Fjarde AP Fonden Fourth Swedish National Pension Fund lowered its holdings in shares of Comerica Incorporated (NYSE:CMA) by 3.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,926 shares of the financial services provider’s stock after selling 1,826 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Comerica were worth $4,503,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its position in shares of Comerica by 5.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,120,976 shares of the financial services provider’s stock worth $101,112,000 after purchasing an additional 61,777 shares in the last quarter. Korea Investment CORP grew its position in shares of Comerica by 3.9% during the second quarter. Korea Investment CORP now owns 464,017 shares of the financial services provider’s stock worth $42,188,000 after purchasing an additional 17,500 shares in the last quarter. Argent Trust Co purchased a new stake in shares of Comerica during the second quarter worth about $379,000. First Midwest Bank Trust Division grew its position in shares of Comerica by 14.3% during the third quarter. First Midwest Bank Trust Division now owns 14,776 shares of the financial services provider’s stock worth $1,333,000 after purchasing an additional 1,846 shares in the last quarter. Finally, Verition Fund Management LLC grew its position in shares of Comerica by 300.1% during the second quarter. Verition Fund Management LLC now owns 32,420 shares of the financial services provider’s stock worth $2,948,000 after purchasing an additional 24,317 shares in the last quarter. Hedge funds and other institutional investors own 87.54% of the company’s stock.
CMA has been the subject of several research analyst reports. Macquarie cut Comerica from an “outperform” rating to a “neutral” rating in a research report on Friday, September 7th. Morgan Stanley cut their target price on Comerica from $111.00 to $107.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 18th. Zacks Investment Research cut Comerica from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Vining Sparks restated a “buy” rating and set a $107.00 price target on shares of Comerica in a report on Tuesday, October 9th. Finally, B. Riley set a $107.00 price target on Comerica and gave the company a “buy” rating in a report on Monday, October 15th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $101.26.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.05. The business had revenue of $833.00 million during the quarter, compared to analyst estimates of $852.72 million. Comerica had a return on equity of 14.41% and a net margin of 29.54%. During the same period last year, the company earned $1.26 EPS. As a group, research analysts forecast that Comerica Incorporated will post 7.19 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Friday, December 14th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend is Thursday, December 13th. Comerica’s payout ratio is 50.74%.
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Comerica, Inc engages in the provision of financial services. It operates through the following segments: Business Bank, Retail Bank, Wealth Management, Finance, and Other. The Business Bank segment involves in the middle market businesses, multinational corporations, and governmental entities by offering various products and services such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication.
Further Reading: Fiduciary
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