Sei Investments Co. Sells 33,760 Shares of Comerica Incorporated (NYSE:CMA)
Sei Investments Co. reduced its stake in shares of Comerica Incorporated (NYSE:CMA) by 19.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 139,849 shares of the financial services provider’s stock after selling 33,760 shares during the period. Sei Investments Co.’s holdings in Comerica were worth $10,243,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Comerica by 6.2% in the first quarter. Vanguard Group Inc. now owns 17,019,213 shares of the financial services provider’s stock valued at $1,167,178,000 after buying an additional 997,004 shares during the last quarter. BlackRock Inc. boosted its position in shares of Comerica by 3,094.6% in the first quarter. BlackRock Inc. now owns 11,268,474 shares of the financial services provider’s stock valued at $772,796,000 after buying an additional 10,915,741 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Comerica by 1.5% in the first quarter. Wellington Management Group LLP now owns 4,928,411 shares of the financial services provider’s stock valued at $337,991,000 after buying an additional 71,159 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Comerica by 28.1% in the first quarter. JPMorgan Chase & Co. now owns 4,120,834 shares of the financial services provider’s stock valued at $282,610,000 after buying an additional 905,127 shares during the last quarter. Finally, King Luther Capital Management Corp boosted its position in shares of Comerica by 1.8% in the first quarter. King Luther Capital Management Corp now owns 2,958,144 shares of the financial services provider’s stock valued at $202,870,000 after buying an additional 51,008 shares during the last quarter. 84.29% of the stock is currently owned by institutional investors and hedge funds.
Shares of Comerica Incorporated (NYSE CMA) opened at 70.81 on Friday. The company has a 50 day moving average of $73.09 and a 200-day moving average of $70.80. Comerica Incorporated has a 12-month low of $44.55 and a 12-month high of $75.72. The company has a market cap of $12.46 billion, a PE ratio of 17.68 and a beta of 1.47.
Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.07. The company had revenue of $776 million for the quarter, compared to the consensus estimate of $777.08 million. Comerica had a net margin of 26.16% and a return on equity of 10.18%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.58 earnings per share. Equities research analysts anticipate that Comerica Incorporated will post $4.58 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be given a dividend of $0.30 per share. This is an increase from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.69%. Comerica’s dividend payout ratio is 26.00%.
Comerica declared that its Board of Directors has authorized a share buyback plan 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 buy up to 4.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
CMA has been the topic of several recent research reports. FBR & Co raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price target on the stock in a research report on Friday, June 9th. Deutsche Bank AG raised their price target on shares of Comerica to $74.00 and gave the company a “hold” rating in a research report on Wednesday, April 19th. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Thursday, August 3rd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $75.00 price target (up previously from $71.00) on shares of Comerica in a research report on Thursday, July 6th. Finally, Wells Fargo & Company initiated coverage on shares of Comerica in a research report on Wednesday. They issued a “market perform” rating and a $73.00 price target on the stock. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have given a buy rating to the company’s stock. The company 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.
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