Capstone Asset Management Co. cut its stake in Comerica Incorporated (NYSE:CMA) by 1.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. 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 hedge funds and other institutional investors have also modified their holdings of CMA. Capital One National Association increased its position in shares of Comerica by 2.6% in the second quarter. Capital One National Association now owns 16,758 shares of the financial services provider’s stock valued at $1,227,000 after buying an additional 432 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Comerica during the second quarter valued at approximately $388,000. Trust Co raised its stake in shares of Comerica by 4.2% in the first quarter. Trust Co now owns 6,502 shares of the financial services provider’s stock valued at $446,000 after buying an additional 260 shares during the last quarter. DnB Asset Management AS raised its stake in shares of Comerica by 1.4% in the second quarter. DnB Asset Management AS now owns 81,311 shares of the financial services provider’s stock valued at $5,955,000 after buying an additional 1,100 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its stake in shares of Comerica by 3.1% in the first quarter. Nomura Asset Management Co. Ltd. now owns 24,158 shares of the financial services provider’s stock valued at $1,656,000 after buying an additional 721 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors.
Comerica Incorporated (NYSE CMA) traded down 0.16% on Friday, reaching $69.37. The company’s stock had a trading volume of 1,523,539 shares. Comerica Incorporated has a 52-week low of $45.14 and a 52-week high of $75.72. The firm’s 50-day moving average price is $72.93 and its 200-day moving average price is $70.90. The stock has a market cap of $12.20 billion, a price-to-earnings ratio of 17.33 and a beta of 1.47.
Comerica announced that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $605.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors 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 yield of 1.73%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 14th. Comerica’s payout ratio is presently 26.00%.
CMA has been the topic of several recent research reports. Zacks Investment Research raised Comerica from a “hold” rating to a “strong-buy” rating and set a $78.00 price objective on the stock in a report on Friday, April 21st. Barclays PLC reaffirmed an “underweight” rating and issued a $72.00 price target (up previously from $69.00) on shares of Comerica in a research note on Saturday, April 22nd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $81.00 price target on shares of Comerica in a research note on Friday, May 5th. Morgan Stanley boosted their price target on Comerica from $70.00 to $71.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 6th. Finally, FBR & Co raised Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price target on the stock in a research note on Friday, June 9th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $71.65.
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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