Pictet Asset Management Ltd. raised its position in shares of Comerica Incorporated (NYSE:CMA) by 6.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 95,376 shares of the financial services provider’s stock after buying an additional 5,700 shares during the period. Pictet Asset Management Ltd. owned 0.05% of Comerica worth $6,541,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Parallel Advisors LLC bought a new stake in shares of Comerica during the fourth quarter worth about $112,000. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in Comerica by 6,744.1% in the fourth quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 156,593 shares of the financial services provider’s stock valued at $157,000 after buying an additional 154,305 shares during the last quarter. SRB Corp increased its stake in Comerica by 9.2% in the third quarter. SRB Corp now owns 3,412 shares of the financial services provider’s stock valued at $161,000 after buying an additional 287 shares during the last quarter. IFM Investors Pty Ltd purchased a new stake in Comerica during the fourth quarter valued at $208,000. Finally, Farr Miller & Washington LLC DC purchased a new stake in Comerica during the fourth quarter valued at $223,000. 81.74% of the stock is owned by institutional investors.
Comerica Incorporated (NYSE CMA) opened at 69.11 on Tuesday. The firm has a market capitalization of $12.23 billion, a P/E ratio of 20.03 and a beta of 1.43. Comerica Incorporated has a 1-year low of $36.82 and a 1-year high of $75.00. The company has a 50-day moving average price of $69.79 and a 200 day moving average price of $68.90.
Comerica (NYSE:CMA) last announced 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 business had revenue of $741 million for the quarter, compared to analysts’ expectations of $735.06 million. Comerica had a return on equity of 6.92% and a net margin of 16.00%. During the same period in the prior year, the firm earned $0.34 EPS. Analysts expect that Comerica Incorporated will post $4.40 earnings per share 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 given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.50%. This is a boost from Comerica’s previous quarterly dividend of $0.23. The ex-dividend date is Tuesday, June 13th. Comerica’s dividend payout ratio is presently 34.33%.
Several analysts recently weighed in on CMA shares. Zacks Investment Research downgraded Comerica from a “buy” rating to a “hold” rating in a report on Monday, February 20th. Jefferies Group LLC reiterated a “buy” rating on shares of Comerica in a report on Tuesday, March 21st. Keefe, Bruyette & Woods set a $71.00 target price on shares of Comerica and gave the stock a “buy” rating in a report on Saturday, March 25th. Royal Bank of Canada reiterated a “buy” rating and issued a $78.00 target price on shares of Comerica in a report on Tuesday, April 4th. Finally, FBR & Co restated a “market perform” rating and set a $74.00 price objective on shares of Comerica in a report on Wednesday, April 19th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $58.65. In other news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $70.94, for a total transaction of $5,930,584.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by corporate insiders.
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