Cozad Asset Management Inc. Invests $1.95 Million in Comerica Incorporated (CMA) Stock
Cozad Asset Management Inc. acquired a new position in Comerica Incorporated (NYSE:CMA) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 21,395 shares of the financial services provider’s stock, valued at approximately $1,945,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. First Republic Investment Management Inc. lifted its holdings in Comerica by 8.7% in the 1st quarter. First Republic Investment Management Inc. now owns 6,581 shares of the financial services provider’s stock worth $631,000 after buying an additional 528 shares during the period. Tredje AP fonden lifted its holdings in Comerica by 8.4% in the 1st quarter. Tredje AP fonden now owns 6,830 shares of the financial services provider’s stock worth $657,000 after buying an additional 530 shares during the period. TCW Group Inc. lifted its holdings in Comerica by 1.3% in the 2nd quarter. TCW Group Inc. now owns 42,412 shares of the financial services provider’s stock worth $3,856,000 after buying an additional 536 shares during the period. IFP Advisors Inc lifted its holdings in Comerica by 37.8% in the 1st quarter. IFP Advisors Inc now owns 1,982 shares of the financial services provider’s stock worth $190,000 after buying an additional 544 shares during the period. Finally, Sigma Planning Corp lifted its holdings in Comerica by 14.2% in the 2nd quarter. Sigma Planning Corp now owns 4,569 shares of the financial services provider’s stock worth $415,000 after buying an additional 569 shares during the period. Institutional investors and hedge funds own 81.30% of the company’s stock.
In related news, EVP Christine M. Moore sold 4,800 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The stock was sold at an average price of $98.41, for a total transaction of $472,368.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.83% of the stock is owned by company insiders.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $1.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.26. Comerica had a return on equity of 13.14% and a net margin of 27.28%. The company had revenue of $838.00 million during the quarter, compared to analyst estimates of $833.59 million. During the same quarter last year, the company earned $1.13 EPS. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. equities research analysts forecast that Comerica Incorporated will post 7.15 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Thursday, September 13th. This is a positive change from Comerica’s previous quarterly dividend of $0.34. Comerica’s dividend payout ratio (DPR) is 28.75%.
CMA has been the subject of several research analyst reports. B. Riley increased their price objective on Comerica from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, July 25th. Wedbush raised their target price on Comerica from $111.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. Stephens restated a “buy” rating and issued a $108.00 target price on shares of Comerica in a research note on Tuesday, July 24th. Zacks Investment Research upgraded Comerica from a “hold” rating to a “buy” rating and set a $103.00 target price for the company in a research note on Wednesday, July 18th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $108.00 target price (up previously from $106.00) on shares of Comerica in a research note on Tuesday, July 17th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and sixteen have given a buy rating to the company’s stock. Comerica has a consensus rating of “Hold” and a consensus price target of $99.72.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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