Wedge Capital Management L L P NC cut its holdings in shares of Comerica Incorporated (NYSE:CMA) by 12.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 11,121 shares of the financial services provider’s stock after selling 1,554 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Comerica were worth $965,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. JLB & Associates Inc. acquired a new stake in Comerica during the 4th quarter worth approximately $217,000. Zeke Capital Advisors LLC acquired a new position in shares of Comerica in the 3rd quarter worth approximately $200,000. IBM Retirement Fund acquired a new position in shares of Comerica in the 3rd quarter worth approximately $200,000. BB&T Corp acquired a new position in shares of Comerica in the 3rd quarter worth approximately $206,000. Finally, West Oak Capital LLC lifted its position in shares of Comerica by 1,040.7% in the 4th quarter. West Oak Capital LLC now owns 2,806 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 2,560 shares during the period. Institutional investors and hedge funds own 82.30% of the company’s stock.
A number of research analysts have recently issued reports on the stock. Royal Bank of Canada restated a “buy” rating and issued a $103.00 price target on shares of Comerica in a research report on Wednesday, January 17th. Wedbush boosted their price target on shares of Comerica from $91.00 to $97.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 17th. SunTrust Banks boosted their price target on shares of Comerica to $98.00 and gave the stock a “hold” rating in a research report on Wednesday, January 17th. BMO Capital Markets boosted their price target on shares of Comerica from $6.90 to $111.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 17th. Finally, Sanford C. Bernstein set a $99.00 price target on shares of Comerica and gave the stock a “hold” rating in a research report on Wednesday, January 17th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Comerica currently has an average rating of “Hold” and an average target price of $92.37.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $1.28 EPS for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.03. The business had revenue of $830.00 million during the quarter, compared to analyst estimates of $819.30 million. Comerica had a net margin of 22.47% and a return on equity of 10.94%. During the same quarter in the previous year, the business posted $0.92 EPS. analysts expect that Comerica Incorporated will post 6.54 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, April 1st. Shareholders of record on Thursday, March 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.28%. Comerica’s dividend payout ratio (DPR) is presently 29.06%.
In other Comerica news, CEO Ralph W. Babb, Jr. sold 65,300 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $97.61, for a total transaction of $6,373,933.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christine M. Moore sold 3,200 shares of the business’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $75.07, for a total transaction of $240,224.00. The disclosure for this sale can be found here. Insiders have sold a total of 218,811 shares of company stock valued at $20,779,651 in the last 90 days. 1.10% of the stock is currently owned by company insiders.
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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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