Gateway Investment Advisers LLC lessened its position in Comerica Incorporated (NYSE:CMA) by 19.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,578 shares of the financial services provider’s stock after selling 9,830 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Comerica were worth $3,020,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CMA. American Century Companies Inc. increased its stake in Comerica by 166.2% in the first quarter. American Century Companies Inc. now owns 3,581,586 shares of the financial services provider’s stock valued at $262,602,000 after acquiring an additional 2,236,331 shares during the last quarter. Norges Bank bought a new position in Comerica in the fourth quarter valued at $89,893,000. Deutsche Bank AG increased its stake in Comerica by 319.1% in the fourth quarter. Deutsche Bank AG now owns 1,277,668 shares of the financial services provider’s stock valued at $87,758,000 after acquiring an additional 972,773 shares during the last quarter. AJO LP bought a new position in Comerica in the first quarter valued at $60,749,000. Finally, Hexavest Inc. bought a new position in Comerica in the second quarter valued at $16,883,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:CMA opened at $73.23 on Wednesday. The company’s 50-day moving average is $71.35. Comerica Incorporated has a 12-month low of $63.69 and a 12-month high of $100.64. The company has a market capitalization of $11.26 billion, a PE ratio of 10.11, a P/E/G ratio of 0.64 and a beta of 1.44. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.90.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.67 dividend. The ex-dividend date is Thursday, September 12th. This represents a $2.68 annualized dividend and a dividend yield of 3.66%. Comerica’s payout ratio is presently 37.02%.
A number of research firms recently commented on CMA. Raymond James cut First Midwest Bancorp to a “hold” rating in a research note on Monday, July 8th. Bank of America set a $97.00 price objective on Merck & Co., Inc. and gave the company a “buy” rating in a research note on Thursday, July 11th. Jefferies Financial Group set a $158.00 price objective on HCA Healthcare and gave the company a “buy” rating in a research note on Wednesday, April 17th. Piper Jaffray Companies set a $29.00 price objective on Bausch Health Companies and gave the company a “buy” rating in a research note on Tuesday, June 11th. Finally, B. Riley set a $75.00 price objective on Comerica and gave the company a “hold” rating in a research note on Thursday, July 11th. Six investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $85.65.
In related news, EVP Christine M. Moore sold 3,200 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $73.49, for a total value of $235,168.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.98% of the stock is owned by company insiders.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers 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 middle market businesses, multinational corporations, and governmental entities.
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