Westwood Holdings Group Inc. purchased a new stake in Comerica Incorporated (NYSE:CMA) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,414 shares of the financial services provider’s stock, valued at approximately $210,000.
Other hedge funds also recently bought and sold shares of the company. Zeke Capital Advisors LLC purchased a new stake in shares of Comerica in the third quarter valued at approximately $200,000. Driehaus Capital Management LLC purchased a new position in Comerica in the fourth quarter worth approximately $209,000. JLB & Associates Inc. purchased a new position in Comerica in the fourth quarter worth approximately $217,000. ZWJ Investment Counsel Inc. purchased a new position in Comerica in the fourth quarter worth approximately $217,000. Finally, Visionary Asset Management Inc. purchased a new position in Comerica in the third quarter worth approximately $218,000. Institutional investors and hedge funds own 83.04% of the company’s stock.
CMA has been the subject of several analyst reports. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $101.00 price objective on shares of Comerica in a research report on Friday, December 22nd. Vining Sparks reiterated a “buy” rating and issued a $97.50 price objective on shares of Comerica in a research report on Tuesday, January 16th. Royal Bank of Canada reiterated a “buy” rating and issued a $103.00 price objective on shares of Comerica in a research report on Wednesday, January 17th. BMO Capital Markets upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $111.00 price objective for the company in a research report on Friday, February 9th. Finally, Instinet upgraded Comerica from a “neutral” rating to a “buy” rating in a research report on Friday, January 5th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $93.27.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $1.28 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $819.30 million. During the same period in the prior year, the firm earned $0.92 earnings per share. sell-side analysts predict that Comerica Incorporated will post 6.58 EPS for the current fiscal year.
The business also recently disclosed 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. This represents a $1.20 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Wednesday, March 14th. Comerica’s payout ratio is currently 29.06%.
In other news, President Curtis C. Farmer sold 18,870 shares of the 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 legal filing with the SEC, which is available through this hyperlink. Also, insider Peter William Guilfoile sold 1,052 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $97.00, for a total value of $102,044.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 272,006 shares of company stock worth $26,250,992. Insiders own 0.83% of the company’s stock.
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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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