Fundamentun LLC Acquires New Position in Comerica Incorporated (CMA)
Fundamentun LLC acquired a new stake in Comerica Incorporated (NYSE:CMA) in the 1st quarter, HoldingsChannel reports. The fund acquired 11,581 shares of the financial services provider’s stock, valued at approximately $849,000.
Several other institutional investors have also recently added to or reduced their stakes in the company. Trust Department MB Financial Bank N A grew its position in shares of Comerica by 64.3% in the 1st quarter. Trust Department MB Financial Bank N A now owns 345 shares of the financial services provider’s stock worth $25,000 after buying an additional 135 shares during the last quarter. Highwater Wealth Management LLC acquired a new stake in shares of Comerica in the 4th quarter worth $32,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Comerica in the 4th quarter worth $25,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Comerica in the 4th quarter worth $25,000. Finally, Liberty Wealth Management LLC acquired a new stake in shares of Comerica in the 4th quarter worth $26,000. 85.37% of the stock is owned by institutional investors.
Shares of NYSE CMA traded up $1.33 during trading on Thursday, reaching $74.26. 20,624 shares of the company traded hands, compared to its average volume of 2,010,672. The firm has a market capitalization of $11.32 billion, a P/E ratio of 10.29, a PEG ratio of 1.28 and a beta of 1.43. Comerica Incorporated has a 12-month low of $63.69 and a 12-month high of $101.05. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.03 and a current ratio of 1.03.
Comerica declared that its Board of Directors has authorized a stock buyback plan on Tuesday, January 22nd that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.67 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.61%. Comerica’s payout ratio is currently 37.02%.
In other Comerica news, insider Paul R. Obermeyer sold 8,200 shares of Comerica stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $86.75, for a total transaction of $711,350.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Megan D. Burkhart sold 7,443 shares of Comerica stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $87.55, for a total value of $651,634.65. The disclosure for this sale can be found here. Company insiders own 0.98% of the company’s stock.
CMA has been the subject of a number of recent analyst reports. Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $92.00 price objective for the company in a research report on Tuesday, March 12th. Stephens cut Comerica from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, March 6th. Jefferies Financial Group cut Comerica from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a research report on Wednesday, April 17th. BMO Capital Markets cut Comerica from an “outperform” rating to a “market perform” rating and set a $83.00 price objective for the company. in a research report on Thursday, February 14th. Finally, DA Davidson lowered their price target on Comerica to $87.00 and set a “neutral” rating for the company in a research report on Thursday, January 17th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $91.91.
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Comerica Company Profile
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 middle market businesses, multinational corporations, and governmental entities.
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