Comerica Incorporated (CMA) Shares Sold by Engineers Gate Manager LP
Engineers Gate Manager LP reduced its stake in shares of Comerica Incorporated (NYSE:CMA) by 69.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,048 shares of the financial services provider’s stock after selling 18,330 shares during the period. Engineers Gate Manager LP’s holdings in Comerica were worth $589,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of CMA. TrimTabs Asset Management LLC purchased a new position in shares of Comerica during the 1st quarter valued at $111,000. Exane Derivatives purchased a new position in shares of Comerica during the 2nd quarter valued at $125,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Comerica during the 1st quarter valued at $127,000. Point72 Asia Hong Kong Ltd grew its holdings in shares of Comerica by 19.3% during 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 acquiring an additional 323 shares in the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its holdings in shares of 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 in the last quarter. Institutional investors and hedge funds own 82.52% of the company’s stock.
Comerica Incorporated (NYSE:CMA) opened at 69.09 on Friday. The firm has a market cap of $12.15 billion, a price-to-earnings ratio of 17.26 and a beta of 1.49. Comerica Incorporated has a 52-week low of $45.14 and a 52-week high of $75.72. The firm’s 50-day moving average is $69.96 and its 200-day moving average is $70.65.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The company had revenue of $776.00 million during the quarter, compared to the consensus estimate of $777.08 million. During the same quarter last year, the firm posted $0.58 EPS. The company’s quarterly revenue was up 8.8% on a year-over-year basis. Analysts forecast that Comerica Incorporated will post $4.60 EPS for the current fiscal year.
Comerica declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $605.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Thursday, September 14th. This is an increase from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is 30.00%.
Several research firms have recently commented on CMA. Piper Jaffray Companies restated a “hold” rating and set a $76.00 price target on shares of Comerica in a report on Friday, July 28th. BidaskClub cut shares of Comerica from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Jefferies Group LLC restated a “buy” rating and set a $81.00 price target on shares of Comerica in a report on Thursday, June 8th. Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating in a report on Wednesday, August 23rd. Finally, Stephens restated a “buy” rating and set a $80.00 price target on shares of Comerica in a report on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company. Comerica presently has an average rating of “Hold” and a consensus price target of $76.19.
In other news, insider Paul R. Obermeyer sold 20,321 shares of Comerica 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of Comerica stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $69.50, for a total transaction of $203,496.00. The disclosure for this sale can be found here. In the last three months, insiders sold 44,249 shares of company stock valued at $3,095,383. Insiders own 1.10% of the company’s stock.
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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