Comerica Incorporated (CMA) Stake Decreased by Pzena Investment Management LLC
Pzena Investment Management LLC decreased its stake in Comerica Incorporated (NYSE:CMA) by 33.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 774,101 shares of the financial services provider’s stock after selling 388,224 shares during the period. Pzena Investment Management LLC owned about 0.44% of Comerica worth $56,695,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TrimTabs Asset Management LLC purchased a new position in Comerica during the first quarter valued at $111,000. Exane Derivatives bought a new stake in shares of Comerica during the second quarter valued at approximately $125,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Comerica during the first quarter valued at approximately $127,000. Point72 Asia Hong Kong Ltd increased 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 valued at $137,000 after buying an additional 323 shares during the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased 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 valued at $159,000 after buying an additional 8 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.
Comerica Incorporated (NYSE CMA) opened at 68.77 on Tuesday. The firm has a market capitalization of $12.10 billion, a PE ratio of 17.18 and a beta of 1.47. The firm has a 50-day moving average of $72.81 and a 200 day moving average of $70.95. 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 results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. The company had revenue of $776 million for the quarter, compared to analysts’ expectations of $777.08 million. Comerica had a net margin of 23.22% and a return on equity of 9.60%. Comerica’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.58 EPS. Equities research analysts forecast that Comerica Incorporated will post $4.59 earnings per share for the current year.
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 paid a $0.30 dividend. This is a boost from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.74%. Comerica’s payout ratio is presently 26.00%.
Comerica declared that its board has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $605.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
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CMA has been the subject of several research analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $81.00 target price on shares of Comerica in a report on Friday, May 5th. Morgan Stanley lifted their target price on shares of Comerica from $70.00 to $71.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 6th. FBR & Co raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 target price for the company in a report on Friday, June 9th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $78.00 target price on shares of Comerica in a report on Friday, June 16th. Finally, BidaskClub downgraded shares of Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average 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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