Primecap Management Co. CA Maintains Position in Comerica Incorporated (CMA)

Primecap Management Co. CA continued to hold its position in Comerica Incorporated (NYSE:CMA) during the first quarter, Holdings Channel reports. The institutional investor owned 53,500 shares of the financial services provider’s stock at the end of the first quarter. Primecap Management Co. CA’s holdings in Comerica were worth $3,669,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Comerica during the fourth quarter valued at about $283,880,000. Eton Park Capital Management L.P. bought a new position in Comerica during the fourth quarter valued at about $140,887,000. Ameriprise Financial Inc. increased its position in Comerica by 1,159.7% in the first quarter. Ameriprise Financial Inc. now owns 1,892,008 shares of the financial services provider’s stock valued at $129,759,000 after buying an additional 1,741,818 shares in the last quarter. Appaloosa LP bought a new position in Comerica during the fourth quarter valued at about $78,462,000. Finally, JPMorgan Chase & Co. increased its position in Comerica by 28.1% in the first quarter. JPMorgan Chase & Co. now owns 4,120,834 shares of the financial services provider’s stock valued at $282,610,000 after buying an additional 905,127 shares in the last quarter. Institutional investors own 84.01% of the company’s stock.

Institutional Ownership by Quarter for Comerica (NYSE:CMA)

Shares of Comerica Incorporated (NYSE CMA) traded up 0.18% on Monday, reaching $72.80. 1,989,083 shares of the company’s stock were exchanged. The company has a market capitalization of $12.88 billion, a P/E ratio of 21.10 and a beta of 1.46. The stock’s 50-day moving average price is $70.04 and its 200-day moving average price is $69.05. Comerica Incorporated has a 1-year low of $36.82 and a 1-year high of $75.00.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.10. The company had revenue of $741 million during the quarter, compared to analyst estimates of $735.06 million. Comerica had a net margin of 20.42% and a return on equity of 8.45%. During the same period in the prior year, the business posted $0.34 EPS. Analysts anticipate that Comerica Incorporated will post $4.40 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Saturday, July 1st. Stockholders of record on Thursday, June 15th will be paid a $0.26 dividend. This is a positive change from Comerica’s previous quarterly dividend of $0.23. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Tuesday, June 13th. Comerica’s dividend payout ratio is currently 26.67%.

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CMA has been the subject of several recent research reports. Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “strong-buy” rating and set a $78.00 target price for the company in a research note on Friday, April 21st. Jefferies Group LLC reiterated a “buy” rating on shares of Comerica in a research note on Tuesday, March 21st. Keefe, Bruyette & Woods set a $73.00 target price on shares of Comerica and gave the stock a “buy” rating in a research note on Tuesday, April 18th. Deutsche Bank AG increased their target price on shares of Comerica to $74.00 and gave the stock a “hold” rating in a research note on Wednesday, April 19th. Finally, Barclays PLC reiterated an “underweight” rating and set a $72.00 target price (up previously from $69.00) on shares of Comerica in a research note on Saturday, April 22nd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Comerica currently has an average rating of “Hold” and a consensus price target of $59.61.

In other news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $70.94, for a total value of $5,930,584.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.10% of the company’s stock.

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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