Wetherby Asset Management Inc. Boosts Holdings in Comerica Incorporated (NYSE:CMA)
Wetherby Asset Management Inc. raised its position in Comerica Incorporated (NYSE:CMA) by 16.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,928 shares of the financial services provider’s stock after buying an additional 831 shares during the period. Wetherby Asset Management Inc.’s holdings in Comerica were worth $514,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of CMA. Raymond James Financial Services Advisors Inc. boosted its holdings in Comerica by 37.5% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 10,596 shares of the financial services provider’s stock worth $776,000 after buying an additional 2,892 shares during the last quarter. Eqis Capital Management Inc. acquired a new position in shares of Comerica during the 3rd quarter worth approximately $250,000. Shell Asset Management Co. boosted its holdings in shares of Comerica by 231.9% during the 3rd quarter. Shell Asset Management Co. now owns 28,585 shares of the financial services provider’s stock worth $1,425,000 after purchasing an additional 19,972 shares during the last quarter. Mutual of America Capital Management LLC boosted its holdings in shares of Comerica by 40.0% during the 3rd quarter. Mutual of America Capital Management LLC now owns 57,750 shares of the financial services provider’s stock worth $4,404,000 after purchasing an additional 16,490 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Comerica during the 3rd quarter worth approximately $7,724,000. Institutional investors own 83.05% of the company’s stock.
Several research analysts have recently weighed in on the company. ValuEngine upgraded Comerica from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. BMO Capital Markets restated a “buy” rating and set a $116.00 target price on shares of Comerica in a report on Wednesday, March 7th. Zacks Investment Research cut Comerica from a “buy” rating to a “hold” rating in a report on Tuesday. Bank of America boosted their target price on Comerica from $97.00 to $104.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, Wedbush boosted their target price on Comerica from $97.00 to $102.00 and gave the stock a “neutral” rating in a report on Monday, March 5th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $93.27.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.03. The company had revenue of $830.00 million for the quarter, compared to analyst estimates of $819.30 million. Comerica had a return on equity of 10.94% and a net margin of 22.47%. During the same quarter in the previous year, the company earned $0.92 earnings per share. equities research analysts expect that Comerica Incorporated will post 6.57 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, April 1st. Shareholders of record on Thursday, March 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date is Wednesday, March 14th. Comerica’s payout ratio is 29.06%.
In other Comerica news, CEO Ralph W. Babb, Jr. sold 61,500 shares of the business’s stock in a transaction that occurred on Thursday, January 18th. The stock was sold at an average price of $94.02, for a total value of $5,782,230.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Megan D. Burkhart sold 4,670 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $99.20, for a total value of $463,264.00. The disclosure for this sale can be found here. In the last three months, insiders sold 272,006 shares of company stock worth $26,250,992. 1.10% of the stock is owned by corporate insiders.
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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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