Comerica Incorporated (CMA) Position Raised by National Planning Corp
National Planning Corp raised its position in shares of Comerica Incorporated (NYSE:CMA) by 0.4% during the second quarter, Holdings Channel reports. The institutional investor owned 5,763 shares of the financial services provider’s stock after buying an additional 21 shares during the period. National Planning Corp’s holdings in Comerica were worth $429,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in CMA. TrimTabs Asset Management LLC purchased a new stake in shares of Comerica during the first quarter worth approximately $111,000. Exane Derivatives purchased a new stake in shares of Comerica during the second quarter worth approximately $125,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Comerica during the first quarter worth approximately $127,000. Point72 Asia Hong Kong Ltd raised its stake in shares of 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 during the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its stake in shares of 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 during the last quarter. 83.47% of the stock is currently owned by institutional investors.
Comerica Incorporated (NYSE:CMA) opened at 70.21 on Monday. Comerica Incorporated has a 12-month low of $44.55 and a 12-month high of $75.72. The company has a market capitalization of $12.35 billion, a price-to-earnings ratio of 17.53 and a beta of 1.47. The stock has a 50 day moving average price of $73.06 and a 200 day moving average price of $70.82.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. The company had revenue of $776 million during the quarter, compared to the consensus estimate of $777.08 million. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.58 earnings per share. On average, analysts expect that Comerica Incorporated will post $4.59 EPS for the current year.
Comerica announced that its board has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $605.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.71%. This is an increase from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is 26.00%.
A number of analysts recently commented on the company. BidaskClub lowered Comerica from a “hold” rating to a “sell” rating in a research report on Monday. Wells Fargo & Company assumed coverage on Comerica in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $73.00 target price for the company. Zacks Investment Research lowered Comerica from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $76.00 target price on shares of Comerica in a research report on Friday, July 28th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $79.00 target price on shares of Comerica in a research report on Thursday, July 20th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $71.71.
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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