Picton Mahoney Asset Management Has $19.24 Million Stake in Comerica Incorporated (CMA)
Picton Mahoney Asset Management decreased its position in Comerica Incorporated (NYSE:CMA) by 5.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 262,600 shares of the financial services provider’s stock after selling 16,375 shares during the period. Comerica comprises 1.4% of Picton Mahoney Asset Management’s portfolio, making the stock its 18th largest holding. Picton Mahoney Asset Management owned 0.15% of Comerica worth $19,235,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of CMA. Exane Derivatives purchased a new stake in shares of Comerica in the second quarter valued at about $125,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Comerica in the first quarter valued at about $127,000. Point72 Asia Hong Kong Ltd boosted its holdings in shares of Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock valued at $137,000 after acquiring an additional 323 shares in the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its holdings in shares of Comerica by 0.3% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock valued at $169,000 after acquiring an additional 8 shares in the last quarter. Finally, Smithfield Trust Co. boosted its holdings in shares of Comerica by 2,446.0% in the second quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock valued at $186,000 after acquiring an additional 2,446 shares in the last quarter. 82.45% of the stock is currently owned by institutional investors and hedge funds.
In other Comerica news, insider Paul R. Obermeyer sold 20,321 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total transaction of $1,427,347.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Judith S. Love sold 21,000 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total transaction of $1,464,540.00. The disclosure for this sale can be found here. Insiders have sold 44,249 shares of company stock valued at $3,095,383 over the last ninety days. Insiders own 1.10% of the company’s stock.
Several analysts have recently weighed in on CMA shares. FBR & Co raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 target price on the stock in a report on Friday, June 9th. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a report on Thursday, August 17th. Piper Jaffray Companies reissued a “hold” rating and set a $76.00 price objective on shares of Comerica in a report on Friday, September 1st. Morgan Stanley reissued an “equal weight” rating and set a $75.00 price objective (up previously from $71.00) on shares of Comerica in a report on Thursday, July 6th. Finally, Sanford C. Bernstein reissued a “market perform” rating and set a $80.00 price objective (up previously from $78.00) on shares of Comerica in a report on Saturday, September 16th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $76.12.
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Comerica Incorporated (CMA) traded up 0.98% during trading on Friday, hitting $76.26. 970,408 shares of the stock were exchanged. Comerica Incorporated has a 12-month low of $45.14 and a 12-month high of $76.76. The stock’s 50-day moving average price is $69.91 and its 200-day moving average price is $70.59. The firm has a market cap of $13.41 billion, a PE ratio of 19.05 and a beta of 1.49.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The company had revenue of $776.00 million during the quarter, compared to analyst estimates of $777.08 million. During the same quarter last year, the firm posted $0.58 EPS. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, equities analysts expect that Comerica Incorporated will post $4.60 EPS for the current year.
Comerica announced that its board has approved a share repurchase plan on Wednesday, June 28th that permits the company to buyback $605.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 dividend on an annualized basis and a yield of 1.57%. Comerica’s dividend payout ratio is currently 30.00%.
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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