosted its stake in shares of Comerica by 2.6% during the 2nd quarter. Capital One National Association now owns 16,758 shares of the financial services provider’s stock worth $1,227,000 after buying an additional 432 shares during the last quarter. Hedge funds and other institutional investors own 83.49% of the company’s stock.
Comerica Incorporated (NYSE CMA) opened at $79.75 on Monday. The firm has a market capitalization of $13,869.72, a P/E ratio of 18.00, a P/E/G ratio of 1.82 and a beta of 1.50. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.00 and a current ratio of 1.00.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.03. Comerica had a net margin of 24.87% and a return on equity of 10.35%. The company had revenue of $821.00 million for the quarter, compared to analysts’ expectations of $812.83 million. During the same period last year, the firm earned $0.84 earnings per share. equities analysts predict that Comerica Incorporated will post 4.86 EPS for the current fiscal year.
Comerica declared that its Board of Directors has initiated a share repurchase plan on Tuesday, July 25th that permits the company to repurchase 5,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
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In related news, insider Judith S. Love sold 21,000 shares of Comerica stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total value of $1,464,540.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of Comerica stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $69.50, for a total transaction of $203,496.00. The disclosure for this sale can be found here. Insiders have sold 44,249 shares of company stock worth $3,095,383 over the last ninety days. Insiders own 1.10% of the company’s stock.
CMA has been the subject of a number of recent research reports. Nomura increased their price objective on shares of Comerica from $74.00 to $86.00 and gave the stock a “neutral” rating in a research note on Monday, October 23rd. Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research note on Thursday, August 17th. Piper Jaffray Companies restated a “hold” rating and set a $76.00 price objective on shares of Comerica in a research note on Friday, September 1st. FBR & Co set a $79.00 target price on shares of Comerica and gave the company a “buy” rating in a research note on Tuesday, July 18th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $80.00 target price (up from $78.00) on shares of Comerica in a research note on Saturday, September 16th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $77.60.
Comerica Company Profile
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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