Hodges Capital Management Inc. Continues to Hold Position in Comerica Incorporated (CMA)
Hodges Capital Management Inc. continued to hold its stake in shares of Comerica Incorporated (NYSE:CMA) during the second quarter, Holdings Channel reports. The fund owned 7,000 shares of the financial services provider’s stock at the end of the second quarter. Hodges Capital Management Inc.’s holdings in Comerica were worth $513,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of CMA. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in shares of Comerica by 0.3% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,307 shares of the financial services provider’s stock valued at $159,000 after buying an additional 8 shares during the period. Contravisory Investment Management Inc. increased its stake in shares of Comerica by 0.7% in 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 period. Jaffetilchin Investment Partners LLC increased its stake in shares of Comerica by 0.4% in the first quarter. Jaffetilchin Investment Partners LLC now owns 7,550 shares of the financial services provider’s stock valued at $518,000 after buying an additional 32 shares during the period. United Capital Financial Advisers LLC increased its stake in shares of Comerica by 0.8% in 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 period. Finally, ING Groep NV increased its stake in shares of Comerica by 0.9% in the second quarter. ING Groep NV now owns 9,056 shares of the financial services provider’s stock valued at $663,000 after buying an additional 77 shares during the period. Hedge funds and other institutional investors own 84.29% of the company’s stock.
Shares of Comerica Incorporated (CMA) opened at 72.47 on Thursday. The firm’s 50 day moving average is $73.13 and its 200-day moving average is $70.80. The company has a market cap of $12.75 billion, a PE ratio of 18.10 and a beta of 1.47. Comerica Incorporated has a 1-year low of $44.55 and a 1-year high of $75.72.
Comerica (NYSE:CMA) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.07. The company had revenue of $776 million for the quarter, compared to analysts’ expectations of $777.08 million. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The firm’s revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.58 EPS. Equities analysts expect that Comerica Incorporated will post $4.58 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend is Thursday, September 14th. This is a boost from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is presently 26.00%.
Comerica declared that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $605.00 million in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
Several equities research analysts have issued reports on the stock. Morgan Stanley restated an “equal weight” rating and set a $75.00 price objective (up from $71.00) on shares of Comerica in a research report on Thursday, July 6th. BidaskClub downgraded shares of Comerica from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Jefferies Group LLC reiterated a “buy” rating and issued a $81.00 price target on shares of Comerica in a research report on Monday, May 15th. Barclays PLC reiterated an “underweight” rating and issued a $76.00 price target (up from $72.00) on shares of Comerica in a research report on Wednesday, July 12th. Finally, Instinet reiterated a “neutral” rating and issued a $71.00 price target (up from $68.00) on shares of Comerica in a research report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the stock. Comerica presently has an average rating of “Hold” and a consensus target price of $71.63.
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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