Capstone Asset Management Co. cut its position in Comerica Incorporated (NYSE:CMA) by 1.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 11,154 shares of the financial services provider’s stock after selling 128 shares during the period. Capstone Asset Management Co.’s holdings in Comerica were worth $817,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently made changes to their positions in CMA. Putnam Investments LLC bought a new position in shares of Comerica during the fourth quarter worth approximately $260,000. Teachers Advisors LLC boosted its position in shares of 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 in the last quarter. Kentucky Retirement Systems bought a new position in shares of Comerica during the fourth quarter worth approximately $851,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Comerica during the fourth quarter worth approximately $380,000. Finally, Macquarie Group Ltd. boosted its position 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 in the last quarter. 84.29% of the stock is currently owned by institutional investors.
Shares of Comerica Incorporated (NYSE CMA) opened at 70.21 on Friday. The stock’s 50 day moving average is $73.06 and its 200-day moving average is $70.82. The stock has a market capitalization of $12.35 billion, a price-to-earnings ratio of 17.53 and a beta of 1.47. Comerica Incorporated has a one year low of $45.14 and a one year high of $75.72.
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, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Comerica had a net margin of 26.16% and a return on equity of 10.18%. The company had revenue of $776 million for the quarter, compared to the consensus estimate of $777.08 million. During the same period last year, the firm posted $0.58 EPS. Comerica’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, equities research analysts predict that Comerica Incorporated will post $4.58 EPS for the current fiscal year.
Comerica announced that its board has approved a stock buyback 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 buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The company also recently announced 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 represents a $1.20 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Thursday, September 14th. This is a boost from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is 26.00%.
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A number of equities research analysts have issued reports on CMA shares. Keefe, Bruyette & Woods set a $73.00 price target on Comerica and gave the stock a “buy” rating in a research note on Tuesday, April 18th. FBR & Co reiterated a “market perform” rating and issued a $74.00 price target on shares of Comerica in a research note on Wednesday, April 19th. Deutsche Bank AG increased their price target on Comerica to $74.00 and gave the stock a “hold” rating in a research note on Wednesday, April 19th. Zacks Investment Research upgraded Comerica from a “hold” rating to a “strong-buy” rating and set a $78.00 price objective for the company in a research report on Friday, April 21st. Finally, Barclays PLC restated an “underweight” rating and set a $72.00 price objective (up previously from $69.00) on shares of Comerica in a research report on Saturday, April 22nd. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target 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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