Teachers Advisors LLC raised its position in Comerica Incorporated (NYSE:CMA) by 1.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,970,735 shares of the financial services provider’s stock after acquiring an additional 28,806 shares during the quarter. Teachers Advisors LLC owned approximately 1.12% of Comerica worth $144,337,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. WBI Investments Inc. bought a new position in shares of Comerica in the second quarter worth about $2,774,000. Seven Eight Capital LP raised its stake in shares of Comerica by 479.8% in the second quarter. Seven Eight Capital LP now owns 94,136 shares of the financial services provider’s stock worth $6,895,000 after buying an additional 77,900 shares during the period. Wealth Architects LLC raised its stake in shares of Comerica by 96.6% in the second quarter. Wealth Architects LLC now owns 9,813 shares of the financial services provider’s stock worth $718,000 after buying an additional 4,822 shares during the period. HGK Asset Management Inc. bought a new position in shares of Comerica in the second quarter worth about $209,000. Finally, Riverhead Capital Management LLC raised its stake in shares of Comerica by 75.2% in the second quarter. Riverhead Capital Management LLC now owns 33,689 shares of the financial services provider’s stock worth $2,467,000 after buying an additional 14,462 shares during the period. 82.52% of the stock is currently owned by institutional investors.
In other news, insider Paul R. Obermeyer sold 20,321 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total value of $1,427,347.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $69.50, for a total value of $203,496.00. The disclosure for this sale can be found here. Insiders sold 44,249 shares of company stock valued at $3,095,383 over the last 90 days. Company insiders own 1.10% of the company’s stock.
Comerica Incorporated (NYSE:CMA) traded up 4.022% during trading on Tuesday, reaching $69.435. The company’s stock had a trading volume of 918,722 shares. Comerica Incorporated has a one year low of $45.14 and a one year high of $75.72. The stock has a 50-day moving average of $70.54 and a 200 day moving average of $70.74. The firm has a market capitalization of $12.21 billion, a P/E ratio of 17.341 and a beta of 1.49.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates 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 $776.00 million during the quarter, compared to analysts’ expectations of $777.08 million. During the same quarter in the prior year, the firm earned $0.58 earnings per share. The business’s revenue was up 8.8% compared to the same quarter last year. On average, equities research analysts predict that Comerica Incorporated will post $4.59 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be given a $0.30 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.80%. Comerica’s dividend payout ratio is 26.00%.
Comerica announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $605.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
CMA has been the topic of several recent research reports. FBR & Co raised Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price objective on the stock in a research note on Friday, June 9th. Robert W. Baird reaffirmed a “hold” rating and issued a $70.00 price objective on shares of Comerica in a research note on Friday, August 25th. Morgan Stanley raised their price objective on Comerica from $70.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 6th. BidaskClub downgraded Comerica from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Zacks Investment Research downgraded Comerica from a “buy” rating to a “hold” rating in a research note on Wednesday, August 23rd. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $74.44.
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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