Los Angeles Capital Management & Equity Research Inc. Trims Stake in Comerica Incorporated (CMA)
Los Angeles Capital Management & Equity Research Inc. reduced its position in Comerica Incorporated (NYSE:CMA) by 4.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 34,347 shares of the financial services provider’s stock after selling 1,600 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Comerica were worth $2,516,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. TrimTabs Asset Management LLC purchased a new stake in shares of Comerica in the 1st quarter valued at about $111,000. Exane Derivatives purchased a new stake in shares of Comerica in the 2nd quarter valued at about $125,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Comerica in the 1st quarter valued at about $127,000. Point72 Asia Hong Kong Ltd lifted 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 valued at $137,000 after purchasing an additional 323 shares during the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its stake in Comerica by 0.3% during the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock valued at $169,000 after acquiring an additional 8 shares during the last quarter. 82.52% of the stock is owned by institutional investors and hedge funds.
Several analysts have commented on the company. Instinet reaffirmed a “neutral” rating and set a $71.00 price objective (up from $68.00) on shares of Comerica in a research note on Wednesday, July 12th. Barclays PLC reaffirmed an “underweight” rating and set a $76.00 price objective (up from $72.00) on shares of Comerica in a research note on Wednesday, July 12th. Morgan Stanley reaffirmed an “equal weight” rating and set a $75.00 price objective (up from $71.00) on shares of Comerica in a research note on Thursday, July 6th. BidaskClub downgraded Comerica from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and set a $80.00 price objective (up from $78.00) on shares of Comerica in a research note on Saturday. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the stock. Comerica currently has a consensus rating of “Hold” and a consensus target price of $74.76.
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Shares of Comerica Incorporated (CMA) opened at 69.09 on Friday. Comerica Incorporated has a 12-month low of $45.14 and a 12-month high of $75.72. The company has a 50 day moving average price of $69.96 and a 200-day moving average price of $70.65. The firm has a market cap of $12.15 billion, a PE ratio of 17.26 and a beta of 1.49.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.07. The company had revenue of $776.00 million for the quarter, compared to analysts’ expectations of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.58 earnings per share. Analysts expect that Comerica Incorporated will post $4.60 EPS for the current year.
Comerica announced that its Board of Directors has approved a stock buyback 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 buy up to 4.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be issued a dividend of $0.30 per share. 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 annualized dividend and a yield of 1.74%. Comerica’s payout ratio is presently 30.00%.
In related news, insider Peter William Guilfoile sold 2,928 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Judith S. Love sold 21,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total value of $1,464,540.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,249 shares of company stock worth $3,095,383. 1.10% of the stock is owned by corporate insiders.
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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