Comerica Incorporated (NYSE:CMA) Shares Bought by CIBC Asset Management Inc
CIBC Asset Management Inc raised its stake in shares of Comerica Incorporated (NYSE:CMA) by 0.5% during the second quarter, Holdings Channel reports. The institutional investor owned 19,572 shares of the financial services provider’s stock after buying an additional 93 shares during the period. CIBC Asset Management Inc’s holdings in Comerica were worth $1,433,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of CMA. Korea Investment CORP increased its stake in shares of Comerica by 5.0% in the first quarter. Korea Investment CORP now owns 262,592 shares of the financial services provider’s stock valued at $18,009,000 after buying an additional 12,462 shares in the last quarter. Mn Services Vermogensbeheer B.V. boosted its stake in Comerica by 4.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 4,604 shares of the financial services provider’s stock valued at $295,000 after buying an additional 195 shares during the last quarter. Retirement Systems of Alabama boosted its stake in Comerica by 1.2% in the first quarter. Retirement Systems of Alabama now owns 85,008 shares of the financial services provider’s stock valued at $5,830,000 after buying an additional 972 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in Comerica during the first quarter valued at $1,167,000. Finally, DnB Asset Management AS boosted its stake in Comerica by 4.7% in the first quarter. DnB Asset Management AS now owns 80,211 shares of the financial services provider’s stock valued at $5,501,000 after buying an additional 3,600 shares during the last quarter. 84.29% of the stock is currently owned by institutional investors.
Shares of Comerica Incorporated (CMA) opened at 70.81 on Friday. Comerica Incorporated has a 12-month low of $44.55 and a 12-month high of $75.72. The stock’s 50 day moving average is $73.09 and its 200 day moving average is $70.80. The firm has a market cap of $12.46 billion, a price-to-earnings ratio of 17.68 and a beta of 1.47.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. Comerica had a net margin of 26.16% and a return on equity of 10.18%. The company had revenue of $776 million during the quarter, compared to the consensus estimate of $777.08 million. During the same quarter in the prior year, the firm posted $0.58 EPS. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. Equities analysts expect that Comerica Incorporated will post $4.58 earnings per share for the current year.
Comerica announced that its Board of Directors has authorized a share buyback 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 shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Thursday, September 14th. This is an increase from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio is 26.00%.
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CMA has been the subject of several research reports. FBR & Co upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 target price for the company in a research note on Friday, June 9th. Deutsche Bank AG increased their target price on shares of Comerica to $74.00 and gave the company a “hold” rating in a research note on Wednesday, April 19th. Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a research note on Thursday, August 3rd. Morgan Stanley reiterated an “equal weight” rating and issued a $75.00 target price (up previously from $71.00) on shares of Comerica in a research note on Thursday, July 6th. Finally, Wells Fargo & Company initiated coverage on shares of Comerica in a research note on Wednesday. They issued a “market perform” rating and a $73.00 target price for the company. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $71.71.
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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