Arizona State Retirement System grew its stake in Comerica Incorporated (NYSE:CMA – Get Rating) by 3.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,914 shares of the financial services provider’s stock after acquiring an additional 1,380 shares during the period. Arizona State Retirement System’s holdings in Comerica were worth $2,468,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Comerica by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 16,248,885 shares of the financial services provider’s stock valued at $1,155,296,000 after acquiring an additional 221,824 shares in the last quarter. State Street Corp lifted its stake in Comerica by 3.9% in the 3rd quarter. State Street Corp now owns 7,675,947 shares of the financial services provider’s stock valued at $550,764,000 after purchasing an additional 284,884 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Comerica by 5.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,492,892 shares of the financial services provider’s stock valued at $225,433,000 after purchasing an additional 129,042 shares during the last quarter. Marshall Wace LLP lifted its stake in Comerica by 12.7% in the 3rd quarter. Marshall Wace LLP now owns 2,377,028 shares of the financial services provider’s stock valued at $169,008,000 after purchasing an additional 267,593 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Comerica by 4.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,992,962 shares of the financial services provider’s stock valued at $180,255,000 after purchasing an additional 79,871 shares during the last quarter. Institutional investors own 81.91% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on CMA shares. Citigroup cut their target price on shares of Comerica from $90.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, April 21st. The Goldman Sachs Group cut their target price on shares of Comerica from $83.00 to $61.00 and set a “neutral” rating for the company in a research note on Thursday, March 30th. Wells Fargo & Company cut their price objective on shares of Comerica from $72.00 to $53.00 and set an “underweight” rating for the company in a research report on Monday, April 3rd. Royal Bank of Canada cut their price objective on shares of Comerica from $68.00 to $62.00 and set an “outperform” rating for the company in a research report on Friday, April 21st. Finally, Robert W. Baird cut their price objective on shares of Comerica from $90.00 to $80.00 and set an “outperform” rating for the company in a research report on Friday, April 21st. Three analysts have rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $69.23.
Comerica Stock Performance
Comerica (NYSE:CMA – Get Rating) last posted its earnings results on Thursday, April 20th. The financial services provider reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.13. The firm had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $966.40 million. Comerica had a net margin of 30.16% and a return on equity of 24.34%. During the same quarter in the previous year, the firm posted $1.37 earnings per share. As a group, research analysts predict that Comerica Incorporated will post 8.23 EPS for the current fiscal year.
Comerica Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Saturday, July 1st. Shareholders of record on Thursday, June 15th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 7.83%. Comerica’s payout ratio is presently 29.93%.
Comerica Profile
Comerica, Inc engages in the provision of financial services. It operates through the following segments: Commercial Bank, Retail Bank, Wealth Management, Finance, and Other. The Commercial Bank segment offers 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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