State Board of Administration of Florida Retirement System Has $25.58 Million Holdings in Comerica Incorporated (CMA)
State Board of Administration of Florida Retirement System raised its position in Comerica Incorporated (NYSE:CMA) by 1.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 281,327 shares of the financial services provider’s stock after acquiring an additional 5,121 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.16% of Comerica worth $25,578,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Advisors Preferred LLC purchased a new position in shares of Comerica in the first quarter valued at about $111,000. Three Peaks Capital Management LLC purchased a new position in shares of Comerica in the first quarter valued at about $112,000. Massey Quick Simon & CO. LLC purchased a new position in shares of Comerica in the first quarter valued at about $153,000. Financial Gravity Wealth Inc. purchased a new position in shares of Comerica in the first quarter valued at about $155,000. Finally, Point72 Asia Hong Kong Ltd increased its position in shares of Comerica by 47.1% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,855 shares of the financial services provider’s stock valued at $178,000 after acquiring an additional 594 shares during the period. Hedge funds and other institutional investors own 81.35% of the company’s stock.
In related news, EVP Christine M. Moore sold 4,800 shares of the business’s stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $98.41, for a total transaction of $472,368.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.83% of the company’s stock.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.64 by $0.26. Comerica had a net margin of 27.28% and a return on equity of 13.14%. The business had revenue of $838.00 million for the quarter, compared to analyst estimates of $833.59 million. During the same quarter in the previous year, the firm posted $1.13 earnings per share. Comerica’s quarterly revenue was up 8.0% on a year-over-year basis. research analysts anticipate that Comerica Incorporated will post 7.15 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $2.40 annualized dividend and a yield of 2.43%. This is a positive change from Comerica’s previous quarterly dividend of $0.34. Comerica’s payout ratio is presently 28.75%.
A number of equities analysts have issued reports on CMA shares. Morgan Stanley boosted their price objective on shares of Comerica from $98.00 to $104.00 and gave the company an “equal weight” rating in a research report on Friday, April 20th. Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “strong-buy” rating and set a $107.00 price objective on the stock in a research report on Friday, April 20th. Bank of America set a $109.00 price target on shares of Comerica and gave the company a “buy” rating in a research report on Wednesday, July 25th. Wells Fargo & Co boosted their price target on shares of Comerica from $96.00 to $100.00 and gave the company a “market perform” rating in a research report on Thursday, June 14th. Finally, Barclays reiterated a “sell” rating and set a $102.00 price target on shares of Comerica in a research report on Thursday, April 19th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $99.72.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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