Comerica Incorporated (CMA) Insider Paul R. Obermeyer Sells 20,321 Shares of Stock
Comerica Incorporated (NYSE:CMA) insider Paul R. Obermeyer sold 20,321 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total value of $1,427,347.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Comerica Incorporated (NYSE:CMA) traded down 0.07% during trading on Friday, reaching $70.32. The company had a trading volume of 724,670 shares. The stock’s 50-day moving average price is $72.39 and its 200-day moving average price is $70.97. The stock has a market capitalization of $12.37 billion, a PE ratio of 17.56 and a beta of 1.47. Comerica Incorporated has a 12 month low of $45.14 and a 12 month high of $75.72.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.07. The business had revenue of $776 million during 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%. Comerica’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter last 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.
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 issued a $0.30 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.71%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is currently 26.00%.
Comerica announced that its Board of Directors has authorized a share repurchase plan 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 plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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Hedge funds have recently modified their holdings of the stock. TrimTabs Asset Management LLC bought a new stake in shares of Comerica during the first quarter worth $111,000. Exane Derivatives acquired a new stake in Comerica during the second quarter worth approximately $125,000. Oppenheimer Asset Management Inc. acquired a new stake in Comerica during the first quarter worth approximately $127,000. Point72 Asia Hong Kong Ltd raised 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 worth $137,000 after buying an additional 323 shares in the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised 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 worth $159,000 after buying an additional 8 shares in the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently issued reports on CMA shares. FBR & Co set a $79.00 price target on Comerica and gave the stock 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 downgraded 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 analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $72.71.
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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