Comerica Incorporated (CMA) Position Reduced by Icon Advisers Inc. Co.
Icon Advisers Inc. Co. decreased its position in Comerica Incorporated (NYSE:CMA) by 57.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 5,600 shares of the financial services provider’s stock after selling 7,700 shares during the period. Icon Advisers Inc. Co.’s holdings in Comerica were worth $486,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of CMA. JPMorgan Chase & Co. boosted its stake in Comerica by 33.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,721,807 shares of the financial services provider’s stock worth $507,632,000 after purchasing an additional 1,681,640 shares during the period. Rockefeller Financial Services Inc. boosted its stake in Comerica by 14,008.7% in the 4th quarter. Rockefeller Financial Services Inc. now owns 1,446,003 shares of the financial services provider’s stock worth $125,527,000 after purchasing an additional 1,435,754 shares during the period. Old Mutual Global Investors UK Ltd. acquired a new position in Comerica in the 3rd quarter worth approximately $35,346,000. Prudential Financial Inc. boosted its stake in Comerica by 170.2% in the 3rd quarter. Prudential Financial Inc. now owns 662,709 shares of the financial services provider’s stock worth $50,538,000 after purchasing an additional 417,426 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in Comerica by 82.1% in the 3rd quarter. Principal Financial Group Inc. now owns 783,559 shares of the financial services provider’s stock worth $59,754,000 after purchasing an additional 353,270 shares during the period. 82.91% of the stock is owned by hedge funds and other institutional investors.
CMA has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research note on Monday, December 11th. Piper Jaffray Companies raised shares of Comerica to a “buy” rating and set a $98.00 price objective for the company in a research note on Friday, December 8th. B. Riley reiterated a “buy” rating and issued a $84.00 target price on shares of Comerica in a research report on Monday, December 4th. FBR & Co reiterated a “buy” rating and issued a $84.00 target price (up previously from $79.00) on shares of Comerica in a research report on Tuesday, October 17th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $101.00 target price on shares of Comerica in a research report on Friday, December 22nd. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Comerica presently has a consensus rating of “Hold” and a consensus price target of $92.37.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.03. The business had revenue of $830.00 million for 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 firm earned $0.92 EPS. sell-side analysts forecast that Comerica Incorporated will post 6.56 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, April 1st. Stockholders of record on Thursday, March 15th will be issued a dividend of $0.30 per share. The ex-dividend date is Wednesday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.29%. Comerica’s dividend payout ratio is currently 29.06%.
In other news, CEO Ralph W. Babb, Jr. sold 65,300 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $97.61, for a total transaction of $6,373,933.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, President Curtis C. Farmer sold 18,870 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $96.08, for a total transaction of $1,813,029.60. The disclosure for this sale can be found here. Insiders have sold a total of 211,015 shares of company stock worth $20,194,360 in the last 90 days. 1.10% of the stock is owned by insiders.
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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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