Palisades Hudson Asset Management L.P. Has $454,000 Stake in Comerica Incorporated (CMA)
Palisades Hudson Asset Management L.P. held its position in shares of Comerica Incorporated (NYSE:CMA) during the second quarter, Holdings Channel reports. The institutional investor owned 6,196 shares of the financial services provider’s stock at the end of the second quarter. Palisades Hudson Asset Management L.P.’s holdings in Comerica were worth $454,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. TrimTabs Asset Management LLC purchased a new position in shares of Comerica during the first quarter worth $111,000. Exane Derivatives bought a new stake in Comerica during the second quarter valued at approximately $125,000. Oppenheimer Asset Management Inc. bought a new stake in Comerica during the first quarter valued at approximately $127,000. Point72 Asia Hong Kong Ltd boosted its stake in 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 valued at $137,000 after buying an additional 323 shares in the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in 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 valued at $159,000 after buying an additional 8 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors.
Shares of Comerica Incorporated (NYSE:CMA) traded down 0.40% during midday trading on Friday, hitting $69.20. 137,665 shares of the stock were exchanged. Comerica Incorporated has a 52-week low of $44.55 and a 52-week high of $75.72. The firm has a market cap of $12.17 billion, a PE ratio of 17.28 and a beta of 1.47. The firm’s 50-day moving average is $73.03 and its 200 day moving average is $70.89.
Comerica (NYSE:CMA) last posted 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. The firm had revenue of $776 million during the quarter, compared to the consensus estimate of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.58 EPS. On average, analysts forecast that Comerica Incorporated will post $4.59 earnings per share for the current year.
Comerica announced that its board has authorized a share repurchase program on Wednesday, June 28th that allows the company to repurchase $605.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business 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 $0.30 dividend. The ex-dividend date is Thursday, September 14th. This is an increase from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 dividend on an annualized basis and a yield of 1.73%. Comerica’s dividend payout ratio (DPR) is currently 26.00%.
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Several research firms recently commented on CMA. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a research report on Thursday. BidaskClub lowered shares of Comerica from a “hold” rating to a “sell” rating in a research note on Monday. Wells Fargo & Company initiated coverage on shares of Comerica in a research note on Wednesday, August 9th. They set a “market perform” rating and a $73.00 price objective on the stock. Piper Jaffray Companies restated a “hold” rating and set a $76.00 price objective on shares of Comerica in a research note on Friday, July 28th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $79.00 target price on shares of Comerica in a report on Thursday, July 20th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $71.65.
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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