BlackRock Advisors LLC Increases Stake in Comerica Inc. (CMA)
BlackRock Advisors LLC raised its stake in Comerica Inc. (NYSE:CMA) by 11.1% during the second quarter, Holdings Channel reports. The institutional investor owned 172,148 shares of the financial services provider’s stock after buying an additional 17,263 shares during the period. BlackRock Advisors LLC owned 0.10% of Comerica worth $7,080,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. HighPoint Advisor Group LLC acquired a new position in shares of Comerica during the second quarter valued at $528,000. First Mercantile Trust Co. boosted its position in shares of Comerica by 131.0% in the second quarter. First Mercantile Trust Co. now owns 9,700 shares of the financial services provider’s stock valued at $399,000 after buying an additional 5,500 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Comerica by 2.2% in the second quarter. Vanguard Group Inc. now owns 15,324,597 shares of the financial services provider’s stock valued at $630,300,000 after buying an additional 332,956 shares in the last quarter. National Planning Corp boosted its position in shares of Comerica by 0.6% in the second quarter. National Planning Corp now owns 5,677 shares of the financial services provider’s stock valued at $250,000 after buying an additional 32 shares in the last quarter. Finally, Brown Advisory Inc. acquired a new position in shares of Comerica during the second quarter valued at $3,662,000. 84.59% of the stock is owned by institutional investors.
Comerica Inc. (NYSE:CMA) opened at 48.61 on Thursday. The company has a market cap of $8.45 billion, a PE ratio of 21.11 and a beta of 1.36. The stock’s 50 day moving average price is $47.12 and its 200-day moving average price is $44.08. Comerica Inc. has a 1-year low of $30.48 and a 1-year high of $49.75.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.11. Comerica had a return on equity of 6.03% and a net margin of 14.69%. On average, analysts forecast that Comerica Inc. will post $2.41 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were issued a dividend of $0.23 per share. This is a positive change from Comerica’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Tuesday, September 13th. Comerica’s dividend payout ratio (DPR) is currently 38.82%.
Several equities analysts recently weighed in on the stock. Nomura reissued a “hold” rating on shares of Comerica in a research note on Saturday, July 9th. Barclays PLC reissued a “sell” rating on shares of Comerica in a research note on Saturday, July 9th. Leerink Swann reissued a “buy” rating on shares of Comerica in a research note on Sunday, July 17th. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of Comerica in a research note on Wednesday. Finally, Zacks Investment Research raised shares of Comerica from a “sell” rating to a “hold” rating in a research note on Thursday, June 30th. Two equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and eight have issued a buy rating to the company. Comerica has a consensus rating of “Hold” and a consensus price target of $45.04.
In other Comerica news, insider Paul R. Obermeyer sold 2,302 shares of the firm’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $45.92, for a total transaction of $105,707.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company 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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