The Texas Permanent School Fund reduces its stake in Comerica Incorporated (NYSE: CMA)
The Texas Permanent School Fund reduced its stake in shares of Comerica Incorporated (NYSE: CMA – Get Rating) by 5.9% in the first quarter, according to its latest SEC filing. The institutional investor owned 16,951 shares of the financial services provider after selling 1,059 shares during the period. The Texas Permanent School Fund’s holdings in Comerica were worth $1,533,000 when it last filed with the SEC.
A number of other institutional investors have also increased or reduced their stake in CMA. Rather & Kittrell Inc. bought a new position in Comerica in Q4 worth approximately $42,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. increased its stake in Comerica by 883.3% in the 4th quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 590 shares of the financial services provider worth $51,000 after acquiring an additional 530 shares in the last quarter. Chilton Capital Management LLC bought a new position in Comerica in Q4 worth around $55,000. Parkside Investments LLC bought a new position in Comerica in Q1 worth around $63,000. Finally, CWM LLC purchased a new position in Comerica stock during Q4 valued at approximately $67,000. 80.14% of the shares are currently held by institutional investors.
Changes to analyst ratings
CMA has been the subject of several recent research reports. Wedbush raised its price target on Comerica from $89.00 to $94.00 and gave the company an “outperform” rating in a Thursday, July 21 research report. Royal Bank of Canada cut its price target on Comerica from $114.00 to $110.00 and set an “outperform” rating for the stock in a Thursday, April 21 research report. StockNews.com upgraded Comerica from a “sell” to a “hold” rating in a Wednesday, July 13 research report. B. Riley reduced his price target on Comerica from $90.00 to $80.00 in a Monday, July 11 research report. Finally, Citigroup raised its target price on Comerica to $95.00 in a Friday, July 22 report. One analyst rated the stock with a sell rating, six issued a hold rating and eleven issued a buy rating for the company’s stock. According to data from MarketBeat.com, Comerica currently has an average rating of “Moderate Buy” and a consensus target price of $95.45.
Comerica trades up 1.6%
CMA opened at $85.66 on Friday. The stock has a market capitalization of $11.21 billion, a PE ratio of 12.51, a PEG ratio of 1.36 and a beta of 1.30. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt ratio of 0.44. The company has a 50-day moving average of $76.78 and a 200-day moving average of $84.39. Comerica Incorporated has a 52 week low of $70.31 and a 52 week high of $102.09.
Comerica (NYSE:CMA – Get Rating) last released its results on Wednesday, July 20. The financial services provider reported EPS of $1.92 for the quarter, beating consensus analyst estimates of $1.77 by $0.15. Comerica had a return on equity of 13.63% and a net margin of 30.42%. During the same period a year earlier, the company posted earnings per share of $2.32. Equity research analysts expect Comerica Incorporated to post earnings per share of 8.38 for the current fiscal year.
Comerica dividend announcement
The company also recently announced a quarterly dividend, which will be paid on Saturday, October 1. Shareholders of record on Thursday, September 15 will receive a dividend of $0.68. This represents a dividend of $2.72 on an annualized basis and a dividend yield of 3.18%. The ex-dividend date is Wednesday, September 14. Comerica’s payout ratio is currently 39.71%.
Comerica Company Profile
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Comerica Incorporated, through its subsidiaries, offers various financial products and services. It operates through commercial banking, retail banking, wealth management and finance segments. The Commercial Banking 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, management services foreign exchange and loan syndication services for small and medium market businesses. , multinationals and government entities.
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