First Trust Advisors LP Increases Position in Comerica Incorporated (CMA)
First Trust Advisors LP boosted its position in shares of Comerica Incorporated (NYSE:CMA) by 27.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 380,344 shares of the financial services provider’s stock after buying an additional 81,363 shares during the period. First Trust Advisors LP’s holdings in Comerica were worth $27,856,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the stock. Arizona State Retirement System boosted its stake in shares of Comerica by 0.9% in the second quarter. Arizona State Retirement System now owns 43,899 shares of the financial services provider’s stock worth $3,215,000 after buying an additional 400 shares during the last quarter. National Planning Corp boosted its stake in shares of Comerica by 0.4% in the second quarter. National Planning Corp now owns 5,763 shares of the financial services provider’s stock worth $429,000 after buying an additional 21 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Comerica by 3.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 770,710 shares of the financial services provider’s stock worth $56,447,000 after buying an additional 27,087 shares during the last quarter. Wetherby Asset Management Inc. boosted its stake in shares of Comerica by 1.8% in the second quarter. Wetherby Asset Management Inc. now owns 5,061 shares of the financial services provider’s stock worth $371,000 after buying an additional 91 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Comerica by 157.8% in the second quarter. Canada Pension Plan Investment Board now owns 301,409 shares of the financial services provider’s stock worth $22,075,000 after buying an additional 184,500 shares during the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.
Shares of Comerica Incorporated (NYSE:CMA) opened at 71.94 on Wednesday. Comerica Incorporated has a 12-month low of $44.55 and a 12-month high of $75.72. The stock has a 50 day moving average price of $73.11 and a 200 day moving average price of $70.89. The stock has a market capitalization of $12.65 billion, a P/E ratio of 17.97 and a beta of 1.47.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.07. The company had revenue of $776 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 company’s revenue was up 8.8% on a year-over-year basis. During the same period last year, the firm earned $0.58 earnings per share. On average, equities analysts anticipate that Comerica Incorporated will post $4.59 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 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire 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 firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Thursday, September 14th. This is an increase from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 annualized dividend and a dividend yield of 1.67%. Comerica’s dividend payout ratio (DPR) is currently 26.00%.
A number of brokerages have recently weighed in on CMA. BidaskClub cut Comerica from a “hold” rating to a “sell” rating in a research note on Monday. Wells Fargo & Company began coverage on Comerica in a report on Wednesday, August 9th. They issued a “market perform” rating and a $73.00 target price for the company. Zacks Investment Research lowered Comerica from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Piper Jaffray Companies reiterated a “hold” rating and issued a $76.00 target price on shares of Comerica in a report on Friday, July 28th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $79.00 target price on shares of Comerica in a report on Thursday, July 20th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target 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.
Want to see what other hedge funds are holding CMA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Comerica Incorporated (NYSE:CMA).
Receive News & Ratings for Comerica Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica Incorporated and related companies with Analyst Ratings Network's FREE daily email newsletter.