Caxton Associates LP Boosts Stake in Comerica Incorporated (CMA)
Caxton Associates LP boosted its position in Comerica Incorporated (NYSE:CMA) by 10.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,171 shares of the financial services provider’s stock after purchasing an additional 659 shares during the quarter. Caxton Associates LP’s holdings in Comerica were worth $493,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Mackay Shields LLC raised its position in shares of Comerica by 146.0% during the 4th quarter. Mackay Shields LLC now owns 118,843 shares of the financial services provider’s stock worth $8,163,000 after buying an additional 70,533 shares in the last quarter. Menta Capital LLC bought a new stake in shares of Comerica during the 4th quarter worth about $831,000. Claybrook Capital LLC bought a new stake in shares of Comerica during the 4th quarter worth about $29,000. MUFG Securities EMEA plc bought a new stake in shares of Comerica during the 4th quarter worth about $34,383,000. Finally, Lord Abbett & CO. LLC raised its position in shares of Comerica by 59.1% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,492,341 shares of the financial services provider’s stock worth $102,509,000 after buying an additional 554,495 shares in the last quarter. Hedge funds and other institutional investors own 83.20% of the company’s stock.
A number of analysts have commented on CMA shares. Goldman Sachs Group downgraded shares of Comerica from a “conviction-buy” rating to a “buy” rating in a research report on Monday, January 7th. Argus initiated coverage on shares of Comerica in a report on Thursday, January 3rd. They issued a “buy” rating and a $88.00 target price on the stock. Stephens reiterated a “buy” rating and issued a $85.00 target price on shares of Comerica in a report on Wednesday, December 19th. Piper Jaffray Companies set a $106.00 target price on shares of Comerica and gave the stock a “buy” rating in a report on Tuesday, December 4th. Finally, Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “buy” rating and set a $92.00 target price on the stock in a report on Tuesday, March 12th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $94.95.
Comerica (NYSE:CMA) last released its earnings results on Wednesday, January 16th. The financial services provider reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.87 by $0.08. The business had revenue of $864.00 million for the quarter, compared to the consensus estimate of $863.43 million. Comerica had a net margin of 34.24% and a return on equity of 15.84%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period last year, the firm posted $1.28 earnings per share. On average, equities research analysts predict that Comerica Incorporated will post 8.19 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be given a $0.67 dividend. This is an increase from Comerica’s previous quarterly dividend of $0.60. This represents a $2.68 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Thursday, March 14th. Comerica’s dividend payout ratio (DPR) is 33.15%.
Comerica declared that its board has authorized a stock repurchase program on Tuesday, January 22nd that permits the company to repurchase 15,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Peter William Guilfoile sold 2,922 shares of Comerica stock in a transaction that occurred on Tuesday, January 29th. The shares were sold at an average price of $82.26, for a total value of $240,363.72. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Megan D. Burkhart sold 7,443 shares of Comerica stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $87.55, for a total transaction of $651,634.65. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,565 shares of company stock worth $1,603,348. 0.83% of the stock is currently owned by insiders.
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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