Victory Capital Management Inc. reduces its holdings in Comerica Incorporated (NYSE:CMA)

The most recent 13F filing that Victory Capital Management Inc. submitted with the Securities and Exchange Commission revealed that during the third quarter, the company’s holdings in Comerica Incorporated (NYSE: CMA) were reduced by 0.5%. Victory Capital Management, Inc provided this information. The corporation reduced its holding of the financial services provider’s stock by 6,913 shares during the quarter, bringing the total number of shares it owns to 1,358,150. At the end of the most recent fiscal quarter, Victory Capital Management Inc. held approximately 1.04% of Comerica’s stock, valued at $96,564,000.

Recently, several other notable investors have adjusted the stocks they currently hold in their portfolios. By purchasing additional shares of Comerica for close to $27,000 during the second quarter of the fiscal year, Ronald Blue Trust Inc. was able to increase the size of its holdings in the company. Oakworth Capital Inc. made a new investment in Comerica shares during the second quarter of the fiscal year. The shares had a value of approximately $34,000 at the time of the investment. During the second quarter, Evoke Wealth LLC achieved a 38.0% increase in the amount of Comerica stock it owned. Evoke Wealth LLC, a provider of financial services now owns 494 shares after purchasing an additional 136 in the most recent quarter. The stock is currently valued at $36,000, and the provider of financial services is the owner. During the second quarter of this year, Chilton Capital Management LLC made a new investment in Comerica by allocating approximately $47,000 to make the purchase. During the third quarter, the value of Hexagon Capital Partners LLC’s assets in Canada increased by 125.3%, making this the last and most important point. Hexagon Capital Partners LLC has a total of 901 shares of the financial services provider’s stock after purchasing an additional 501 shares over the most recent quarter. The stock has a value of $64,000, and Hexagon Capital Partners LLC now holds 901 shares. Institutional investors own the company’s stock at 81.91%.

On Wednesday, the price of a share of CMA’s stock started the trading day at $68.20. The simple moving average for the company over the past 50 days is $68.17, and the simple moving average over the past 200 days is $73.48, respectively. 0.85 is the value represented by the debt-to-equity ratio, current ratio, and quick ratio. Each of the three ratios is equal to 0.65. Over the previous year, the price of Comerica Incorporated has moved in a range that began at $62.83 and ended at $102.09, with a low of $62.83 and a high of $102.09. The company’s stock currently trades at a price that results in a price-to-earnings ratio of 9.03, a price-to-earnings-to-growth ratio of 1.77, and a beta value of 1.18. The market capitalization of the company is $8.93 billion.

On Wednesday, October 19, 2018, Comerica (NYSE: CMA) disseminated the most recent quarterly results report that it had to offer. The company that provides financial services had total quarterly earnings per share of $2.60, which was $0.03 more than the average expectation of $2.57. The return on equity for Comerica was 16.56 percent, while the net margin for the company was 30.73 percent. The company’s quarterly sales came in at $985.00 million, which is significantly higher than the industry analysts’ forecasted amount of $966.20 million for the company’s sales for the quarter. Compared to the current year, the company had earnings of $1.90 per share during the same period the year before. According to the forecasts of industry experts, Comerica Incorporated will rake in an average of $8.47 in profits per share during the current financial year.

In addition, the company just recently announced a quarterly dividend, which will be paid out on the first of every month.

Shareholders on record as of December 15 were eligible to receive a dividend payment of $0.68. The dividend payment was made on Wednesday, December 14, the month of December, and the day of the week. This equates to an annual dividend payment of $2.72 and a dividend yield of 3.90% for the investment. Comerica is currently paying out 36.03% of its earnings in dividends, which puts it in the middle of the pack.

On the subject of the CMA, several research analysts have produced various reports, each in their own right. Citigroup lowered their target price for Comerica shares from $90.00 to $80.00 and moved their rating from “buy” to “neutral” in a research note published on Tuesday, December 6. They also downgraded Comerica from a “buy” rating to a “neutral” rating. In a research study released on October 20, Compass Point announced that they were lowering their target price for Comerica to $89 to reflect recent market activity. In a research note published on Tuesday, December 20, Davidson increased their price objective for Comerica from $78.00 to $80.00.

Additionally, they changed their rating for the company from “neutral” to “buy” for the stock. They explained their choice by stating that it was derived from their situation evaluation. Morgan Stanley lowered its price target for Comerica from $89.00 to $85.00 and assigned the stock an “equal weight” rating in a public research report on Thursday, December 15. In the end, Keefe, Bruyette & Woods decreased their target price for Comerica from $105.00 to $80.00 and downgraded the company from “outperform” to “market perform” in a report that was distributed on Monday, December 12. One of the analysts following the company recommended the stock to sell, while another five have maintained a hold rating, and sixteen have maintained a buy rating. According to Bloomberg, the current consensus rating for Comerica is “Moderate Buy,” and its price objective has been set at an average of $83.70. This information was obtained from a poll taken earlier today.

Because it has several different subsidiaries, Comerica Incorporated can provide its customers with diverse financial products and services. The company conducts its daily operations through the following business divisions: commercial banking, retail banking, wealth management, and finance. The Commercial Bank division provides small and middle-market businesses, multinational corporations, and governmental entities with 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. These products and services are under the heading “Commercial Bank.” Over one hundred different nations offer these types of services.


Leave a Reply

Your email address will not be published. Required fields are marked *