Trexquant Investment LP Raises Stake in Comerica Incorporated (CMA)
Trexquant Investment LP raised its position in Comerica Incorporated (NYSE:CMA) by 107.4% during the second quarter, Holdings Channel reports. The fund owned 13,675 shares of the financial services provider’s stock after buying an additional 7,083 shares during the period. Trexquant Investment LP’s holdings in Comerica were worth $1,002,000 as of its most recent filing with the SEC.
Several 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 worth about $111,000. Exane Derivatives acquired a new position in Comerica during the second quarter worth about $125,000. Oppenheimer Asset Management Inc. acquired a new position in Comerica during the first quarter worth about $127,000. Point72 Asia Hong Kong Ltd increased its position in 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 worth $137,000 after buying an additional 323 shares during the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its position in 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 worth $159,000 after buying an additional 8 shares during the last quarter. 84.29% of the stock is currently owned by institutional investors.
Shares of Comerica Incorporated (NYSE CMA) opened at 72.47 on Thursday. 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 12 month low of $44.55 and a 12 month high of $75.72. The company has a 50-day moving average of $73.13 and a 200 day moving average of $70.80.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping 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 return on equity of 9.60% and a net margin of 23.22%. Comerica’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.58 earnings per share. On average, analysts anticipate that Comerica Incorporated will post $4.58 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.66%. This is an increase from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 14th. Comerica’s payout ratio is presently 26.00%.
Comerica announced that its board has approved a share buyback program on Wednesday, June 28th that permits the company to buyback $605.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
A number of research firms recently issued reports on CMA. Piper Jaffray Companies reissued a “hold” rating and issued a $76.00 price objective on shares of Comerica in a report on Friday, July 28th. BidaskClub downgraded shares of Comerica from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Jefferies Group LLC reissued a “buy” rating and issued a $81.00 price objective on shares of Comerica in a report on Thursday, June 8th. 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 research note on Friday, April 21st. Finally, Stephens restated a “buy” rating and set a $80.00 target price on shares of Comerica in a research note on Tuesday, July 18th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $71.63.
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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