Strycker View Capital LLC Takes $24 Million Position in Comerica Incorporated (CMA)
Strycker View Capital LLC purchased a new stake in shares of Comerica Incorporated (NYSE:CMA) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 276,500 shares of the financial services provider’s stock, valued at approximately $24,003,000. Comerica accounts for approximately 15.3% of Strycker View Capital LLC’s portfolio, making the stock its largest position.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMA. IBM Retirement Fund bought a new position in shares of Comerica during the third quarter valued at about $200,000. Zeke Capital Advisors LLC bought a new position in shares of Comerica during the third quarter valued at about $200,000. BB&T Corp bought a new position in shares of Comerica during the third quarter valued at about $206,000. JLB & Associates Inc. bought a new position in shares of Comerica during the fourth quarter valued at about $217,000. Finally, ZWJ Investment Counsel Inc. bought a new position in shares of Comerica during the fourth quarter valued at about $217,000. 82.30% of the stock is currently owned by institutional investors.
CMA has been the topic of a number of recent analyst reports. Piper Jaffray Companies reissued a “buy” rating on shares of Comerica in a research report on Tuesday, October 17th. FBR & Co reissued a “buy” rating and set a $84.00 price target (up from $79.00) on shares of Comerica in a research report on Tuesday, October 17th. DA Davidson reissued a “hold” rating and set a $81.00 price target on shares of Comerica in a research report on Wednesday, October 18th. Robert W. Baird reissued a “hold” rating and set a $74.00 price target on shares of Comerica in a research report on Friday, October 20th. Finally, Nomura raised their price target on shares of Comerica from $74.00 to $86.00 and gave the company a “neutral” rating in a research report on Monday, October 23rd. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Comerica presently has an average rating of “Hold” and an average price target of $92.37.
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, topping the consensus estimate of $1.25 by $0.03. The firm had revenue of $830.00 million during the quarter, compared to the consensus estimate of $819.30 million. Comerica had a net margin of 22.47% and a return on equity of 10.94%. During the same quarter last year, the company earned $0.92 earnings per share. equities research analysts expect that Comerica Incorporated will post 6.56 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, April 1st. Stockholders of record on Thursday, March 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.31%. Comerica’s payout ratio is 29.06%.
In other news, insider Peter William Guilfoile sold 1,052 shares of Comerica stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $97.00, for a total value of $102,044.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ralph W. Babb, Jr. sold 65,300 shares of Comerica stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $97.61, for a total transaction of $6,373,933.00. The disclosure for this sale can be found here. Insiders sold 211,015 shares of company stock valued at $20,194,360 in the last quarter. Corporate insiders own 1.10% of the company’s stock.
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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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