Comerica Incorporated (CMA) Position Trimmed by Roosevelt Investment Group Inc.
Roosevelt Investment Group Inc. cut its holdings in shares of Comerica Incorporated (NYSE:CMA) by 88.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,293 shares of the financial services provider’s stock after selling 90,952 shares during the quarter. Roosevelt Investment Group Inc.’s holdings in Comerica were worth $900,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. TrimTabs Asset Management LLC purchased a new position in shares of Comerica in the 1st quarter worth about $111,000. Exane Derivatives purchased a new position in shares of Comerica in the 2nd quarter worth about $125,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Comerica in the 1st quarter worth about $127,000. Point72 Asia Hong Kong Ltd raised its holdings in shares of Comerica by 19.3% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock worth $137,000 after purchasing an additional 323 shares during the period. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its holdings in shares of Comerica by 0.3% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 8 shares during the period. Hedge funds and other institutional investors own 82.52% of the company’s stock.
A number of equities analysts have recently commented on CMA shares. FBR & Co upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price objective on the stock in a report on Friday, June 9th. Zacks Investment Research upgraded Comerica from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a report on Thursday, August 17th. Piper Jaffray Companies restated a “hold” rating and issued a $76.00 price objective on shares of Comerica in a report on Friday, September 1st. Morgan Stanley restated an “equal weight” rating and issued a $75.00 price objective (up from $71.00) on shares of Comerica in a report on Thursday, July 6th. Finally, Wells Fargo & Company started coverage on Comerica in a report on Wednesday, August 9th. They issued a “market perform” rating and a $73.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. Comerica currently has a consensus rating of “Hold” and an average price target of $74.44.
In related news, insider Paul R. Obermeyer sold 20,321 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total transaction of $1,427,347.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Peter William Guilfoile sold 2,928 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $69.50, for a total value of $203,496.00. The disclosure for this sale can be found here. Insiders have sold a total of 44,249 shares of company stock valued at $3,095,383 in the last three months. 1.10% of the stock is owned by insiders.
Shares of Comerica Incorporated (CMA) traded up 4.27% during midday trading on Tuesday, reaching $69.60. The company’s stock had a trading volume of 1,012,273 shares. The stock’s 50-day moving average is $70.54 and its 200 day moving average is $70.74. Comerica Incorporated has a 12 month low of $45.14 and a 12 month high of $75.72. The stock has a market capitalization of $12.24 billion, a P/E ratio of 17.38 and a beta of 1.49.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share 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 business had revenue of $776.00 million during the quarter, compared to analysts’ expectations of $777.08 million. During the same quarter in the previous year, the firm earned $0.58 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. On average, analysts expect 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 allows the company to buyback $605.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback 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 given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.80%. The ex-dividend date is Thursday, September 14th. This is a boost from Comerica’s previous quarterly dividend of $0.26. Comerica’s payout ratio is currently 26.00%.
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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