Pinebridge Investments L.P. lessened its holdings in shares of Comerica Incorporated (NYSE:CMA) by 3.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 322,628 shares of the financial services provider’s stock after selling 11,072 shares during the quarter. Pinebridge Investments L.P. owned approximately 0.18% of Comerica worth $23,629,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. TrimTabs Asset Management LLC acquired a new stake in Comerica during the 1st quarter worth $111,000. Exane Derivatives acquired a new stake in Comerica during the 2nd quarter worth $125,000. Oppenheimer Asset Management Inc. acquired a new stake in Comerica during the 1st quarter worth $127,000. Point72 Asia Hong Kong Ltd boosted its stake in 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 worth $137,000 after purchasing an additional 323 shares during the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted 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 worth $169,000 after purchasing an additional 8 shares during the last quarter. 82.45% of the stock is currently owned by institutional investors.
Shares of Comerica Incorporated (CMA) traded up 1.40% during mid-day trading on Tuesday, reaching $71.67. 390,310 shares of the company’s stock were exchanged. The stock has a market cap of $12.61 billion, a price-to-earnings ratio of 17.90 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 stock has a 50 day moving average price of $69.92 and a 200 day moving average price of $70.60.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.07. The business had revenue of $776.00 million for the quarter, compared to analyst estimates of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.58 EPS. Equities research analysts predict that Comerica Incorporated will post $4.60 EPS for the current year.
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 paid a $0.30 dividend. 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 1.70%. The ex-dividend date is Thursday, September 14th. Comerica’s payout ratio is currently 30.00%.
Comerica declared that its board has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $605.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase 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 stock is undervalued.
In other news, 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 transaction was disclosed in a document filed with the SEC, which is available through this link. 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 value of $203,496.00. The disclosure for this sale can be found here. Insiders sold a total of 44,249 shares of company stock worth $3,095,383 over the last ninety days. Corporate insiders own 1.10% of the company’s stock.
Several research analysts have recently weighed in on the stock. Instinet reissued a “neutral” rating and set a $71.00 price target (up previously from $68.00) on shares of Comerica in a research report on Wednesday, July 12th. Barclays PLC reissued an “underweight” rating and set a $76.00 price target (up previously from $72.00) on shares of Comerica in a research report on Wednesday, July 12th. Morgan Stanley reissued an “equal weight” rating and set a $75.00 price target (up previously from $71.00) on shares of Comerica in a research report on Thursday, July 6th. BidaskClub cut shares of Comerica from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Finally, FBR & Co set a $79.00 price target on shares of Comerica and gave the company a “buy” rating in a research report on Tuesday, July 18th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $76.19.
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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