Shell Asset Management Co. Decreases Stake in Comerica Incorporated (NYSE:CMA)
Shell Asset Management Co. decreased its stake in Comerica Incorporated (NYSE:CMA) by 8.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,613 shares of the financial services provider’s stock after selling 846 shares during the period. Shell Asset Management Co.’s holdings in Comerica were worth $631,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. TrimTabs Asset Management LLC acquired a new position in Comerica during the first quarter valued at approximately $111,000. Exane Derivatives purchased a new position in shares of Comerica during the second quarter valued at about $125,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Comerica during the first quarter valued at about $127,000. Point72 Asia Hong Kong Ltd boosted its position 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 buying an additional 323 shares in the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its position 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 in the last quarter. 84.29% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Comerica Incorporated (CMA) opened at 70.21 on Friday. The company has a market cap of $12.35 billion, a PE ratio of 17.53 and a beta of 1.47. Comerica Incorporated has a one year low of $45.14 and a one year high of $75.72. The stock’s 50 day moving average is $73.06 and its 200-day moving average is $70.82.
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 analysts’ consensus estimates of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The company had revenue of $776 million for the quarter, compared to the consensus estimate of $777.08 million. During the same quarter last year, the company earned $0.58 earnings per share. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. Equities research analysts expect that Comerica Incorporated will post $4.58 earnings per share for the current year.
Comerica announced that its Board of Directors has authorized a share repurchase 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 shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
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. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.71%. This is an increase from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is presently 26.00%.
CMA has been the topic of several recent analyst reports. FBR & Co upgraded 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 upgraded shares of Comerica from a “hold” rating to a “strong-buy” rating and set a $78.00 target price on the stock in a report on Friday, April 21st. Deutsche Bank AG raised their target price on shares of Comerica to $74.00 and gave the stock a “hold” rating in a report on Wednesday, April 19th. Morgan Stanley raised their target price on shares of Comerica from $70.00 to $71.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 6th. Finally, Barclays PLC restated an “underweight” rating and issued a $72.00 target price (up previously from $69.00) on shares of Comerica in a report on Saturday, April 22nd. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the stock. Comerica currently has an average rating of “Hold” and a consensus target price of $71.71.
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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