Exxonmobil Investment Management Inc. TX cut its position in shares of Comerica Incorporated (NYSE:CMA) by 13.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 33,971 shares of the financial services provider’s stock after selling 5,081 shares during the period. Exxonmobil Investment Management Inc. TX’s holdings in Comerica were worth $2,488,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allianz Asset Management AG purchased a new position in Comerica during the fourth quarter worth about $1,122,000. Putnam Investments LLC purchased a new position in Comerica during the fourth quarter worth about $260,000. Teachers Advisors LLC boosted its position in Comerica by 11.5% in the fourth quarter. Teachers Advisors LLC now owns 2,001,468 shares of the financial services provider’s stock worth $136,320,000 after buying an additional 206,678 shares during the period. Kentucky Retirement Systems purchased a new position in Comerica during the fourth quarter worth about $851,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Comerica during the fourth quarter worth about $380,000. Institutional investors own 84.29% of the company’s stock.
Shares of Comerica Incorporated (NYSE:CMA) traded down 0.85% during trading on Friday, reaching $70.21. 1,382,877 shares of the company were exchanged. The firm has a market cap of $12.35 billion, a price-to-earnings ratio of 17.53 and a beta of 1.47. Comerica Incorporated has a 52-week low of $44.55 and a 52-week high of $75.72. The stock’s 50-day moving average is $73.09 and its 200-day moving average is $70.80.
Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.07. Comerica had a net margin of 26.16% and a return on equity of 10.18%. The firm had revenue of $776 million during the quarter, compared to analysts’ expectations of $777.08 million. During the same period last year, the company earned $0.58 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. Equities research analysts predict that Comerica Incorporated will post $4.58 earnings per share for the current fiscal year.
Comerica declared that its board has authorized a share repurchase plan on Wednesday, June 28th that permits the company to buyback $605.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be given a dividend of $0.30 per share. This is a positive change from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Thursday, September 14th. Comerica’s dividend payout ratio (DPR) is presently 26.00%.
CMA has been the subject of several research analyst reports. FBR & Co upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price objective for the company in a research report on Friday, June 9th. Deutsche Bank AG boosted their price objective on shares of Comerica to $74.00 and gave the stock a “hold” rating in a research report on Wednesday, April 19th. Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research report on Thursday, August 3rd. Morgan Stanley restated an “equal weight” rating and issued a $75.00 price objective (up previously from $71.00) on shares of Comerica in a research report on Thursday, July 6th. Finally, Wells Fargo & Company initiated coverage on shares of Comerica in a research report on Wednesday. They issued a “market perform” rating and a $73.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $71.71.
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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