Wedge Capital Management L L P NC increased its position in shares of Comerica Incorporated (NYSE:CMA) by 7.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 454,969 shares of the financial services provider’s stock after buying an additional 29,691 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Comerica were worth $32,644,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Covington Capital Management boosted its stake in Comerica by 88.5% during the 2nd quarter. Covington Capital Management now owns 411 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 193 shares in the last quarter. Cerebellum GP LLC bought a new stake in Comerica in the third quarter worth about $38,000. Thor Advisors LLC acquired a new stake in Comerica in the 3rd quarter valued at about $34,000. CSat Investment Advisory L.P. lifted its holdings in Comerica by 170.5% in the 2nd quarter. CSat Investment Advisory L.P. now owns 706 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 445 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in Comerica in the 4th quarter valued at about $65,000. 82.54% of the stock is currently owned by hedge funds and other institutional investors.
Comerica stock opened at $66.98 on Thursday. Comerica Incorporated has a fifty-two week low of $58.54 and a fifty-two week high of $88.96. The firm’s 50 day simple moving average is $70.74 and its 200-day simple moving average is $67.74. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $9.94 billion, a P/E ratio of 9.25, a price-to-earnings-growth ratio of 0.64 and a beta of 1.56.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 4.00%. The ex-dividend date was Thursday, December 12th. Comerica’s payout ratio is 37.02%.
CMA has been the topic of several recent research reports. B. Riley lifted their price objective on shares of Comerica from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, January 9th. SunTrust Banks increased their target price on shares of Comerica from $67.00 to $75.00 and gave the company a “hold” rating in a research note on Thursday, January 2nd. DA Davidson reduced their target price on shares of Comerica from $75.00 to $73.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. JPMorgan Chase & Co. lowered shares of Comerica from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $70.00 to $65.00 in a research report on Thursday, October 17th. Finally, Argus cut Comerica from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a sell rating and fourteen have issued a hold rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $73.74.
In other Comerica news, EVP Peter William Guilfoile sold 6,959 shares of the firm’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Reginald M. Turner, Jr. sold 2,495 shares of Comerica stock in a transaction dated Monday, October 28th. The shares were 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. Insiders own 0.98% of the company’s stock.
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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