Principal Financial Group Inc. Buys 353,270 Shares of Comerica Incorporated (CMA)
Principal Financial Group Inc. lifted its stake in Comerica Incorporated (NYSE:CMA) by 82.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 783,559 shares of the financial services provider’s stock after purchasing an additional 353,270 shares during the quarter. Principal Financial Group Inc. owned about 0.45% of Comerica worth $59,754,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in CMA. Exane Derivatives purchased a new position in shares of Comerica in the 2nd quarter worth approximately $125,000. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its holdings in shares of Comerica by 0.3% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 8 shares during the period. Smithfield Trust Co. boosted its holdings in shares of Comerica by 2,446.0% in the 2nd quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock worth $186,000 after purchasing an additional 2,446 shares during the period. Regentatlantic Capital LLC purchased a new position in shares of Comerica in the 2nd quarter worth approximately $201,000. Finally, BB&T Corp purchased a new position in shares of Comerica in the 3rd quarter worth approximately $206,000. Hedge funds and other institutional investors own 82.34% of the company’s stock.
Comerica Incorporated (NYSE:CMA) opened at $76.94 on Tuesday. The company has a market capitalization of $13,031.45, a price-to-earnings ratio of 16.91, a PEG ratio of 1.71 and a beta of 1.50. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.00 and a quick ratio of 1.00. Comerica Incorporated has a 1 year low of $57.93 and a 1 year high of $80.25.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.03. The firm had revenue of $821.00 million during the quarter, compared to analyst estimates of $812.83 million. Comerica had a return on equity of 10.35% and a net margin of 24.87%. During the same period in the previous year, the company posted $0.84 EPS. research analysts anticipate that Comerica Incorporated will post 4.86 earnings per share for the current year.
Comerica declared that its Board of Directors has initiated a stock buyback plan on Tuesday, July 25th that allows the company to buyback 5,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Stockholders of record on Friday, December 15th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Thursday, December 14th. Comerica’s payout ratio is 27.15%.
A number of equities analysts recently issued reports on CMA shares. Morgan Stanley restated an “equal weight” rating and set a $79.00 price objective (up previously from $76.00) on shares of Comerica in a report on Wednesday, October 4th. Piper Jaffray Companies restated a “hold” rating and set a $76.00 price objective on shares of Comerica in a report on Friday, September 1st. Royal Bank Of Canada restated a “buy” rating and set a $82.00 price objective on shares of Comerica in a report on Friday, September 8th. FBR & Co set a $79.00 price objective on Comerica and gave the company a “buy” rating in a report on Tuesday, July 18th. Finally, Stephens restated a “buy” rating and set a $80.00 price objective on shares of Comerica in a report on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the company. Comerica currently has a consensus rating of “Hold” and an average target price of $78.00.
In related news, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Judith S. Love sold 21,000 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total value of $1,464,540.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,249 shares of company stock valued at $3,095,383. Corporate insiders own 1.10% of the company’s stock.
Comerica Company Profile
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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