Cornercap Investment Counsel Inc. Sells 963 Shares of Comerica Incorporated (CMA)
Cornercap Investment Counsel Inc. cut its stake in Comerica Incorporated (NYSE:CMA) by 1.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,672 shares of the financial services provider’s stock after selling 963 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Comerica were worth $4,746,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in CMA. Crossmark Global Holdings Inc. purchased a new position in Comerica in the third quarter valued at $877,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in Comerica by 7.2% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 27,082 shares of the financial services provider’s stock valued at $2,065,000 after purchasing an additional 1,828 shares during the period. Prudential Financial Inc. boosted its holdings in Comerica by 170.2% in the third quarter. Prudential Financial Inc. now owns 662,709 shares of the financial services provider’s stock valued at $50,538,000 after purchasing an additional 417,426 shares during the period. Oregon Public Employees Retirement Fund boosted its holdings in Comerica by 188.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 51,949 shares of the financial services provider’s stock valued at $3,962,000 after purchasing an additional 33,910 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Comerica by 82.1% in the third quarter. Principal Financial Group Inc. now owns 783,559 shares of the financial services provider’s stock valued at $59,754,000 after purchasing an additional 353,270 shares during the period. Hedge funds and other institutional investors own 82.13% of the company’s stock.
CMA has been the subject of a number of recent analyst reports. ValuEngine raised Comerica from a “hold” rating to a “buy” rating in a report on Wednesday. BMO Capital Markets reaffirmed a “buy” rating and set a $116.00 price target on shares of Comerica in a report on Wednesday. Wedbush lifted their price target on Comerica from $97.00 to $102.00 and gave the stock a “neutral” rating in a report on Monday, March 5th. Vining Sparks reaffirmed a “buy” rating and set a $97.50 price target on shares of Comerica in a report on Tuesday, January 16th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $103.00 price target on shares of Comerica in a report on Wednesday, January 17th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Comerica has a consensus rating of “Hold” and a consensus target price of $92.80.
Shares of Comerica Incorporated (CMA) opened at $102.21 on Friday. Comerica Incorporated has a fifty-two week low of $64.04 and a fifty-two week high of $102.42. 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 firm has a market capitalization of $17,663.22, a PE ratio of 21.65, a PEG ratio of 1.56 and a beta of 1.39.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.03. Comerica had a return on equity of 10.94% and a net margin of 22.47%. The business had revenue of $830.00 million during the quarter, compared to the consensus estimate of $819.30 million. During the same period in the previous year, the business earned $0.92 EPS. analysts anticipate that Comerica Incorporated will post 6.57 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, April 1st. Stockholders of record on Thursday, March 15th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend is Wednesday, March 14th. Comerica’s payout ratio is currently 29.06%.
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.
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