New Mexico Educational Retirement Board reduced its holdings in shares of Comerica Incorporated (NYSE:CMA) by 8.5% during the third quarter, HoldingsChannel.com reports. The fund owned 11,914 shares of the financial services provider’s stock after selling 1,100 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Comerica were worth $786,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also modified their holdings of the stock. Banco Santander S.A. lifted its holdings in Comerica by 62.1% during the third quarter. Banco Santander S.A. now owns 17,100 shares of the financial services provider’s stock worth $1,128,000 after acquiring an additional 6,551 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Comerica by 2.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,207,802 shares of the financial services provider’s stock worth $79,703,000 after acquiring an additional 27,519 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in Comerica by 3,964.5% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,520 shares of the financial services provider’s stock worth $166,000 after acquiring an additional 2,458 shares during the period. Tower Research Capital LLC TRC bought a new stake in Comerica during the third quarter worth $943,000. Finally, SG Americas Securities LLC lifted its holdings in Comerica by 191.7% during the third quarter. SG Americas Securities LLC now owns 23,601 shares of the financial services provider’s stock worth $1,557,000 after acquiring an additional 15,510 shares during the period. Institutional investors and hedge funds own 82.57% of the company’s stock.
In related news, EVP Peter William Guilfoile sold 6,959 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $71.45, for a total transaction of $497,220.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Reginald M. Turner, Jr. sold 2,495 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $66.66, for a total value of $166,316.70. The disclosure for this sale can be found here. 0.98% of the stock is currently owned by insiders.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.96 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.90 by $0.06. The company had revenue of $842.00 million during the quarter, compared to analysts’ expectations of $836.10 million. Comerica had a return on equity of 16.82% and a net margin of 32.11%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.86 earnings per share. On average, sell-side analysts predict that Comerica Incorporated will post 7.71 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Thursday, December 12th. Comerica’s dividend payout ratio (DPR) is presently 37.02%.
Several analysts have issued reports on the company. Argus lowered Comerica from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Citigroup lowered their target price on Comerica from $66.00 to $54.00 and set a “sell” rating on the stock in a research note on Wednesday, October 9th. JPMorgan Chase & Co. lowered Comerica from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $70.00 to $65.00 in a research note on Thursday, October 17th. Odeon Capital Group lowered Comerica from a “buy” rating to a “sell” rating in a research note on Wednesday, September 4th. Finally, B. Riley lowered their target price on Comerica from $73.00 to $65.00 and set a “neutral” rating on the stock in a research note on Friday, October 4th. Six equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $72.91.
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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