Shell Asset Management Co. Boosts Stake in Comerica Inc. (CMA)
Shell Asset Management Co. increased its stake in shares of Comerica Inc. (NYSE:CMA) by 39.5% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 12,838 shares of the financial services provider’s stock after buying an additional 3,635 shares during the period. Shell Asset Management Co.’s holdings in Comerica were worth $528,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of CMA. Clarkston Capital Partners LLC boosted its stake in shares of Comerica by 0.6% in the second quarter. Clarkston Capital Partners LLC now owns 9,480 shares of the financial services provider’s stock valued at $390,000 after buying an additional 55 shares during the last quarter. Private Bank & Trust Co. raised its stake in shares of Comerica by 1.3% in the second quarter. Private Bank & Trust Co. now owns 39,450 shares of the financial services provider’s stock valued at $1,623,000 after buying an additional 525 shares during the last quarter. Capstone Asset Management Co. raised its stake in shares of Comerica by 3.1% in the second quarter. Capstone Asset Management Co. now owns 21,032 shares of the financial services provider’s stock valued at $865,000 after buying an additional 640 shares during the last quarter. Ngam Advisors L.P. raised its stake in shares of Comerica by 2.5% in the first quarter. Ngam Advisors L.P. now owns 33,567 shares of the financial services provider’s stock valued at $1,271,000 after buying an additional 819 shares during the last quarter. Finally, Nisa Investment Advisors L.L.C. raised its stake in shares of Comerica by 2.2% in the first quarter. Nisa Investment Advisors L.L.C. now owns 42,555 shares of the financial services provider’s stock valued at $1,612,000 after buying an additional 900 shares during the last quarter. 84.62% of the stock is owned by institutional investors.
Comerica Inc. (NYSE:CMA) traded down 0.45% during midday trading on Friday, reaching $48.98. The company had a trading volume of 1,826,557 shares. Comerica Inc. has a 52 week low of $30.48 and a 52 week high of $49.62. The company has a market capitalization of $8.52 billion, a price-to-earnings ratio of 21.27 and a beta of 1.36. The firm has a 50-day moving average price of $46.86 and a 200-day moving average price of $43.87.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.69 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%. Analysts expect that Comerica Inc. will post $2.41 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Thursday, September 15th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.88%. This is a boost from Comerica’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Tuesday, September 13th. Comerica’s dividend payout ratio is presently 38.82%.
CMA has been the topic of several research analyst reports. Zacks Investment Research lowered Comerica from a “hold” rating to a “sell” rating in a research report on Tuesday, June 21st. Bank of America Corp. lowered Comerica from a “neutral” rating to an “underperform” rating and upped their target price for the company from $30.48 to $36.00 in a research report on Wednesday, June 29th. BMO Capital Markets restated a “market perform” rating and set a $41.00 target price (down previously from $45.00) on shares of Comerica in a research report on Wednesday, July 6th. JPMorgan Chase & Co. cut their target price on Comerica from $47.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, July 7th. Finally, Wells Fargo & Co. upgraded Comerica from an “underperform” rating to a “market perform” rating in a research report on Friday, July 8th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nine have given a buy rating to the stock. Comerica has an average rating of “Hold” and a consensus price target of $44.67.
In other news, insider Paul R. Obermeyer sold 2,302 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $45.92, for a total transaction of $105,707.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.60% of the company’s stock.
Comerica Company Profile
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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