Comerica Incorporated (CMA) Shares Sold by Dimensional Fund Advisors LP
Dimensional Fund Advisors LP trimmed its holdings in Comerica Incorporated (NYSE:CMA) by 8.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 964,987 shares of the financial services provider’s stock after selling 87,775 shares during the period. Dimensional Fund Advisors LP owned about 0.55% of Comerica worth $70,676,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in Comerica by 0.3% during the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock worth $169,000 after acquiring an additional 8 shares during the last quarter. National Planning Corp grew its stake in shares of Comerica by 0.4% during the second quarter. National Planning Corp now owns 5,763 shares of the financial services provider’s stock valued at $429,000 after buying an additional 21 shares during the last quarter. Contravisory Investment Management Inc. grew its stake in shares of Comerica by 0.7% during the second quarter. Contravisory Investment Management Inc. now owns 3,588 shares of the financial services provider’s stock valued at $263,000 after buying an additional 25 shares during the last quarter. United Capital Financial Advisers LLC grew its stake in shares of Comerica by 0.8% during the first quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock valued at $433,000 after buying an additional 53 shares during the last quarter. Finally, Cadence Capital Management LLC grew its stake in shares of Comerica by 0.8% during the second quarter. Cadence Capital Management LLC now owns 7,039 shares of the financial services provider’s stock valued at $516,000 after buying an additional 58 shares during the last quarter. Institutional investors and hedge funds own 82.46% of the company’s stock.
A number of research analysts have recently commented on the company. 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. BidaskClub lowered Comerica from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Zacks Investment Research lowered Comerica from a “buy” rating to a “hold” rating in a report on Wednesday, August 23rd. Stephens restated a “buy” rating and set a $80.00 target price on shares of Comerica in a report on Tuesday, July 18th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $82.00 price target on shares of Comerica in a research report on Friday, September 8th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $76.32.
In related news, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $69.50, for a total transaction of $203,496.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Judith S. Love sold 21,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total transaction of $1,464,540.00. The disclosure for this sale can be found here. Insiders have sold 44,249 shares of company stock valued at $3,095,383 in the last ninety days. 1.10% of the stock is currently owned by company insiders.
Shares of Comerica Incorporated (NYSE CMA) opened at 76.95 on Wednesday. Comerica Incorporated has a 12-month low of $47.12 and a 12-month high of $77.95. The firm has a market cap of $13.54 billion, a P/E ratio of 19.22 and a beta of 1.51. The company has a 50-day moving average of $71.46 and a 200 day moving average of $71.10.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.07. The business had revenue of $776.00 million for the quarter, compared to the consensus estimate of $777.08 million. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.58 earnings per share. Equities research analysts anticipate that Comerica Incorporated will post $4.62 earnings per share for the current fiscal year.
Comerica declared that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $605.00 million in shares. This buyback authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 15th were given a dividend of $0.30 per share. This is a positive change from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.20 annualized dividend and a yield of 1.56%. Comerica’s dividend payout ratio is 30.00%.
Comerica Company Profile
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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