FormulaFolio Investments LLC acquired a new stake in Comerica Incorporated (NYSE:CMA) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,255 shares of the financial services provider’s stock, valued at approximately $782,000.
Several other institutional investors have also recently made changes to their positions in CMA. Janus Henderson Group PLC lifted its holdings in shares of Comerica by 12,425.0% in the second quarter. Janus Henderson Group PLC now owns 2,064,363 shares of the financial services provider’s stock valued at $151,194,000 after buying an additional 2,047,881 shares during the period. Janus Capital Management LLC lifted its holdings in shares of Comerica by 153.1% in the first quarter. Janus Capital Management LLC now owns 1,911,788 shares of the financial services provider’s stock valued at $131,111,000 after buying an additional 1,156,304 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Comerica by 6.7% in 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 period. State Street Corp lifted its holdings in shares of Comerica by 11.3% in 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 period. Finally, Voya Investment Management LLC lifted its holdings in shares of Comerica by 132.7% in 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 period. Institutional investors and hedge funds own 82.48% of the company’s stock.
Several analysts have recently weighed in on the company. Nomura upped their price objective on Comerica from $74.00 to $86.00 and gave the company a “neutral” rating in a report on Monday, October 23rd. Robert W. Baird reaffirmed a “hold” rating and set a $74.00 target price on shares of Comerica in a report on Friday, October 20th. DA Davidson reaffirmed a “hold” rating and set a $81.00 target price on shares of Comerica in a report on Wednesday, October 18th. FBR & Co reaffirmed a “buy” rating and set a $84.00 target price (up from $79.00) on shares of Comerica in a report on Tuesday, October 17th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating on shares of Comerica in a report on Tuesday, October 17th. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $77.60.
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In other news, insider Peter William Guilfoile sold 2,928 shares of the firm’s 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Judith S. Love sold 21,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total transaction of $1,464,540.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,249 shares of company stock valued at $3,095,383. Company insiders own 1.10% of the company’s stock.
Comerica Incorporated (NYSE:CMA) traded up 0.10% during mid-day trading on Friday, hitting $79.79. The stock had a trading volume of 965,401 shares. The company has a market capitalization of $13.85 billion, a P/E ratio of 18.08 and a beta of 1.51. The stock’s 50-day moving average is $74.61 and its 200 day moving average is $71.94. Comerica Incorporated has a 52 week low of $49.81 and a 52 week high of $80.25.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.23 by $0.03. The firm had revenue of $821.00 million during the quarter, compared to analyst estimates of $812.83 million. Comerica had a net margin of 24.87% and a return on equity of 10.35%. During the same quarter last year, the business posted $0.84 EPS. Equities analysts forecast that Comerica Incorporated will post $4.69 earnings per share for the current fiscal year.
Comerica declared that its board has authorized a share repurchase plan on Tuesday, July 25th that allows the company to repurchase 5,000,000 shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
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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