Old Mutual Global Investors UK Ltd. Purchases Shares of 463,496 Comerica Incorporated (CMA)
Old Mutual Global Investors UK Ltd. purchased a new position in shares of Comerica Incorporated (NYSE:CMA) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 463,496 shares of the financial services provider’s stock, valued at approximately $35,346,000. Old Mutual Global Investors UK Ltd. owned approximately 0.27% of Comerica at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Comerica by 6.7% during the second quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock worth $1,330,147,000 after acquiring an additional 1,142,275 shares in the last quarter. BlackRock Inc. raised its position in Comerica by 0.5% during the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock worth $829,069,000 after acquiring an additional 51,426 shares in the last quarter. State Street Corp raised its position in Comerica by 11.3% during the second quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock worth $731,672,000 after acquiring an additional 1,010,965 shares in the last quarter. JPMorgan Chase & Co. raised its position in Comerica by 22.3% during the second quarter. JPMorgan Chase & Co. now owns 5,040,167 shares of the financial services provider’s stock worth $369,142,000 after acquiring an additional 919,333 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in Comerica by 1.6% during the second quarter. TIAA CREF Investment Management LLC now owns 2,204,216 shares of the financial services provider’s stock worth $161,437,000 after acquiring an additional 34,144 shares in the last quarter. 83.49% of the stock is currently owned by hedge funds and other institutional investors.
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In other news, insider Peter William Guilfoile sold 2,928 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $69.50, for a total value of $203,496.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Judith S. Love sold 21,000 shares of the stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total transaction of $1,464,540.00. The disclosure for this sale can be found here. Insiders have sold 44,249 shares of company stock valued at $3,095,383 in the last ninety days. 1.10% of the stock is currently owned by company insiders.
Several analysts have issued reports on CMA shares. Nomura upped their price target on shares of Comerica from $74.00 to $86.00 and gave the stock a “neutral” rating in a research report on Monday, October 23rd. Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a report on Thursday, August 17th. Piper Jaffray Companies reiterated a “hold” rating and issued a $76.00 price objective on shares of Comerica in a report on Friday, September 1st. FBR & Co set a $79.00 price objective on shares of Comerica and gave the company a “buy” rating in a report on Tuesday, July 18th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $80.00 price objective (up from $78.00) on shares of Comerica in a report on Saturday, September 16th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $77.60.
Comerica Incorporated (NYSE:CMA) traded down $0.22 on Tuesday, reaching $79.32. 25,227 shares of the company traded hands, compared to its average volume of 1,540,000. Comerica Incorporated has a 1-year low of $51.12 and a 1-year high of $80.25. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $13,830.00, a PE ratio of 18.00, a price-to-earnings-growth ratio of 1.82 and a beta of 1.50.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.03. Comerica had a net margin of 24.87% and a return on equity of 10.35%. The business had revenue of $821.00 million during the quarter, compared to analysts’ expectations of $812.83 million. During the same quarter in the prior year, the business posted $0.84 earnings per share. sell-side analysts anticipate that Comerica Incorporated will post 4.86 EPS for the current fiscal year.
Comerica declared that its board has approved a share repurchase program on Tuesday, July 25th that authorizes the company to repurchase 5,000,000 shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
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.
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