Siena Capital Management LLC Maintains Stake in Comerica Incorporated (NYSE:CMA)

Siena Capital Management LLC held its position in shares of Comerica Incorporated (NYSE:CMA) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 87,000 shares of the financial services provider’s stock at the end of the second quarter. Comerica makes up approximately 6.1% of Siena Capital Management LLC’s holdings, making the stock its 5th largest position. Siena Capital Management LLC’s holdings in Comerica were worth $6,372,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. TrimTabs Asset Management LLC bought a new position in shares of Comerica during the first quarter worth $111,000. Oppenheimer Asset Management Inc. acquired a new position in Comerica during the first quarter valued at $127,000. Point72 Asia Hong Kong Ltd increased its position in Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock valued at $137,000 after buying an additional 323 shares during the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its position in Comerica by 0.3% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,307 shares of the financial services provider’s stock valued at $159,000 after buying an additional 8 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position in Comerica by 3.3% in the first quarter. Pacer Advisors Inc. now owns 3,282 shares of the financial services provider’s stock valued at $225,000 after buying an additional 104 shares during the last quarter. Institutional investors own 84.29% of the company’s stock.

Comerica Incorporated (NYSE CMA) traded down 0.85% on Friday, reaching $70.21. 1,382,877 shares of the company’s stock were exchanged. Comerica Incorporated has a one year low of $45.14 and a one year high of $75.72. The stock has a market cap of $12.35 billion, a price-to-earnings ratio of 17.53 and a beta of 1.47. The firm has a 50 day moving average of $73.06 and a 200-day moving average of $70.82.

Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.06 by $0.07. The firm had revenue of $776 million for the quarter, compared to analyst estimates of $777.08 million. Comerica had a return on equity of 10.18% and a net margin of 26.16%. Comerica’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.58 EPS. Equities research analysts forecast that Comerica Incorporated will post $4.58 EPS for the current fiscal year.

Comerica declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that allows the company to repurchase $605.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.71%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 14th. Comerica’s dividend payout ratio is presently 26.00%.

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Several research analysts have weighed in on the stock. Wells Fargo & Company started coverage on shares of Comerica in a research report on Wednesday. They issued a “market perform” rating and a $73.00 price target on the stock. BidaskClub raised shares of Comerica from a “sell” rating to a “hold” rating in a research note on Tuesday. Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $76.00 target price on shares of Comerica in a research note on Friday, July 28th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $79.00 target price on shares of Comerica in a research note on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $71.71.

About Comerica

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.

Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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