Macquarie Group Ltd. increased its holdings in Comerica Incorporated (NYSE:CMA) by 43.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 382,512 shares of the financial services provider’s stock after purchasing an additional 114,986 shares during the quarter. Macquarie Group Ltd. owned 0.22% of Comerica worth $28,015,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in shares of Comerica by 3,094.6% during the first quarter. BlackRock Inc. now owns 11,268,474 shares of the financial services provider’s stock valued at $772,796,000 after acquiring an additional 10,915,741 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Comerica by 140.5% in the first quarter. AQR Capital Management LLC now owns 2,072,665 shares of the financial services provider’s stock valued at $142,143,000 after purchasing an additional 1,210,749 shares in the last quarter. Janus Capital Management LLC grew its position in shares of Comerica by 153.1% in the first quarter. Janus Capital Management LLC now owns 1,911,788 shares of the financial services provider’s stock valued at $131,111,000 after purchasing an additional 1,156,304 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Comerica by 6.7% in the second quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock valued at $1,330,147,000 after purchasing an additional 1,142,275 shares in the last quarter. Finally, Voya Investment Management LLC grew its position in shares of Comerica by 132.7% in the second quarter. Voya Investment Management LLC now owns 1,692,458 shares of the financial services provider’s stock valued at $123,956,000 after purchasing an additional 965,041 shares in the last quarter. 82.46% of the stock is owned by institutional investors.
In related news, insider Peter William Guilfoile sold 2,928 shares of the business’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 transaction of $203,496.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Judith S. Love sold 21,000 shares of the business’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold a total of 44,249 shares of company stock valued at $3,095,383 in the last 90 days. Corporate insiders own 1.10% of the company’s stock.
Several brokerages recently weighed in on CMA. Citigroup Inc. reiterated a “sell” rating and issued a $69.00 price objective (up from $65.00) on shares of Comerica in a research report on Monday. Instinet restated a “neutral” rating and set a $74.00 price target (up from $71.00) on shares of Comerica in a research note on Saturday, September 30th. SunTrust Banks, Inc. restated a “hold” rating and set a $80.00 price target on shares of Comerica in a research note on Wednesday, October 4th. Morgan Stanley reiterated an “equal weight” rating and issued a $79.00 price objective (up from $76.00) on shares of Comerica in a research note on Wednesday, October 4th. Finally, Barclays PLC reiterated an “underweight” rating and issued a $76.00 price objective (up from $72.00) on shares of Comerica in a research note on Wednesday, July 12th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $76.32.
Shares of Comerica Incorporated (NYSE CMA) opened at 76.95 on Wednesday. The company’s 50-day moving average is $71.46 and its 200 day moving average is $71.10. Comerica Incorporated has a 1-year low of $47.12 and a 1-year high of $77.95. The firm has a market cap of $13.54 billion, a price-to-earnings ratio of 19.22 and a beta of 1.51.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the 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 firm had revenue of $776.00 million during the quarter, compared to the consensus estimate of $777.08 million. During the same period last year, the firm posted $0.58 EPS. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. On average, equities research analysts expect that Comerica Incorporated will post $4.62 EPS for the current fiscal year.
Comerica declared that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $605.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Sunday, October 1st. Shareholders of record on Friday, September 15th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.56%. The ex-dividend date was Thursday, September 14th. This is a boost from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is presently 30.00%.
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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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