Pzena Investment Management LLC decreased its stake in Comerica Incorporated (NYSE:CMA) by 40.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,162,325 shares of the financial services provider’s stock after selling 805,891 shares during the period. Pzena Investment Management LLC owned about 0.66% of Comerica worth $79,712,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Comerica by 2.1% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 516,765 shares of the financial services provider’s stock valued at $24,453,000 after buying an additional 10,801 shares during the last quarter. Virginia Retirement Systems ET AL bought a new stake in Comerica during the third quarter valued at about $3,379,000. Quantbot Technologies LP bought a new stake in Comerica during the third quarter valued at about $1,875,000. Deroy & Devereaux Private Investment Counsel Inc. increased its stake in Comerica by 1.4% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 331,439 shares of the financial services provider’s stock valued at $15,684,000 after buying an additional 4,639 shares during the last quarter. Finally, ARGA Investment Management LP bought a new stake in Comerica during the third quarter valued at about $2,541,000. Hedge funds and other institutional investors own 81.74% of the company’s stock.
Shares of Comerica Incorporated (NYSE:CMA) traded up 1.08% during midday trading on Friday, reaching $68.36. The company’s stock had a trading volume of 1,993,172 shares. Comerica Incorporated has a 12 month low of $36.82 and a 12 month high of $75.00. The company has a 50-day moving average price of $69.39 and a 200-day moving average price of $67.47. The firm has a market cap of $12.10 billion, a price-to-earnings ratio of 19.81 and a beta of 1.43.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.10. Comerica had a return on equity of 6.92% and a net margin of 16.00%. The company had revenue of $741 million during the quarter, compared to analysts’ expectations of $735.06 million. During the same quarter in the previous year, the firm earned $0.34 EPS. Equities analysts expect that Comerica Incorporated will post $4.39 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, July 1st. Stockholders of record on Thursday, June 15th will be issued a dividend of $0.26 per share. The ex-dividend date is Tuesday, June 13th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.54%. This is a boost from Comerica’s previous quarterly dividend of $0.23. Comerica’s payout ratio is 34.33%.
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Several analysts have issued reports on CMA shares. Sandler O’Neill downgraded Comerica from a “buy” rating to a “hold” rating in a report on Tuesday, January 31st. Robert W. Baird downgraded Comerica from an “outperform” rating to a “neutral” rating in a report on Tuesday, January 31st. Zacks Investment Research downgraded Comerica from a “buy” rating to a “hold” rating in a report on Monday, February 20th. Jefferies Group LLC restated a “buy” rating on shares of Comerica in a report on Tuesday, March 21st. Finally, Keefe, Bruyette & Woods set a $71.00 price objective on Comerica and gave the stock a “buy” rating in a report on Saturday, March 25th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $58.65.
In other news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the business’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $70.94, for a total transaction of $5,930,584.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by insiders.
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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