Comerica Bank Has $33.18 Million Stock Position in Altria Group, Inc. $MO

Key Points

• Comerica Bank has reduced its holdings in Altria Group by 1.3%, now owning 552,845 shares worth approximately $33 million.
• Altria Group reported earnings of $1.44 per share for the latest quarter, exceeding analyst expectations, with a revenue of $5.29 billion.
• The company announced an increase in its quarterly dividend to $1.06 per share, reflecting a dividend yield of 6.3%.

Comerica Bank reduced its holdings in Altria Group, Inc. (NYSE:MO - Free Report) by 1.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 552,845 shares of the company's stock after selling 7,080 shares during the quarter. Comerica Bank's holdings in Altria Group were worth $33,182,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Sierra Ocean LLC raised its position in Altria Group by 226.3% in the 1st quarter. Sierra Ocean LLC now owns 509 shares of the company's stock worth $31,000 after purchasing an additional 353 shares during the last quarter. Inlight Wealth Management LLC bought a new position in Altria Group in the 1st quarter worth approximately $31,000. Pinney & Scofield Inc. bought a new position in Altria Group in the 4th quarter worth approximately $33,000. TruNorth Capital Management LLC raised its position in Altria Group by 51.8% in the 1st quarter. TruNorth Capital Management LLC now owns 636 shares of the company's stock worth $38,000 after purchasing an additional 217 shares during the last quarter. Finally, Abound Financial LLC bought a new position in Altria Group in the 1st quarter worth approximately $40,000. 57.41% of the stock is owned by institutional investors and hedge funds.

Altria Group Price Performance

MO stock traded up $0.79 during trading hours on Friday, reaching $67.21. 5,902,515 shares of the stock were exchanged, compared to its average volume of 9,041,521. The firm's 50-day moving average is $61.67 and its 200-day moving average is $59.14. The company has a market cap of $112.91 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 3.57 and a beta of 0.59. Altria Group, Inc. has a 12 month low of $48.86 and a 12 month high of $68.60.

Altria Group (NYSE:MO - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.37 by $0.07. The firm had revenue of $5.29 billion during the quarter, compared to analysts' expectations of $5.21 billion. Altria Group had a negative return on equity of 295.26% and a net margin of 37.24%.The company's revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.31 EPS. Altria Group has set its FY 2025 guidance at 5.350-5.450 EPS. As a group, equities research analysts forecast that Altria Group, Inc. will post 5.32 earnings per share for the current year.

Altria Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Monday, September 15th will be paid a dividend of $1.06 per share. The ex-dividend date is Monday, September 15th. This represents a $4.24 dividend on an annualized basis and a dividend yield of 6.3%. This is a positive change from Altria Group's previous quarterly dividend of $1.02. Altria Group's dividend payout ratio (DPR) is currently 78.92%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MO shares. Jefferies Financial Group initiated coverage on shares of Altria Group in a research report on Wednesday, July 9th. They issued an "underperform" rating and a $50.00 price objective for the company. Needham & Company LLC raised Altria Group to a "hold" rating in a research note on Thursday, May 22nd. Stifel Nicolaus set a $72.00 price target on Altria Group in a research note on Thursday, August 21st. Bank of America increased their price target on Altria Group from $64.00 to $72.00 and gave the company a "buy" rating in a research note on Friday, August 22nd. Finally, Wall Street Zen downgraded Altria Group from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $60.88.

About Altria Group

Altria Group, Inc, through its subsidiaries, manufactures and sells smokeable and oral tobacco products in the United States. The company offers cigarettes primarily under the Marlboro brand; large cigars and pipe tobacco under the Black & Mild brand; moist smokeless tobacco and snus products under the Copenhagen, Skoal, Red Seal, and Husky brands; oral nicotine pouches under the on! brand; and e-vapor products under the NJOY ACE brand.