Comerica Incorporated (CMA) Shares Sold by Victory Capital Management Inc.
Victory Capital Management Inc. cut its stake in Comerica Incorporated (NYSE:CMA) by 12.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,349,912 shares of the financial services provider’s stock after selling 190,633 shares during the period. Victory Capital Management Inc. owned 0.77% of Comerica worth $98,867,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in CMA. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Comerica by 2.9% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 557,907 shares of the financial services provider’s stock valued at $40,861,000 after buying an additional 15,529 shares during the last quarter. GAM Holding AG boosted its position in shares of Comerica by 5.4% in the second quarter. GAM Holding AG now owns 9,262 shares of the financial services provider’s stock valued at $678,000 after buying an additional 471 shares during the last quarter. Federated Investors Inc. PA boosted its position in shares of Comerica by 2,935.9% in the second quarter. Federated Investors Inc. PA now owns 103,434 shares of the financial services provider’s stock valued at $7,575,000 after buying an additional 100,027 shares during the last quarter. Cadence Capital Management LLC boosted its position in shares of Comerica by 0.8% in the second quarter. Cadence Capital Management LLC now owns 7,039 shares of the financial services provider’s stock valued at $516,000 after buying an additional 58 shares during the last quarter. Finally, Columbus Circle Investors boosted its position in shares of Comerica by 81.4% in the second quarter. Columbus Circle Investors now owns 592,583 shares of the financial services provider’s stock valued at $43,401,000 after buying an additional 265,966 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.
Shares of Comerica Incorporated (NYSE CMA) opened at 70.37 on Friday. The firm has a market capitalization of $12.38 billion, a price-to-earnings ratio of 17.57 and a beta of 1.47. The firm has a 50-day moving average price of $72.49 and a 200 day moving average price of $70.95. Comerica Incorporated has a one year low of $45.14 and a one year high of $75.72.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.07. The firm had revenue of $776 million for the quarter, compared to analyst estimates 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 in the previous year, the business posted $0.58 earnings per share. Equities analysts forecast that Comerica Incorporated will post $4.59 earnings per share for the current fiscal year.
Comerica declared that its board has authorized a stock repurchase program on Wednesday, June 28th that permits the company to buyback $605.00 million in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be given a $0.30 dividend. This is a positive change 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 annualized dividend and a yield of 1.71%. Comerica’s payout ratio is 26.00%.
Several research analysts have recently issued reports on the company. Zacks Investment Research cut Comerica from a “buy” rating to a “hold” rating in a research note on Wednesday. BidaskClub lowered Comerica from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Wells Fargo & Company assumed coverage on Comerica in a report on Wednesday, August 9th. They set a “market perform” rating and a $73.00 target price on the stock. Piper Jaffray Companies reaffirmed a “hold” rating and set a $76.00 target price on shares of Comerica in a report 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 analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $71.65.
In other Comerica news, insider Judith S. Love sold 21,000 shares of Comerica stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total value of $1,464,540.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.10% of the company’s stock.
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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