Hennessy Advisors Inc. reduced its stake in Comerica Incorporated (NYSE:CMA) by 75.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,000 shares of the financial services provider’s stock after selling 15,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in Comerica were worth $366,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its position in shares of Comerica by 0.3% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 8 shares in the last quarter. National Planning Corp boosted its position in shares of Comerica by 0.4% in the 2nd quarter. National Planning Corp now owns 5,763 shares of the financial services provider’s stock worth $429,000 after purchasing an additional 21 shares in the last quarter. Contravisory Investment Management Inc. boosted its position in shares of Comerica by 0.7% in the 2nd quarter. Contravisory Investment Management Inc. now owns 3,588 shares of the financial services provider’s stock worth $263,000 after purchasing an additional 25 shares in the last quarter. Jaffetilchin Investment Partners LLC boosted its position in shares of Comerica by 0.4% in the 1st quarter. Jaffetilchin Investment Partners LLC now owns 7,550 shares of the financial services provider’s stock worth $518,000 after purchasing an additional 32 shares in the last quarter. Finally, United Capital Financial Advisers LLC boosted its position in shares of Comerica by 0.8% in the 1st quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock worth $433,000 after purchasing an additional 53 shares in the last quarter. 82.52% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Judith S. Love sold 21,000 shares of Comerica stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total transaction of $1,464,540.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul R. Obermeyer sold 20,321 shares of Comerica stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total transaction of $1,427,347.04. The disclosure for this sale can be found here. Insiders have sold 44,249 shares of company stock valued at $3,095,383 over the last quarter. Insiders own 1.10% of the company’s stock.
Shares of Comerica Incorporated (CMA) opened at 66.75 on Tuesday. Comerica Incorporated has a 52 week low of $45.14 and a 52 week high of $75.72. The stock has a market capitalization of $11.74 billion, a price-to-earnings ratio of 16.67 and a beta of 1.49. The firm’s 50-day moving average is $70.54 and its 200-day moving average is $70.74.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The business had revenue of $776 million during the quarter, compared to the consensus estimate of $777.08 million. During the same period in the previous year, the firm posted $0.58 earnings per share. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. Analysts forecast that Comerica Incorporated will post $4.58 earnings per share for the current fiscal year.
Comerica declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that allows the company to buyback $605.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be paid a dividend of $0.30 per share. This is an increase from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 annualized dividend and a dividend yield of 1.80%. The ex-dividend date of this dividend is Thursday, September 14th. Comerica’s payout ratio is presently 26.00%.
CMA has been the topic of a number of analyst reports. Morgan Stanley reissued an “equal weight” rating and issued a $75.00 price target (up from $71.00) on shares of Comerica in a research report on Thursday, July 6th. BidaskClub cut Comerica from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $78.00 price target on shares of Comerica in a research report on Friday, June 16th. FBR & Co set a $79.00 price objective on shares of Comerica and gave the stock a “buy” rating in a report on Tuesday, July 18th. Finally, Stephens restated a “buy” rating and issued a $80.00 price objective on shares of Comerica in a report on Tuesday, July 18th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. Comerica has an average rating of “Hold” and a consensus target price of $74.44.
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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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