LPL Financial LLC increased its stake in Comerica Incorporated (NYSE:CMA) by 141.5% in the fourth quarter, Holdings Channel reports. The fund owned 29,822 shares of the financial services provider’s stock after purchasing an additional 17,475 shares during the period. LPL Financial LLC’s holdings in Comerica were worth $2,589,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Signature Estate & Investment Advisors LLC lifted its stake in shares of Comerica by 6.8% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 9,605 shares of the financial services provider’s stock valued at $834,000 after acquiring an additional 613 shares during the last quarter. US Bancorp DE increased its holdings in Comerica by 3.0% during the 4th quarter. US Bancorp DE now owns 22,150 shares of the financial services provider’s stock valued at $1,922,000 after purchasing an additional 641 shares during the period. Baird Financial Group Inc. increased its holdings in Comerica by 15.2% during the 4th quarter. Baird Financial Group Inc. now owns 6,022 shares of the financial services provider’s stock valued at $523,000 after purchasing an additional 796 shares during the period. Wetherby Asset Management Inc. increased its holdings in Comerica by 16.3% during the 4th quarter. Wetherby Asset Management Inc. now owns 5,928 shares of the financial services provider’s stock valued at $514,000 after purchasing an additional 831 shares during the period. Finally, ETRADE Capital Management LLC increased its holdings in Comerica by 19.4% during the 4th quarter. ETRADE Capital Management LLC now owns 5,130 shares of the financial services provider’s stock valued at $445,000 after purchasing an additional 833 shares during the period. 83.05% of the stock is owned by institutional investors.
CMA stock opened at $95.93 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.58. The company has a market cap of $16,577.98, a price-to-earnings ratio of 20.32, a PEG ratio of 1.44 and a beta of 1.39. Comerica Incorporated has a fifty-two week low of $64.04 and a fifty-two week high of $102.66.
The business also recently declared a quarterly dividend, which will be paid on Sunday, April 1st. Investors of record on Thursday, March 15th will be paid a $0.30 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.25%. Comerica’s payout ratio is currently 25.37%.
A number of research analysts recently issued reports on CMA shares. Keefe, Bruyette & Woods restated a “buy” rating and set a $101.00 price target on shares of Comerica in a report on Friday, December 22nd. BMO Capital Markets upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $111.00 price target on the stock in a report on Friday, February 9th. Zacks Investment Research downgraded Comerica from a “buy” rating to a “hold” rating in a report on Tuesday, December 19th. Barclays boosted their price target on Comerica from $76.00 to $93.00 and gave the company an “underweight” rating in a report on Tuesday, January 2nd. Finally, Wells Fargo set a $88.00 price target on Comerica and gave the company a “hold” rating in a report on Wednesday, December 20th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $95.58.
In related news, CEO Ralph W. Babb, Jr. sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $95.25, for a total value of $4,762,500.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Peter William Guilfoile sold 1,052 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $97.00, for a total value of $102,044.00. The disclosure for this sale can be found here. Insiders sold a total of 272,006 shares of company stock worth $26,250,992 in the last 90 days. 0.83% of the stock is currently owned by company insiders.
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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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