Bank of Nova Scotia Has $21.07 Million Position in Comerica Incorporated (CMA)

Bank of Nova Scotia boosted its stake in Comerica Incorporated (NYSE:CMA) by 7,937.5% during the first quarter, Holdings Channel reports. The fund owned 307,274 shares of the financial services provider’s stock after buying an additional 303,451 shares during the period. Bank of Nova Scotia’s holdings in Comerica were worth $21,073,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMA. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its position in shares of Comerica by 0.3% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,307 shares of the financial services provider’s stock valued at $159,000 after buying an additional 8 shares during the last quarter. Jaffetilchin Investment Partners LLC increased its position in shares of Comerica by 0.4% in the first quarter. Jaffetilchin Investment Partners LLC now owns 7,550 shares of the financial services provider’s stock valued at $518,000 after buying an additional 32 shares during the last quarter. United Capital Financial Advisers LLC increased its position in shares of Comerica by 0.8% in the first quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock valued at $433,000 after buying an additional 53 shares during the last quarter. Utah Retirement Systems increased its position in shares of Comerica by 0.3% in the first quarter. Utah Retirement Systems now owns 31,896 shares of the financial services provider’s stock valued at $2,187,000 after buying an additional 100 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of Comerica by 3.3% in the first quarter. Pacer Advisors Inc. now owns 3,282 shares of the financial services provider’s stock valued at $225,000 after buying an additional 104 shares during the last quarter. 83.97% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for Comerica (NYSE:CMA)

Shares of Comerica Incorporated (CMA) traded down 1.24% during mid-day trading on Thursday, hitting $71.42. 2,143,247 shares of the stock were exchanged. The stock’s 50 day moving average is $70.70 and its 200 day moving average is $69.67. The firm has a market cap of $12.64 billion, a P/E ratio of 20.70 and a beta of 1.46. Comerica Incorporated has a 12 month low of $36.82 and a 12 month high of $75.30.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, April 18th. The financial services provider reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.10. Comerica had a return on equity of 8.45% and a net margin of 20.42%. The company had revenue of $741 million for the quarter, compared to the consensus estimate of $735.06 million. During the same quarter last year, the company earned $0.34 earnings per share. Analysts expect that Comerica Incorporated will post $4.42 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Saturday, July 1st. Shareholders of record on Thursday, June 15th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.46%. The ex-dividend date of this dividend is Tuesday, June 13th. This is an increase from Comerica’s previous quarterly dividend of $0.23. Comerica’s dividend payout ratio (DPR) is currently 30.15%.

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Several research analysts recently commented on the stock. Keefe, Bruyette & Woods set a $71.00 target price on shares of Comerica and gave the stock a “buy” rating in a research note on Saturday, March 25th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $81.00 target price on shares of Comerica in a research note on Monday, May 15th. BidaskClub downgraded shares of Comerica from a “strong-buy” rating to a “buy” rating in a research note on Thursday. FBR & Co reaffirmed a “market perform” rating and issued a $74.00 target price on shares of Comerica in a research note on Wednesday, April 19th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $78.00 target price on shares of Comerica in a research note on Tuesday, April 4th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $59.89.

In other Comerica news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the firm’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $70.94, for a total value of $5,930,584.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is currently owned by company insiders.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “CMA”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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