Ballentine Partners LLC purchased a new position in shares of Comerica Incorporated (NYSE:CMA) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,203 shares of the financial services provider’s stock, valued at approximately $309,000.

A number of other hedge funds have also made changes to their positions in CMA. TrimTabs Asset Management LLC acquired a new stake in shares of Comerica during the first quarter worth approximately $111,000. Exane Derivatives acquired a new stake in shares of Comerica during the second quarter worth approximately $125,000. Oppenheimer Asset Management Inc. acquired 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 period. 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 period. Institutional investors and hedge funds own 83.47% of the company’s stock.

Comerica Incorporated (CMA) opened at 69.37 on Monday. The company has a 50 day moving average of $72.93 and a 200-day moving average of $70.90. The stock has a market capitalization of $12.20 billion, a P/E ratio of 17.33 and a beta of 1.47. Comerica Incorporated has a one year low of $45.14 and a one year high of $75.72.

Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the 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 company had revenue of $776 million during the quarter, compared to the consensus estimate of $777.08 million. During the same period last year, the company earned $0.58 EPS. Comerica’s revenue for the quarter was up 8.8% on a year-over-year basis. Equities research analysts predict that Comerica Incorporated will post $4.59 earnings per share for the current fiscal year.

Comerica announced that its board has approved a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $605.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are 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 $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.73%. This is an increase from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 14th. Comerica’s dividend payout ratio (DPR) is presently 26.00%.

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CMA has been the subject of a number of recent research reports. FBR & Co set a $79.00 price target on shares of Comerica and gave the company a “buy” rating in a research note on Tuesday, July 18th. Stephens restated a “buy” rating and set a $80.00 price target on shares of Comerica in a research note on Tuesday, July 18th. Jefferies Group LLC restated a “buy” rating and set a $81.00 price target on shares of Comerica in a research note on Friday, July 14th. BidaskClub lowered shares of Comerica from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $78.00 price target on shares of Comerica in a research note on Friday, June 16th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $71.65.

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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Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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