Public Employees Retirement Association of Colorado raised its position in Comerica Incorporated (NYSE:CMA) by 0.0% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 34,346 shares of the financial services provider’s stock after buying an additional 14 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Comerica were worth $2,516,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in the company. Macquarie Group Ltd. boosted its stake in shares of Comerica by 8.0% in the fourth quarter. Macquarie Group Ltd. now owns 260,346 shares of the financial services provider’s stock worth $17,732,000 after buying an additional 19,250 shares during the period. Chevy Chase Trust Holdings Inc. boosted its stake in shares of Comerica by 5.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 154,436 shares of the financial services provider’s stock worth $10,591,000 after buying an additional 8,574 shares during the period. Creative Planning boosted its stake in shares of Comerica by 56.0% in the first quarter. Creative Planning now owns 3,316 shares of the financial services provider’s stock worth $227,000 after buying an additional 1,191 shares during the period. Gulf International Bank UK Ltd boosted its stake in shares of Comerica by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 56,289 shares of the financial services provider’s stock worth $3,860,000 after buying an additional 800 shares during the period. Finally, National Pension Service purchased a new position in shares of Comerica during the first quarter valued at about $11,507,000. Institutional investors and hedge funds own 83.47% of the company’s stock.
Comerica Incorporated (NYSE CMA) traded down 0.16% on Friday, reaching $69.37. 1,523,539 shares of the company’s stock traded hands. The stock has a market cap of $12.20 billion, a price-to-earnings ratio of 17.33 and a beta of 1.47. The stock has a 50 day moving average price of $72.93 and a 200 day moving average price of $70.90. Comerica Incorporated has a 12-month low of $44.55 and a 12-month high of $75.72.
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 the consensus estimate of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The business had revenue of $776 million during the quarter, compared to analysts’ expectations of $777.08 million. During the same period in the previous year, the business posted $0.58 EPS. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. Analysts forecast that Comerica Incorporated will post $4.59 EPS for the current year.
Comerica announced that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $605.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.73%. This is a boost from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 14th. Comerica’s payout ratio is presently 26.00%.
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Several brokerages have recently issued reports on CMA. Jefferies Group LLC reiterated a “buy” rating and issued a $81.00 target price on shares of Comerica in a research note on Monday, May 15th. Instinet reiterated a “neutral” rating and issued a $71.00 target price (up previously from $68.00) on shares of Comerica in a research note on Wednesday, July 12th. Barclays PLC reiterated an “underweight” rating and issued a $76.00 target price (up previously from $72.00) on shares of Comerica in a research note on Wednesday, July 12th. Morgan Stanley reiterated an “equal weight” rating and issued a $75.00 target price (up previously from $71.00) on shares of Comerica in a research note on Thursday, July 6th. Finally, BidaskClub downgraded shares of Comerica from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $71.65.
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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