Commerzbank Aktiengesellschaft FI lessened its holdings in Comerica Incorporated (NYSE:CMA) by 42.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,170 shares of the financial services provider’s stock after selling 2,342 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in Comerica were worth $232,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. TrimTabs Asset Management LLC acquired a new position in Comerica in the 1st quarter worth approximately $111,000. Exane Derivatives acquired a new position in Comerica in the 2nd quarter worth approximately $125,000. Oppenheimer Asset Management Inc. acquired a new position in Comerica in the 1st quarter worth approximately $127,000. Point72 Asia Hong Kong Ltd increased its holdings in Comerica by 19.3% in the 1st 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 during the period. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its holdings in 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 buying an additional 8 shares during the period. Institutional investors own 82.52% of the company’s stock.
Comerica Incorporated (CMA) opened at 69.20 on Wednesday. The stock has a market cap of $12.17 billion, a price-to-earnings ratio of 17.28 and a beta of 1.49. The stock’s 50 day moving average price is $70.44 and its 200-day moving average price is $70.71. Comerica Incorporated has a 12 month low of $45.14 and a 12 month high of $75.72.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, topping the Zacks’ 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 firm had revenue of $776.00 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 earnings per share. Comerica’s quarterly revenue was up 8.8% on a year-over-year basis. Equities research analysts predict that Comerica Incorporated will post $4.59 EPS for the current year.
Comerica declared that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback $605.00 million in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.73%. 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. Comerica’s dividend payout ratio is currently 26.00%.
CMA has been the topic of several research reports. FBR & Co set a $79.00 price target on shares of Comerica and gave the stock a “buy” rating in a report on Tuesday, July 18th. Stephens reiterated a “buy” rating and issued a $80.00 price target on shares of Comerica in a report on Tuesday, July 18th. Jefferies Group LLC reiterated a “buy” rating and issued a $81.00 price target on shares of Comerica in a report on Friday, July 14th. BidaskClub downgraded shares of Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $78.00 price target on shares of Comerica in a report on Friday, June 16th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. Comerica presently has a consensus rating of “Hold” and a consensus price target of $74.44.
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In related news, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Paul R. Obermeyer sold 20,321 shares of the company’s stock in a transaction 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 disclosure for this sale can be found here. Insiders have sold 44,249 shares of company stock worth $3,095,383 in the last ninety days. 1.10% of the stock is currently owned by corporate insiders.
Comerica Company Profile
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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