First Republic Investment Management Inc. increased its stake in shares of Comerica Incorporated (NYSE:CMA) by 10.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,294 shares of the financial services provider’s stock after buying an additional 713 shares during the quarter. First Republic Investment Management Inc.’s holdings in Comerica were worth $664,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Three Peaks Capital Management LLC purchased a new position in shares of Comerica during the first quarter worth about $112,000. Financial Gravity Wealth Inc. purchased a new position in shares of Comerica during the first quarter worth about $155,000. Point72 Asia Hong Kong Ltd grew its holdings in shares of Comerica by 47.1% during the first quarter. Point72 Asia Hong Kong Ltd now owns 1,855 shares of the financial services provider’s stock worth $178,000 after buying an additional 594 shares during the last quarter. IFP Advisors Inc grew its holdings in shares of Comerica by 37.8% during the first quarter. IFP Advisors Inc now owns 1,982 shares of the financial services provider’s stock worth $190,000 after buying an additional 544 shares during the last quarter. Finally, Piedmont Investment Advisors LLC purchased a new position in shares of Comerica during the second quarter worth about $183,000. 81.27% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Christine M. Moore sold 4,800 shares of Comerica stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $98.41, for a total transaction of $472,368.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.83% of the stock is currently owned by company insiders.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, July 17th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.26. Comerica had a net margin of 27.28% and a return on equity of 13.14%. The company had revenue of $838.00 million during the quarter, compared to the consensus estimate of $833.59 million. During the same period last year, the firm earned $1.13 EPS. The company’s revenue for the quarter was up 8.0% on a year-over-year basis. analysts forecast that Comerica Incorporated will post 7.14 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 14th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.54%. This is an increase from Comerica’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 13th. Comerica’s dividend payout ratio (DPR) is presently 50.74%.
A number of brokerages recently commented on CMA. Morgan Stanley reduced their price objective on shares of Comerica from $111.00 to $107.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 18th. Macquarie downgraded shares of Comerica from an “outperform” rating to a “neutral” rating in a research report on Friday, September 7th. Sandler O’Neill restated a “hold” rating and issued a $100.00 price objective on shares of Comerica in a research report on Thursday, July 26th. Bank of America set a $109.00 price objective on shares of Comerica and gave the company a “buy” rating in a research report on Wednesday, July 25th. Finally, B. Riley raised their price objective on shares of Comerica from $110.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, July 25th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $100.29.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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