Toronto Dominion Bank Acquires 6,843 Shares of Comerica Incorporated (CMA)
Toronto Dominion Bank boosted its holdings in shares of Comerica Incorporated (NYSE:CMA) by 11.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 66,770 shares of the financial services provider’s stock after acquiring an additional 6,843 shares during the quarter. Toronto Dominion Bank’s holdings in Comerica were worth $5,092,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Chicago Equity Partners LLC raised its position in Comerica by 25.0% during the second quarter. Chicago Equity Partners LLC now owns 36,540 shares of the financial services provider’s stock valued at $2,676,000 after acquiring an additional 7,310 shares in the last quarter. BlackRock Inc. raised its position in Comerica by 0.5% during the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock valued at $829,069,000 after acquiring an additional 51,426 shares in the last quarter. Pacad Investment Ltd. bought a new position in shares of Comerica in the second quarter valued at approximately $1,147,000. Delta Lloyd Asset Management N.V. bought a new position in shares of Comerica in the second quarter valued at approximately $1,876,000. Finally, Aviva PLC raised its position in shares of Comerica by 2.1% in the second quarter. Aviva PLC now owns 109,379 shares of the financial services provider’s stock valued at $8,011,000 after purchasing an additional 2,220 shares during the period. 82.34% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on CMA shares. Morgan Stanley reissued an “equal weight” rating and issued a $79.00 price target (up previously from $76.00) on shares of Comerica in a research report on Wednesday, October 4th. Piper Jaffray Companies reissued a “hold” rating and issued a $76.00 price target on shares of Comerica in a research report on Friday, September 1st. Royal Bank Of Canada reissued a “buy” rating and issued a $82.00 price target on shares of Comerica in a research report on Friday, September 8th. FBR & Co reissued a “buy” rating and issued a $84.00 price target (up previously from $79.00) on shares of Comerica in a research report on Tuesday, October 17th. Finally, Nomura lifted their price target on shares of Comerica from $74.00 to $86.00 and gave the company a “neutral” rating in a research report on Monday, October 23rd. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have assigned a buy rating to the stock. Comerica presently has a consensus rating of “Hold” and an average price target of $78.57.
In other news, insider Paul R. Obermeyer sold 20,321 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total value of $1,427,347.04. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Judith S. Love sold 21,000 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total transaction of $1,464,540.00. The disclosure for this sale can be found here. Insiders sold a total of 52,045 shares of company stock worth $3,680,675 in the last 90 days. 1.10% of the stock is owned by corporate insiders.
Shares of Comerica Incorporated (NYSE:CMA) opened at $79.13 on Friday. Comerica Incorporated has a 52 week low of $60.39 and a 52 week high of $80.25. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $13,761.89, a price-to-earnings ratio of 17.86, a price-to-earnings-growth ratio of 1.81 and a beta of 1.50.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.23 by $0.03. Comerica had a net margin of 24.87% and a return on equity of 10.35%. The firm had revenue of $821.00 million for the quarter, compared to the consensus estimate of $812.83 million. During the same quarter in the previous year, the company earned $0.84 earnings per share. equities analysts forecast that Comerica Incorporated will post 4.86 EPS for the current fiscal year.
Comerica announced that its Board of Directors has approved a stock buyback plan on Tuesday, July 25th that permits the company to repurchase 5,000,000 outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.52%. Comerica’s dividend payout ratio is currently 27.15%.
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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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