Comerica Securities Inc. Cuts Stake in Comerica Incorporated (CMA)
Comerica Securities Inc. lessened its holdings in Comerica Incorporated (NYSE:CMA) by 88.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,798 shares of the financial services provider’s stock after selling 37,357 shares during the quarter. Comerica Securities Inc.’s holdings in Comerica were worth $353,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. BlackRock Inc. increased its holdings in Comerica by 3,094.6% during the first quarter. BlackRock Inc. now owns 11,268,474 shares of the financial services provider’s stock worth $772,796,000 after buying an additional 10,915,741 shares during the last quarter. AQR Capital Management LLC increased its holdings in Comerica by 140.5% during the first quarter. AQR Capital Management LLC now owns 2,072,665 shares of the financial services provider’s stock worth $142,143,000 after buying an additional 1,210,749 shares during the last quarter. Janus Capital Management LLC increased its holdings in Comerica by 153.1% during the first quarter. Janus Capital Management LLC now owns 1,911,788 shares of the financial services provider’s stock worth $131,111,000 after buying an additional 1,156,304 shares during the last quarter. Vanguard Group Inc. increased its holdings in Comerica by 6.2% during the first quarter. Vanguard Group Inc. now owns 17,019,213 shares of the financial services provider’s stock worth $1,167,178,000 after buying an additional 997,004 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Comerica by 22.3% during the second quarter. JPMorgan Chase & Co. now owns 5,040,167 shares of the financial services provider’s stock worth $369,142,000 after buying an additional 919,333 shares during the last quarter. 82.52% of the stock is currently owned by institutional investors and hedge funds.
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 market cap of $12.15 billion, a PE ratio of 17.26 and a beta of 1.49. The stock has a 50 day moving average of $69.96 and a 200-day moving average of $70.65.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $776.00 million during the quarter, compared to analyst estimates of $777.08 million. During the same period last year, the firm posted $0.58 EPS. The business’s revenue was up 8.8% compared to the same quarter last year. Equities analysts forecast that Comerica Incorporated will post $4.60 earnings per share for the current year.
Comerica announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $605.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 annualized dividend and a dividend yield of 1.74%. Comerica’s dividend payout ratio (DPR) is currently 30.00%.
A number of brokerages recently weighed in on CMA. Instinet restated a “neutral” rating and set a $71.00 target price (up from $68.00) on shares of Comerica in a report on Wednesday, July 12th. Barclays PLC restated an “underweight” rating and set a $76.00 target price (up from $72.00) on shares of Comerica in a report on Wednesday, July 12th. Morgan Stanley restated an “equal weight” rating and set a $75.00 target price (up from $71.00) on shares of Comerica in a report on Thursday, July 6th. BidaskClub downgraded shares of Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Finally, Sanford C. Bernstein restated a “market perform” rating and set a $80.00 target price (up from $78.00) on shares of Comerica in a report on Saturday. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Comerica currently has a consensus rating of “Hold” and a consensus price target of $76.19.
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In related news, insider Judith S. Love sold 21,000 shares of Comerica stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total value of $1,464,540.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul R. Obermeyer sold 20,321 shares of Comerica stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total value of $1,427,347.04. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 44,249 shares of company stock valued at $3,095,383. 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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