Retirement Systems of Alabama increased its stake in shares of Comerica Inc. (NYSE:CMA) by 0.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 89,286 shares of the financial services provider’s stock after buying an additional 634 shares during the period. Retirement Systems of Alabama’s holdings in Comerica were worth $3,672,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of CMA. Endeavour Capital Advisors Inc. increased its position in shares of Comerica by 19.7% in the first quarter. Endeavour Capital Advisors Inc. now owns 507,094 shares of the financial services provider’s stock valued at $19,204,000 after buying an additional 83,336 shares during the last quarter. Moore Capital Management LP bought a new position in shares of Comerica during the first quarter valued at $947,000. A.R.T. Advisors LLC bought a new position in shares of Comerica during the first quarter valued at $2,792,000. National Planning Corp bought a new position in shares of Comerica during the first quarter valued at $239,000. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of Comerica during the first quarter valued at $960,000. Hedge funds and other institutional investors own 84.59% of the company’s stock.
Comerica Inc. (NYSE:CMA) traded up 4.14% during trading on Tuesday, hitting $50.05. The stock had a trading volume of 4,894,844 shares. The company has a market cap of $8.70 billion, a PE ratio of 21.73 and a beta of 1.36. Comerica Inc. has a 12 month low of $30.48 and a 12 month high of $50.54. The company’s 50 day moving average is $47.36 and its 200-day moving average is $44.43.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.11. Comerica had a return on equity of 6.03% and a net margin of 14.69%. During the same quarter in the prior year, the company earned $0.74 EPS. On average, equities research analysts predict that Comerica Inc. will post $2.41 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.92 dividend on an annualized basis and a yield of 1.84%. This is an increase from Comerica’s previous quarterly dividend of $0.22. Comerica’s dividend payout ratio is currently 38.82%.
Several brokerages have recently weighed in on CMA. Deutsche Bank AG raised their price target on Comerica from $45.00 to $52.00 and gave the company a “hold” rating in a report on Tuesday, October 11th. FBR & Co downgraded Comerica from an “outperform” rating to a “market perform” rating and set a $50.00 price objective for the company. in a report on Tuesday, October 11th. Wedbush began coverage on Comerica in a report on Thursday, October 6th. They issued a “neutral” rating and a $49.00 price objective for the company. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Comerica in a report on Wednesday, October 12th. Finally, Zacks Investment Research upgraded Comerica from a “sell” rating to a “hold” rating in a report on Thursday, October 13th. Two investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $45.04.
In other Comerica news, insider Paul R. Obermeyer sold 2,302 shares of the stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $45.92, for a total transaction of $105,707.84. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.60% of the company’s stock.
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
Want to see what other hedge funds are holding CMA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Comerica Inc. (NYSE:CMA).
Receive News & Ratings for Comerica Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica Inc. and related companies with MarketBeat.com's FREE daily email newsletter.