First Republic Investment Management Inc. grew its stake in shares of Comerica Incorporated (NYSE:CMA) by 34.9% during the first quarter, HoldingsChannel reports. The firm owned 9,308 shares of the financial services provider’s stock after purchasing an additional 2,410 shares during the period. First Republic Investment Management Inc.’s holdings in Comerica were worth $682,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Arcadia Investment Management Corp MI acquired a new position in shares of Comerica in the 4th quarter valued at $25,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Comerica in the 4th quarter valued at $25,000. Trust Department MB Financial Bank N A increased its holdings 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 valued at $25,000 after acquiring an additional 135 shares during the period. Liberty Wealth Management LLC acquired a new position in shares of Comerica in the 4th quarter valued at $26,000. Finally, Claybrook Capital LLC acquired a new position in shares of Comerica in the 4th quarter valued at $29,000. 85.37% of the stock is currently owned by institutional investors.
A number of brokerages have recently commented on CMA. Goldman Sachs Group cut shares of Comerica from a “buy” rating to a “neutral” rating and cut their target price for the company from $89.00 to $84.00 in a report on Thursday, April 4th. B. Riley lowered their price objective on shares of Comerica from $87.00 to $80.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 26th. Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “buy” rating and set a $92.00 price objective on the stock in a research report on Tuesday, March 12th. DA Davidson lowered their price objective on shares of Comerica from $87.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. Finally, Wedbush lowered shares of Comerica from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $86.00 to $85.00 in a research report on Wednesday, March 13th. Three research analysts have rated the stock with a sell rating, sixteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $91.91.
Shares of NYSE CMA opened at $74.61 on Thursday. The firm has a market cap of $11.32 billion, a price-to-earnings ratio of 10.31, a P/E/G ratio of 1.28 and a beta of 1.43. Comerica Incorporated has a one year low of $63.69 and a one year 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 (NYSE:CMA) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $2.08 EPS for the quarter, topping the consensus estimate of $1.93 by $0.15. The company had revenue of $852.00 million for the quarter, compared to analyst estimates of $852.88 million. Comerica had a net margin of 34.75% and a return on equity of 16.95%. The business’s revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.59 EPS. Analysts forecast that Comerica Incorporated will post 8.22 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.67 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $2.68 annualized dividend and a dividend yield of 3.59%. Comerica’s payout ratio is currently 37.02%.
Comerica announced that its Board of Directors has approved a stock repurchase program on Tuesday, January 22nd that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
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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