Comerica Incorporated (CMA) Stake Raised by Principal Financial Group Inc.
Principal Financial Group Inc. raised its stake in Comerica Incorporated (NYSE:CMA) by 3.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 276,205 shares of the financial services provider’s stock after buying an additional 8,352 shares during the period. Principal Financial Group Inc.’s holdings in Comerica were worth $18,942,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in the company. Cadence Capital Management LLC boosted its position in shares of Comerica by 8.0% in the fourth quarter. Cadence Capital Management LLC now owns 6,510 shares of the financial services provider’s stock valued at $443,000 after buying an additional 485 shares in the last quarter. Commerzbank Aktiengesellschaft FI acquired a new position in shares of Comerica during the fourth quarter valued at about $484,000. Baird Financial Group Inc. acquired a new position in shares of Comerica during the fourth quarter valued at about $377,000. Marshall Wace LLP acquired a new position in shares of Comerica during the fourth quarter valued at about $7,228,000. Finally, Elkfork Partners LLC acquired a new position in shares of Comerica during the fourth quarter valued at about $414,000. 83.97% of the stock is currently owned by institutional investors.
Comerica Incorporated (NYSE:CMA) traded down 0.86% during mid-day trading on Tuesday, reaching $73.98. 346,731 shares of the company’s stock were exchanged. The company has a market cap of $13.09 billion, a PE ratio of 21.44 and a beta of 1.46. Comerica Incorporated has a 52-week low of $36.82 and a 52-week high of $75.30. The stock has a 50-day moving average price of $70.65 and a 200 day moving average price of $69.61.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.10. Comerica had a return on equity of 8.45% and a net margin of 20.42%. The firm had revenue of $741 million during the quarter, compared to the consensus estimate of $735.06 million. During the same quarter in the prior year, the firm posted $0.34 EPS. Equities analysts predict that Comerica Incorporated will post $4.42 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, July 1st. Shareholders of record on Thursday, June 15th will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, June 13th. This represents a $1.04 dividend on an annualized basis and a yield of 1.39%. This is an increase from Comerica’s previous quarterly dividend of $0.23. Comerica’s dividend payout ratio is 30.15%.
CMA has been the topic of several recent research reports. Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating in a research note on Monday, February 20th. Jefferies Group LLC reaffirmed a “buy” rating on shares of Comerica in a research note on Tuesday, March 21st. Keefe, Bruyette & Woods set a $71.00 price objective on shares of Comerica and gave the stock a “buy” rating in a research note on Saturday, March 25th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $78.00 price objective on shares of Comerica in a research note on Tuesday, April 4th. Finally, FBR & Co reaffirmed a “market perform” rating and issued a $74.00 price objective on shares of Comerica in a research note on Wednesday, April 19th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $59.89.
In other Comerica news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $70.94, for a total transaction of $5,930,584.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.10% of the company’s stock.
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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