Pzena Investment Management LLC Trims Position in Comerica Incorporated (CMA)
Pzena Investment Management LLC reduced its position in Comerica Incorporated (NYSE:CMA) by 3.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 716,953 shares of the financial services provider’s stock after selling 28,587 shares during the quarter. Pzena Investment Management LLC’s holdings in Comerica were worth $62,239,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. Toronto Dominion Bank lifted its position in Comerica by 11.4% in the third quarter. Toronto Dominion Bank now owns 66,770 shares of the financial services provider’s stock worth $5,092,000 after purchasing an additional 6,843 shares during the period. APG Asset Management N.V. lifted its position in Comerica by 23.4% in the third quarter. APG Asset Management N.V. now owns 93,210 shares of the financial services provider’s stock worth $7,108,000 after purchasing an additional 17,700 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in Comerica by 30.1% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 35,236 shares of the financial services provider’s stock worth $3,049,000 after purchasing an additional 8,154 shares during the period. Dimensional Fund Advisors LP lifted its position in Comerica by 3.2% in the third quarter. Dimensional Fund Advisors LP now owns 996,123 shares of the financial services provider’s stock worth $75,956,000 after purchasing an additional 31,136 shares during the period. Finally, Old Mutual Global Investors UK Ltd. bought a new position in Comerica in the third quarter worth $35,346,000. 83.26% of the stock is owned by hedge funds and other institutional investors.
In other news, President Curtis C. Farmer sold 18,870 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $96.08, for a total value of $1,813,029.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ralph W. Babb, Jr. sold 61,500 shares of the firm’s stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $94.02, for a total value of $5,782,230.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 211,015 shares of company stock valued at $20,194,360. 1.10% of the stock is currently owned by corporate insiders.
Shares of Comerica Incorporated (CMA) opened at $98.41 on Thursday. Comerica Incorporated has a 12 month low of $64.04 and a 12 month high of $99.80. The firm has a market capitalization of $16,797.45, a price-to-earnings ratio of 23.83, a PEG ratio of 1.48 and a beta of 1.47. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.58.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.03. Comerica had a return on equity of 10.94% and a net margin of 22.47%. The company had revenue of $830.00 million during the quarter, compared to analyst estimates of $819.30 million. During the same period last year, the company posted $0.92 earnings per share. sell-side analysts predict that Comerica Incorporated will post 6.56 EPS for the current 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 dividend on an annualized basis and a dividend yield of 1.22%. Comerica’s dividend payout ratio (DPR) is presently 29.06%.
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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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