Channing Capital Management LLC Sells 26,071 Shares of Comerica Incorporated (CMA)
Channing Capital Management LLC lessened its holdings in Comerica Incorporated (NYSE:CMA) by 12.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 192,087 shares of the financial services provider’s stock after selling 26,071 shares during the quarter. Channing Capital Management LLC owned 0.11% of Comerica worth $14,649,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in CMA. Janus Henderson Group PLC boosted its position in shares of Comerica by 12,425.0% in the second quarter. Janus Henderson Group PLC now owns 2,064,363 shares of the financial services provider’s stock valued at $151,194,000 after acquiring an additional 2,047,881 shares during the period. Vanguard Group Inc. boosted its position in shares of Comerica by 6.7% in the second quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock valued at $1,330,147,000 after acquiring an additional 1,142,275 shares during the period. State Street Corp boosted its position in shares of Comerica by 11.3% in the second quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock valued at $731,672,000 after acquiring an additional 1,010,965 shares during the period. Voya Investment Management LLC boosted its position in shares of Comerica by 132.7% in the second quarter. Voya Investment Management LLC now owns 1,692,458 shares of the financial services provider’s stock valued at $123,956,000 after acquiring an additional 965,041 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Comerica by 22.3% in the second quarter. JPMorgan Chase & Co. now owns 5,040,167 shares of the financial services provider’s stock valued at $369,142,000 after acquiring an additional 919,333 shares during the period. 83.44% of the stock is owned by institutional investors.
A number of equities research analysts have recently issued reports on the stock. BidaskClub raised shares of Comerica from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating in a research report on Wednesday. DA Davidson reaffirmed a “hold” rating and set a $81.00 price objective on shares of Comerica in a research report on Wednesday, October 18th. Wells Fargo & Company assumed coverage on shares of Comerica in a research report on Wednesday, August 9th. They set a “market perform” rating and a $73.00 price objective for the company. Finally, Nomura upped their price objective on shares of Comerica from $71.00 to $74.00 and gave the stock a “neutral” rating in a research report on Thursday, September 28th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $77.60.
Comerica Incorporated (NYSE CMA) traded up $1.30 during trading on Friday, hitting $79.75. The stock had a trading volume of 1,584,339 shares, compared to its average volume of 1,548,467. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.58. The company has a market cap of $13.82 billion, a price-to-earnings ratio of 17.93, a P/E/G ratio of 1.82 and a beta of 1.50.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.03. Comerica had a return on equity of 10.35% and a net margin of 24.87%. The company had revenue of $821.00 million during the quarter, compared to analyst estimates of $812.83 million. During the same period in the previous year, the business earned $0.84 EPS. analysts forecast that Comerica Incorporated will post 4.86 EPS for the current fiscal year.
Comerica announced that its board has approved a stock buyback program on Tuesday, July 25th that permits the company to buyback 5,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
In other Comerica news, insider Peter William Guilfoile sold 2,928 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Judith S. Love sold 21,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total value of $1,464,540.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,249 shares of company stock valued at $3,095,383. 1.10% of the stock is owned by company insiders.
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Comerica Company Profile
Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering 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.
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