Zurcher Kantonalbank Zurich Cantonalbank Has $3.21 Million Holdings in Comerica Incorporated (CMA)
Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in shares of Comerica Incorporated (NYSE:CMA) by 64.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,285 shares of the financial services provider’s stock after selling 64,103 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Comerica were worth $3,208,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Advisors Preferred LLC purchased a new stake in Comerica during the first quarter worth $111,000. Three Peaks Capital Management LLC purchased a new stake in Comerica during the first quarter worth $112,000. Massey Quick Simon & CO. LLC purchased a new stake in Comerica during the first quarter worth $153,000. Financial Gravity Wealth Inc. purchased a new stake in Comerica during the first quarter worth $155,000. Finally, Point72 Asia Hong Kong Ltd lifted its holdings in Comerica by 47.1% during the first quarter. Point72 Asia Hong Kong Ltd now owns 1,855 shares of the financial services provider’s stock worth $178,000 after buying an additional 594 shares during the period. Institutional investors own 81.35% of the company’s stock.
Several brokerages have recently commented on CMA. Zacks Investment Research lowered Comerica from a “buy” rating to a “hold” rating in a report on Wednesday, June 27th. Sandler O’Neill reiterated a “hold” rating and set a $100.00 price objective on shares of Comerica in a report on Thursday, July 26th. Citigroup increased their price objective on Comerica from $84.00 to $88.00 and gave the company a “sell” rating in a report on Friday, July 20th. Wells Fargo & Co increased their price objective on Comerica from $96.00 to $100.00 and gave the company a “market perform” rating in a report on Thursday, June 14th. Finally, BMO Capital Markets increased their price objective on Comerica from $106.00 to $109.00 and gave the company an “outperform” rating in a report on Wednesday, July 25th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $99.72.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, July 17th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. Comerica had a return on equity of 13.14% and a net margin of 27.28%. The firm had revenue of $838.00 million for the quarter, compared to the consensus estimate of $833.59 million. During the same period in the prior year, the firm earned $1.13 EPS. The firm’s revenue was up 8.0% on a year-over-year basis. analysts expect that Comerica Incorporated will post 7.15 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.42%. This is an increase from Comerica’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 13th. Comerica’s dividend payout ratio is presently 28.75%.
In related news, EVP Christine M. Moore sold 4,800 shares of the company’s stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $98.41, for a total value of $472,368.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.83% of the stock is owned by corporate insiders.
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.
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