Russell Investments Group Ltd. lowered its position in shares of Comerica Incorporated (NYSE:CMA) by 16.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 245,020 shares of the financial services provider’s stock after selling 48,443 shares during the period. Russell Investments Group Ltd. owned 0.14% of Comerica worth $17,946,000 as of its most recent filing with the SEC.
A number of other large investors also recently made changes to their positions in CMA. TrimTabs Asset Management LLC purchased a new position in Comerica during the first quarter worth approximately $111,000. Exane Derivatives purchased a new position in Comerica during the second quarter worth approximately $125,000. Oppenheimer Asset Management Inc. purchased a new position in Comerica during the first quarter worth approximately $127,000. Point72 Asia Hong Kong Ltd increased its position in Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock worth $137,000 after buying an additional 323 shares in the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its position in Comerica by 0.3% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,307 shares of the financial services provider’s stock worth $159,000 after buying an additional 8 shares in the last quarter. 84.29% of the stock is owned by institutional investors and hedge funds.
Comerica Incorporated (NYSE:CMA) traded up 1.14% during mid-day trading on Tuesday, hitting $74.27. The stock had a trading volume of 644,878 shares. The company has a market cap of $13.06 billion, a PE ratio of 18.55 and a beta of 1.47. Comerica Incorporated has a one year low of $44.05 and a one year high of $75.72. The firm’s 50-day moving average price is $73.30 and its 200 day moving average price is $70.57.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The business had revenue of $776 million for the quarter, compared to analyst estimates of $777.08 million. During the same quarter in the prior year, the company posted $0.58 EPS. The company’s quarterly revenue was up 8.8% on a year-over-year basis. On average, equities research analysts anticipate that Comerica Incorporated will post $4.58 EPS for the current year.
Comerica declared that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to buyback $605.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Thursday, September 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio is 26.00%.
COPYRIGHT VIOLATION NOTICE: This report was first posted by Markets Daily and is the property of of Markets Daily. If you are accessing this report on another publication, it was copied illegally and reposted in violation of U.S. & international copyright and trademark laws. The legal version of this report can be read at https://www.themarketsdaily.com/2017/08/08/comerica-incorporated-cma-shares-sold-by-russell-investments-group-ltd.html.
A number of research analysts have recently commented on CMA shares. Zacks Investment Research upgraded Comerica from a “hold” rating to a “strong-buy” rating and set a $78.00 target price for the company in a research report on Friday, April 21st. Morgan Stanley reiterated an “equal weight” rating and set a $75.00 target price (up from $71.00) on shares of Comerica in a research report on Thursday, July 6th. BidaskClub downgraded Comerica from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Keefe, Bruyette & Woods set a $73.00 target price on Comerica and gave the company a “buy” rating in a research report on Tuesday, April 18th. Finally, Barclays PLC reiterated an “underweight” rating and set a $72.00 target price (up from $69.00) on shares of Comerica in a research report on Saturday, April 22nd. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company. Comerica currently has a consensus rating of “Hold” and a consensus target price of $71.63.
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.
Want to see what other hedge funds are holding CMA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Comerica Incorporated (NYSE:CMA).
Receive News & Ratings for Comerica Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.