Comerica Inc. (CMA) Position Raised by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. boosted its position in shares of Comerica Inc. (NYSE:CMA) by 0.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 22,866 shares of the financial services provider’s stock after buying an additional 58 shares during the period. PNC Financial Services Group Inc.’s holdings in Comerica were worth $941,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TIAA CREF Investment Management LLC boosted its position in Comerica by 357.1% in the first quarter. TIAA CREF Investment Management LLC now owns 1,935,312 shares of the financial services provider’s stock worth $73,290,000 after buying an additional 1,511,925 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in Comerica by 440.7% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,678,296 shares of the financial services provider’s stock worth $63,557,000 after buying an additional 1,367,896 shares during the last quarter. Teachers Advisors Inc. boosted its position in Comerica by 283.4% in the first quarter. Teachers Advisors Inc. now owns 970,003 shares of the financial services provider’s stock worth $36,734,000 after buying an additional 717,030 shares during the last quarter. Emerald Acquisition Ltd. purchased a new position in Comerica during the second quarter worth $27,375,000. Finally, Bank of New York Mellon Corp boosted its position in Comerica by 39.7% in the second quarter. Bank of New York Mellon Corp now owns 2,278,685 shares of the financial services provider’s stock worth $93,722,000 after buying an additional 647,477 shares during the last quarter. 84.62% of the stock is owned by institutional investors.
Shares of Comerica Inc. (NYSE:CMA) traded down 0.69% during midday trading on Friday, hitting $46.34. 2,250,862 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $46.00 and its 200-day moving average is $42.69. Comerica Inc. has a 1-year low of $30.48 and a 1-year high of $47.70. The stock has a market cap of $8.06 billion, a PE ratio of 20.12 and a beta of 1.36.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by $0.11. Comerica had a return on equity of 6.03% and a net margin of 14.69%. Analysts predict that Comerica Inc. will post $2.43 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Thursday, September 15th will be given a $0.23 dividend. The ex-dividend date is Tuesday, September 13th. This is a boost from Comerica’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 1.99%. Comerica’s dividend payout ratio (DPR) is currently 38.82%.
A number of analysts have recently commented on CMA shares. Bank of America Corp. cut shares of Comerica from a “neutral” rating to an “underperform” rating and boosted their target price for the stock from $30.48 to $36.00 in a research note on Wednesday, June 29th. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a research note on Monday, July 25th. Wells Fargo & Co. raised shares of Comerica from an “underperform” rating to a “market perform” rating in a research note on Friday, July 8th. They noted that the move was a valuation call. Credit Agricole SA boosted their target price on shares of Comerica from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 6th. Finally, JPMorgan Chase & Co. cut their target price on shares of Comerica from $47.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, July 7th. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and ten have assigned a buy rating to the stock. Comerica presently has a consensus rating of “Hold” and a consensus price target of $44.54.
In related news, insider Paul R. Obermeyer sold 2,302 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $45.92, for a total value of $105,707.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.60% of the stock is currently owned by corporate insiders.
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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