Comerica Incorporated (CMA) Shares Sold by Shelton Capital Management
Shelton Capital Management reduced its stake in shares of Comerica Incorporated (NYSE:CMA) by 23.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 26,831 shares of the financial services provider’s stock after selling 8,100 shares during the period. Shelton Capital Management’s holdings in Comerica were worth $1,965,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in CMA. Exane Derivatives acquired a new stake in Comerica during the 2nd quarter worth approximately $125,000. Oppenheimer Asset Management Inc. acquired a new stake in Comerica during the 1st quarter worth approximately $127,000. Point72 Asia Hong Kong Ltd raised its holdings in Comerica by 19.3% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock worth $137,000 after buying an additional 323 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its holdings in Comerica by 0.3% during the 2nd 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 buying an additional 8 shares during the period. Finally, Smithfield Trust Co. raised its holdings in Comerica by 2,446.0% during the 2nd quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock worth $186,000 after buying an additional 2,446 shares during the period. Hedge funds and other institutional investors own 82.45% of the company’s stock.
In other news, insider Peter William Guilfoile sold 2,928 shares of the stock in a transaction on Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul R. Obermeyer sold 20,321 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total value of $1,427,347.04. The disclosure for this sale can be found here. Insiders have sold a total of 44,249 shares of company stock valued at $3,095,383 in the last quarter. 1.10% of the stock is owned by corporate insiders.
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Several analysts have commented on the stock. Morgan Stanley restated an “equal weight” rating and set a $79.00 target price (up from $76.00) on shares of Comerica in a report on Wednesday. SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $80.00 price target on shares of Comerica in a research note on Wednesday. Instinet reaffirmed a “neutral” rating and set a $74.00 price target (up from $71.00) on shares of Comerica in a research note on Saturday, September 30th. Nomura raised their price target on shares of Comerica from $71.00 to $74.00 and gave the stock a “neutral” rating in a research note on Thursday, September 28th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $79.00 price target on shares of Comerica in a research note on Friday, September 22nd. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $76.72.
Comerica Incorporated (NYSE CMA) traded up 0.98% during midday trading on Thursday, hitting $76.04. The stock had a trading volume of 276,076 shares. The company has a 50-day moving average price of $70.66 and a 200-day moving average price of $70.81. Comerica Incorporated has a 52 week low of $47.12 and a 52 week high of $76.76. The stock has a market cap of $13.38 billion, a P/E ratio of 18.99 and a beta of 1.51.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.07. The company had revenue of $776.00 million during the quarter, compared to the consensus estimate of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.58 EPS. Equities analysts expect that Comerica Incorporated will post $4.60 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Stockholders of record on Friday, September 15th were paid a dividend of $0.30 per share. This is an increase from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date was Thursday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.59%. Comerica’s dividend payout ratio is presently 30.00%.
Comerica declared that its board has authorized a stock repurchase program on Wednesday, June 28th that permits the company to buyback $605.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
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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