Center for Financial Planning Inc. reduced its position in Comerica Incorporated (NYSE:CMA – Get Rating) by 49.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 603 shares of the financial services provider’s stock after selling 579 shares during the quarter. Center for Financial Planning Inc.’s holdings in Comerica were worth $52,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of CMA. AdvisorNet Financial Inc grew its position in shares of Comerica by 3.2% in the 4th quarter. AdvisorNet Financial Inc now owns 4,180 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 129 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Comerica by 3.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,105 shares of the financial services provider’s stock valued at $357,000 after purchasing an additional 147 shares during the period. Checchi Capital Advisers LLC grew its position in shares of Comerica by 5.5% in the 3rd quarter. Checchi Capital Advisers LLC now owns 3,019 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 157 shares during the period. Arizona State Retirement System grew its position in shares of Comerica by 0.4% in the 3rd quarter. Arizona State Retirement System now owns 38,029 shares of the financial services provider’s stock valued at $3,061,000 after purchasing an additional 167 shares during the period. Finally, Daiwa Securities Group Inc. grew its position in shares of Comerica by 16.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 1,219 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 170 shares during the period. 79.73% of the stock is owned by hedge funds and other institutional investors.
Shares of CMA stock traded down $2.76 during trading on Friday, reaching $81.90. 1,495,042 shares of the company’s stock were exchanged, compared to its average volume of 1,634,111. The company has a quick ratio of 0.92, a current ratio of 0.88 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $10.74 billion, a PE ratio of 11.30, a PEG ratio of 1.56 and a beta of 1.35. Comerica Incorporated has a twelve month low of $63.07 and a twelve month high of $102.09. The firm’s fifty day moving average price is $90.01 and its 200-day moving average price is $89.99.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Wednesday, June 15th will be given a dividend of $0.68 per share. The ex-dividend date is Tuesday, June 14th. This represents a $2.72 annualized dividend and a dividend yield of 3.32%. Comerica’s dividend payout ratio is currently 37.52%.
In related news, EVP Christine M. Moore sold 2,750 shares of Comerica stock in a transaction on Tuesday, February 1st. The stock was sold at an average price of $93.90, for a total transaction of $258,225.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Wendy Bridges sold 1,100 shares of Comerica stock in a transaction on Thursday, March 3rd. The shares were sold at an average price of $93.78, for a total value of $103,158.00. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by company insiders.
Several equities analysts recently issued reports on the company. DA Davidson boosted their price objective on Comerica from $103.00 to $115.00 in a research report on Thursday, January 20th. Compass Point upgraded Comerica from a “neutral” rating to a “buy” rating and boosted their target price for the company from $105.00 to $115.00 in a research note on Wednesday, February 16th. Bank of America upgraded Comerica from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $88.00 to $105.00 in a research note on Thursday, January 6th. Raymond James cut Comerica from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 21st. Finally, JPMorgan Chase & Co. upgraded Comerica from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $108.00 to $115.00 in a research note on Friday, April 1st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $102.35.
Comerica Profile (Get Rating)
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial 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 for small and middle market businesses, multinational corporations, and governmental entities.
- Get a free copy of the StockNews.com research report on Comerica (CMA)
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