State Board of Administration of Florida Retirement System grew its stake in shares of Comerica Incorporated (NYSE:CMA) by 0.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 213,163 shares of the financial services provider’s stock after purchasing an additional 740 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.15% of Comerica worth $8,153,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Jacobi Capital Management LLC boosted its position in shares of Comerica by 117.6% during the 2nd quarter. Jacobi Capital Management LLC now owns 681 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 368 shares in the last quarter. Liberty Wealth Management LLC purchased a new stake in shares of Comerica during the 3rd quarter worth $31,000. Valeo Financial Advisors LLC raised its stake in shares of Comerica by 1,236.5% during the 2nd quarter. Valeo Financial Advisors LLC now owns 842 shares of the financial services provider’s stock worth $32,000 after buying an additional 779 shares during the last quarter. Private Advisor Group LLC acquired a new position in shares of Comerica during the 2nd quarter worth $36,000. Finally, Parkside Financial Bank & Trust raised its stake in shares of Comerica by 37.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 967 shares of the financial services provider’s stock worth $37,000 after buying an additional 264 shares during the last quarter. Institutional investors own 76.25% of the company’s stock.
NYSE CMA opened at $50.44 on Friday. Comerica Incorporated has a 12 month low of $24.28 and a 12 month high of $73.43. The company has a 50-day moving average of $45.00 and a 200-day moving average of $39.57. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $7.02 billion, a P/E ratio of 13.90 and a beta of 1.75.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, October 20th. The financial services provider reported $1.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.60. Comerica had a net margin of 16.17% and a return on equity of 7.12%. During the same quarter in the prior year, the company posted $1.96 earnings per share. As a group, equities research analysts anticipate that Comerica Incorporated will post 2.9 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 1st. Stockholders of record on Tuesday, December 15th will be issued a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 5.39%. The ex-dividend date is Monday, December 14th. Comerica’s payout ratio is currently 34.83%.
Several research firms have recently issued reports on CMA. ValuEngine downgraded Comerica from a “hold” rating to a “sell” rating in a research note on Tuesday, September 1st. SunTrust Banks cut their price target on Comerica from $49.00 to $40.00 and set a “hold” rating for the company in a research note on Friday, July 24th. Truist lifted their price target on Comerica from $40.00 to $45.00 in a research note on Thursday, October 22nd. Zacks Investment Research raised Comerica from a “sell” rating to a “hold” rating and set a $44.00 price target for the company in a research note on Tuesday, September 8th. Finally, Wolfe Research began coverage on Comerica in a research note on Friday, July 31st. They set an “underperform” rating for the company. Seven research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $43.56.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business 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 for small and middle market businesses, multinational corporations, and governmental entities.
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