Comerica Incorporated (CMA) Stake Raised by Korea Investment CORP
Korea Investment CORP raised its position in Comerica Incorporated (NYSE:CMA) by 56.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 411,100 shares of the financial services provider’s stock after buying an additional 148,508 shares during the period. Korea Investment CORP owned approximately 0.23% of Comerica worth $30,109,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Comerica by 6.2% in the first quarter. Vanguard Group Inc. now owns 17,019,213 shares of the financial services provider’s stock worth $1,167,178,000 after buying an additional 997,004 shares during the period. BlackRock Inc. raised its position in shares of Comerica by 3,094.6% in the first quarter. BlackRock Inc. now owns 11,268,474 shares of the financial services provider’s stock worth $772,796,000 after buying an additional 10,915,741 shares during the period. Wellington Management Group LLP raised its position in shares of Comerica by 1.5% in the first quarter. Wellington Management Group LLP now owns 4,928,411 shares of the financial services provider’s stock worth $337,991,000 after buying an additional 71,159 shares during the period. JPMorgan Chase & Co. raised its position in shares of Comerica by 28.1% in the first quarter. JPMorgan Chase & Co. now owns 4,120,834 shares of the financial services provider’s stock worth $282,610,000 after buying an additional 905,127 shares during the period. Finally, King Luther Capital Management Corp raised its position in shares of Comerica by 1.8% in the first quarter. King Luther Capital Management Corp now owns 2,958,144 shares of the financial services provider’s stock worth $202,870,000 after buying an additional 51,008 shares during the period. 83.64% of the stock is owned by institutional investors and hedge funds.
Shares of Comerica Incorporated (NYSE:CMA) opened at 73.86 on Friday. Comerica Incorporated has a 12 month low of $44.05 and a 12 month high of $75.72. The stock’s 50 day moving average price is $73.30 and its 200-day moving average price is $70.57. The firm has a market cap of $12.99 billion, a P/E ratio of 18.45 and a beta of 1.47.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The firm had revenue of $776 million during the quarter, compared to analyst estimates of $777.08 million. During the same quarter in the previous year, the business earned $0.58 EPS. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. Equities research analysts anticipate that Comerica Incorporated will post $4.58 earnings per share for the current fiscal year.
Comerica announced that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to buyback $605.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date is Thursday, September 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.26. Comerica’s payout ratio is currently 26.00%.
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A number of equities analysts recently issued reports on CMA shares. FBR & Co raised Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price objective for the company in a report on Friday, June 9th. Deutsche Bank AG increased their price objective on Comerica to $74.00 and gave the stock a “hold” rating in a report on Wednesday, April 19th. Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a report on Thursday. Morgan Stanley reissued an “equal weight” rating and issued a $75.00 price objective (up from $71.00) on shares of Comerica in a report on Thursday, July 6th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $78.00 price objective on shares of Comerica in a report on Friday, June 16th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price 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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