California State Teachers Retirement System lowered its stake in shares of Comerica Incorporated (NYSE:CMA) by 2.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 243,469 shares of the financial services provider’s stock after selling 6,432 shares during the period. California State Teachers Retirement System’s holdings in Comerica were worth $16,067,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMA. Pictet Asset Management Ltd. lifted its position in Comerica by 1.5% during the 3rd quarter. Pictet Asset Management Ltd. now owns 84,747 shares of the financial services provider’s stock worth $5,592,000 after acquiring an additional 1,284 shares during the period. Banco Santander S.A. increased its holdings in shares of Comerica by 62.1% in the third quarter. Banco Santander S.A. now owns 17,100 shares of the financial services provider’s stock valued at $1,128,000 after purchasing an additional 6,551 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Comerica by 2.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,207,802 shares of the financial services provider’s stock worth $79,703,000 after purchasing an additional 27,519 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in shares of Comerica by 3,964.5% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,520 shares of the financial services provider’s stock worth $166,000 after purchasing an additional 2,458 shares during the last quarter. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Comerica during the third quarter worth approximately $943,000. 82.57% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:CMA opened at $70.10 on Tuesday. Comerica Incorporated has a 1 year low of $58.54 and a 1 year high of $88.96. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a fifty day moving average price of $68.43 and a two-hundred day moving average price of $67.81. The stock has a market capitalization of $10.15 billion, a price-to-earnings ratio of 8.91, a PEG ratio of 0.56 and a beta of 1.56.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be paid a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 3.82%. The ex-dividend date is Thursday, December 12th. Comerica’s dividend payout ratio (DPR) is 37.02%.
A number of equities analysts recently weighed in on CMA shares. Stephens reiterated a “hold” rating and issued a $72.00 price objective on shares of Comerica in a research report on Wednesday, October 16th. Barclays cut their price objective on shares of Comerica from $81.00 to $74.00 and set an “underweight” rating for the company in a research report on Thursday, September 12th. ValuEngine downgraded shares of Comerica from a “buy” rating to a “hold” rating in a research report on Tuesday. Piper Jaffray Companies cut shares of Comerica from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $74.50 to $72.50 in a research note on Thursday, October 17th. Finally, Citigroup lowered their target price on shares of Comerica from $66.00 to $54.00 and set a “sell” rating on the stock in a report on Wednesday, October 9th. Six investment analysts have rated the stock with a sell rating and sixteen have issued a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $72.91.
In related news, Director Reginald M. Turner, Jr. sold 2,495 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $66.66, for a total value of $166,316.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Peter William Guilfoile sold 6,959 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $71.45, for a total value of $497,220.55. The disclosure for this sale can be found here. 0.98% of the stock is owned by company insiders.
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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