Outlook Wealth Advisors LLC raised its position in shares of Comerica Incorporated (NYSE:CMA) by 406.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,663 shares of the financial services provider’s stock after buying an additional 2,940 shares during the quarter. Outlook Wealth Advisors LLC’s holdings in Comerica were worth $269,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the business. Toronto Dominion Bank increased its holdings in Comerica by 14.2% in the 1st quarter. Toronto Dominion Bank now owns 104,779 shares of the financial services provider’s stock worth $7,680,000 after buying an additional 13,021 shares during the period. First Mercantile Trust Co. increased its holdings in Comerica by 8.5% in the 1st quarter. First Mercantile Trust Co. now owns 4,610 shares of the financial services provider’s stock worth $338,000 after buying an additional 360 shares during the period. Stephens Inc. AR increased its holdings in Comerica by 71.8% in the 1st quarter. Stephens Inc. AR now owns 50,469 shares of the financial services provider’s stock worth $3,700,000 after buying an additional 21,098 shares during the period. Stevens Capital Management LP increased its holdings in Comerica by 314.3% in the 1st quarter. Stevens Capital Management LP now owns 121,767 shares of the financial services provider’s stock worth $8,928,000 after buying an additional 92,379 shares during the period. Finally, Pillar Pacific Capital Management LLC increased its holdings in Comerica by 1.2% in the 1st quarter. Pillar Pacific Capital Management LLC now owns 72,100 shares of the financial services provider’s stock worth $5,286,000 after buying an additional 855 shares during the period. 86.05% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Megan D. Burkhart sold 7,443 shares of the 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul R. Obermeyer sold 8,200 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $86.75, for a total value of $711,350.00. The disclosure for this sale can be found here. Company insiders own 0.98% of the company’s stock.
Comerica stock opened at $73.72 on Tuesday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.03 and a current ratio of 1.03. Comerica Incorporated has a 12 month low of $63.69 and a 12 month high of $101.05. The company has a market capitalization of $11.75 billion, a price-to-earnings ratio of 10.18, a P/E/G ratio of 1.33 and a beta of 1.43.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.15. Comerica had a return on equity of 16.95% and a net margin of 34.75%. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $852.88 million. During the same quarter last year, the firm posted $1.59 EPS. The business’s revenue was up 7.4% on a year-over-year basis. Sell-side analysts expect that Comerica Incorporated will post 8.22 earnings per share for the current year.
Comerica declared that its Board of Directors has initiated a share repurchase plan on Tuesday, January 22nd that allows the company to buyback 15,000,000 outstanding shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.67 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.64%. Comerica’s dividend payout ratio (DPR) is 37.02%.
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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