State Treasurer State of Michigan decreased its position in shares of Comerica Incorporated (NYSE:CMA) by 8.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 53,376 shares of the financial services provider’s stock after selling 4,800 shares during the period. State Treasurer State of Michigan’s holdings in Comerica were worth $4,070,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMA. Janus Henderson Group PLC raised its stake in Comerica by 12,425.0% during the 2nd quarter. Janus Henderson Group PLC now owns 2,064,363 shares of the financial services provider’s stock worth $151,194,000 after acquiring an additional 2,047,881 shares during the period. Vanguard Group Inc. raised its position in shares of Comerica by 6.7% during the second quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock valued at $1,330,147,000 after buying an additional 1,142,275 shares during the last quarter. State Street Corp raised its position in shares of Comerica by 11.3% during the second quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock valued at $731,672,000 after buying an additional 1,010,965 shares during the last quarter. Voya Investment Management LLC raised its position in shares of Comerica by 132.7% during the second quarter. Voya Investment Management LLC now owns 1,692,458 shares of the financial services provider’s stock valued at $123,956,000 after buying an additional 965,041 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Comerica by 22.3% during the second quarter. JPMorgan Chase & Co. now owns 5,040,167 shares of the financial services provider’s stock valued at $369,142,000 after buying an additional 919,333 shares during the last quarter. Institutional investors own 82.48% of the company’s stock.
Several equities research analysts have recently issued reports on CMA shares. FBR & Co set a $79.00 price objective on shares of Comerica and gave the company a “buy” rating in a research report on Tuesday, July 18th. Stephens reiterated a “buy” rating and set a $80.00 price objective on shares of Comerica in a research report on Tuesday, July 18th. Jefferies Group LLC reiterated a “buy” rating and set a $81.00 price objective on shares of Comerica in a research report on Friday, July 14th. Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a research report on Thursday, August 3rd. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $82.00 price objective on shares of Comerica in a research report on Friday, September 8th. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $77.60.
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Comerica Incorporated (NYSE:CMA) opened at 79.79 on Friday. Comerica Incorporated has a 1-year low of $49.81 and a 1-year high of $80.25. The firm’s 50-day moving average is $74.61 and its 200 day moving average is $71.94. The stock has a market capitalization of $13.85 billion, a price-to-earnings ratio of 18.08 and a beta of 1.51.
Comerica (NYSE:CMA) last issued its earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.03. Comerica had a return on equity of 10.35% and a net margin of 24.87%. The business had revenue of $821.00 million during the quarter, compared to the consensus estimate of $812.83 million. During the same period last year, the company earned $0.84 EPS. Equities analysts anticipate that Comerica Incorporated will post $4.69 EPS for the current fiscal year.
Comerica announced that its Board of Directors has initiated a share repurchase program on Tuesday, July 25th that authorizes the company to repurchase 5,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other Comerica news, insider Judith S. Love sold 21,000 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total value of $1,464,540.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of the firm’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $69.50, for a total value of $203,496.00. The disclosure for this sale can be found here. Insiders sold a total of 44,249 shares of company stock valued at $3,095,383 over the last ninety days. Corporate insiders own 1.10% of the company’s stock.
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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