Argent Trust Co purchased a new position in Comerica Incorporated (NYSE:CMA) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 4,170 shares of the financial services provider’s stock, valued at approximately $379,000.
Other institutional investors have also bought and sold shares of the company. Three Peaks Capital Management LLC acquired a new stake in shares of Comerica in the 1st quarter worth about $112,000. Financial Gravity Wealth Inc. acquired a new stake in shares of Comerica in the 1st quarter worth about $155,000. Point72 Asia Hong Kong Ltd increased its holdings in shares of Comerica by 47.1% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,855 shares of the financial services provider’s stock worth $178,000 after acquiring an additional 594 shares during the period. IFP Advisors Inc increased its holdings in shares of Comerica by 37.8% in the 1st quarter. IFP Advisors Inc now owns 1,982 shares of the financial services provider’s stock worth $190,000 after acquiring an additional 544 shares during the period. Finally, Piedmont Investment Advisors LLC acquired a new stake in shares of Comerica in the 2nd quarter worth about $183,000. Institutional investors own 81.32% of the company’s stock.
Shares of CMA stock traded down $1.07 during trading on Friday, hitting $84.73. 3,012,180 shares of the company were exchanged, compared to its average volume of 1,586,775. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market cap of $15.46 billion, a P/E ratio of 17.91, a P/E/G ratio of 0.56 and a beta of 1.42. Comerica Incorporated has a twelve month low of $74.16 and a twelve month high of $102.66.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, July 17th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.64 by $0.26. The business had revenue of $838.00 million during the quarter, compared to analysts’ expectations of $833.59 million. Comerica had a net margin of 27.28% and a return on equity of 13.14%. The firm’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same period last year, the company posted $1.13 earnings per share. Sell-side analysts predict that Comerica Incorporated will post 7.14 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Friday, September 14th were issued a dividend of $0.60 per share. This is a boost from Comerica’s previous quarterly dividend of $0.34. This represents a $2.40 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend was Thursday, September 13th. Comerica’s dividend payout ratio (DPR) is currently 50.74%.
A number of research firms recently weighed in on CMA. Royal Bank of Canada reaffirmed a “buy” rating and issued a $108.00 price objective (up previously from $106.00) on shares of Comerica in a report on Tuesday, July 17th. Wedbush raised their target price on shares of Comerica from $111.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. Bank of America set a $109.00 target price on shares of Comerica and gave the company a “buy” rating in a research note on Wednesday, July 25th. Vining Sparks reissued a “buy” rating and set a $107.00 target price on shares of Comerica in a research note on Tuesday. Finally, Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $106.00 target price on the stock in a research note on Tuesday, June 19th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $101.72.
In related news, EVP Christine M. Moore sold 4,800 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $98.41, for a total transaction of $472,368.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.83% of the company’s stock.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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