BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its stake in Comerica Incorporated (NYSE:CMA) by 46.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 58,091 shares of the financial services provider’s stock after selling 50,700 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Comerica were worth $3,990,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CMA. Vanguard Group Inc boosted its stake in Comerica by 3.5% in the third quarter. Vanguard Group Inc now owns 18,993,812 shares of the financial services provider’s stock worth $1,713,241,000 after purchasing an additional 634,716 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in Comerica by 2.3% in the third quarter. Neuberger Berman Group LLC now owns 4,229,064 shares of the financial services provider’s stock worth $381,464,000 after purchasing an additional 94,875 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in Comerica by 11.7% in the third quarter. TIAA CREF Investment Management LLC now owns 3,553,649 shares of the financial services provider’s stock worth $320,539,000 after purchasing an additional 371,809 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Comerica by 6.7% in the fourth quarter. Bank of New York Mellon Corp now owns 2,909,556 shares of the financial services provider’s stock worth $199,857,000 after purchasing an additional 182,556 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Comerica by 21.0% in the third quarter. The Manufacturers Life Insurance Company now owns 2,428,526 shares of the financial services provider’s stock worth $219,052,000 after purchasing an additional 420,694 shares in the last quarter. 83.20% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have commented on CMA shares. Macquarie lowered Comerica from a “neutral” rating to an “underperform” rating in a research note on Tuesday, November 27th. Piper Jaffray Companies set a $106.00 target price on Comerica and gave the stock a “buy” rating in a research report on Tuesday, December 4th. B. Riley downgraded Comerica from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $107.00 to $84.00 in a research report on Monday, December 10th. Morgan Stanley dropped their target price on Comerica from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Tuesday, December 11th. Finally, Keefe, Bruyette & Woods downgraded Comerica from an “outperform” rating to a “market perform” rating in a research report on Wednesday, December 12th. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Comerica currently has a consensus rating of “Hold” and a consensus target price of $94.95.

NYSE CMA opened at $82.16 on Friday. The stock has a market capitalization of $13.11 billion, a P/E ratio of 11.35, a P/E/G ratio of 0.51 and a beta of 1.45. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.86. Comerica Incorporated has a 12 month low of $63.69 and a 12 month high of $101.05.

Comerica (NYSE:CMA) last released its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $864.00 million during the quarter, compared to the consensus estimate of $863.43 million. Comerica had a return on equity of 15.84% and a net margin of 34.24%. The firm’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.28 earnings per share. On average, equities research analysts predict that Comerica Incorporated will post 8.19 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend is Thursday, March 14th. This is an increase from Comerica’s previous quarterly dividend of $0.60. Comerica’s dividend payout ratio is currently 33.15%.

Comerica announced that its board has approved a share repurchase plan on Tuesday, January 22nd that authorizes the company to repurchase 15,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

In related news, EVP Megan D. Burkhart sold 7,443 shares of the company’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $87.55, for a total value of $651,634.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul R. Obermeyer sold 8,200 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $86.75, for a total value of $711,350.00. The disclosure for this sale can be found here. Insiders sold 18,565 shares of company stock valued at $1,603,348 in the last quarter. 0.83% of the stock is currently owned by corporate insiders.

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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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Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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