Raymond James & Associates Acquires 5,378 Shares of Comerica Incorporated (CMA)
Raymond James & Associates lifted its holdings in Comerica Incorporated (NYSE:CMA) by 9.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,356 shares of the financial services provider’s stock after buying an additional 5,378 shares during the quarter. Raymond James & Associates’ holdings in Comerica were worth $5,670,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Tocqueville Asset Management L.P. purchased a new stake in shares of Comerica in the 2nd quarter worth about $1,736,000. AMP Capital Investors Ltd grew its position in shares of Comerica by 0.9% in the 2nd quarter. AMP Capital Investors Ltd now owns 129,086 shares of the financial services provider’s stock worth $11,738,000 after buying an additional 1,099 shares during the period. Glen Harbor Capital Management LLC grew its position in shares of Comerica by 10.7% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 63,818 shares of the financial services provider’s stock worth $5,802,000 after buying an additional 6,188 shares during the period. Oregon Public Employees Retirement Fund grew its position in shares of Comerica by 112.8% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 40,173 shares of the financial services provider’s stock worth $3,653,000 after buying an additional 21,296 shares during the period. Finally, Korea Investment CORP grew its position in shares of Comerica by 3.9% in the 2nd quarter. Korea Investment CORP now owns 464,017 shares of the financial services provider’s stock worth $42,188,000 after buying an additional 17,500 shares during the period. 81.27% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Christine M. Moore sold 4,800 shares of the stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $98.41, for a total value of $472,368.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.83% of the company’s stock.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 17th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. The firm had revenue of $838.00 million for the quarter, compared to the consensus estimate of $833.59 million. Comerica had a net margin of 27.28% and a return on equity of 13.14%. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.13 EPS. equities research analysts forecast that Comerica Incorporated will post 7.14 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 14th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date is Thursday, September 13th. This is an increase from Comerica’s previous quarterly dividend of $0.34. Comerica’s dividend payout ratio (DPR) is presently 50.74%.
A number of analysts have recently weighed in on the stock. Macquarie downgraded shares of Comerica from an “outperform” rating to a “neutral” rating in a research report on Friday, September 7th. Zacks Investment Research downgraded shares of Comerica from a “buy” rating to a “hold” rating in a research report on Wednesday, June 6th. Morgan Stanley increased their price objective on shares of Comerica from $108.00 to $111.00 and gave the company an “equal weight” rating in a research report on Thursday, July 26th. Sandler O’Neill reissued a “hold” rating and set a $100.00 price objective on shares of Comerica in a research report on Thursday, July 26th. Finally, Bank of America set a $109.00 price objective on shares of Comerica and gave the company a “buy” rating in a research report on Wednesday, July 25th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have assigned a buy rating to the company. Comerica currently has an average rating of “Hold” and a consensus price target of $100.29.
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.
Featured Story: NASDAQ Stock Market Explained
Receive News & Ratings for Comerica Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica and related companies with MarketBeat.com's FREE daily email newsletter.