Comerica Incorporated (NYSE:CMA) Position Lowered by Russell Investments Group Ltd.
Russell Investments Group Ltd. reduced its position in shares of Comerica Incorporated (NYSE:CMA) by 16.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 245,020 shares of the financial services provider’s stock after selling 48,443 shares during the period. Russell Investments Group Ltd.’s holdings in Comerica were worth $17,946,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. 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. Jaffetilchin Investment Partners LLC increased its position in Comerica by 0.4% in the first quarter. Jaffetilchin Investment Partners LLC now owns 7,550 shares of the financial services provider’s stock worth $518,000 after buying an additional 32 shares during the last quarter. United Capital Financial Advisers LLC increased its position in Comerica by 0.8% in the first quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock worth $433,000 after buying an additional 53 shares during the last quarter. Utah Retirement Systems increased its position in Comerica by 0.3% in the first quarter. Utah Retirement Systems now owns 31,896 shares of the financial services provider’s stock worth $2,187,000 after buying an additional 100 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position in Comerica by 3.3% in the first quarter. Pacer Advisors Inc. now owns 3,282 shares of the financial services provider’s stock worth $225,000 after buying an additional 104 shares during the last quarter. Institutional investors and hedge funds own 84.29% of the company’s stock.
Comerica Incorporated (NYSE CMA) traded up 1.14% during mid-day trading on Tuesday, hitting $74.27. The stock had a trading volume of 644,878 shares. The company has a 50-day moving average of $73.30 and a 200-day moving average of $70.57. Comerica Incorporated has a 12-month low of $44.05 and a 12-month high of $75.72. The stock has a market cap of $13.06 billion, a price-to-earnings ratio of 18.55 and a beta of 1.47.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The company had revenue of $776 million during the quarter, compared to analyst estimates of $777.08 million. During the same period in the prior year, the company earned $0.58 earnings per share. The business’s revenue was up 8.8% compared to the same quarter last year. On average, analysts anticipate that Comerica Incorporated will post $4.58 earnings per share for the current fiscal year.
Comerica declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that allows the company to repurchase $605.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.63%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 14th. Comerica’s dividend payout ratio is 26.00%.
COPYRIGHT VIOLATION NOTICE: “Comerica Incorporated (NYSE:CMA) Position Lowered by Russell Investments Group Ltd.” was first reported by Daily Political and is owned by of Daily Political. If you are reading this piece of content on another publication, it was illegally stolen and republished in violation of United States & international trademark and copyright legislation. The correct version of this piece of content can be read at https://www.dailypolitical.com/2017/08/08/comerica-incorporated-nysecma-position-lowered-by-russell-investments-group-ltd.html.
A number of research firms have recently commented on CMA. BidaskClub downgraded Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Jefferies Group LLC reiterated a “buy” rating and issued a $81.00 price objective on shares of Comerica in a report on Monday, May 15th. Morgan Stanley reiterated an “equal weight” rating and issued a $75.00 price objective (up previously from $71.00) on shares of Comerica in a report on Thursday, July 6th. Barclays PLC reiterated an “underweight” rating and issued a $76.00 price objective (up previously from $72.00) on shares of Comerica in a report on Wednesday, July 12th. Finally, Instinet reiterated a “neutral” rating and issued a $71.00 price objective (up previously from $68.00) on shares of Comerica in a report on Wednesday, July 12th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company. Comerica presently has a consensus rating of “Hold” and a consensus price target of $71.63.
Comerica Company Profile
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.
Want to see what other hedge funds are holding CMA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Comerica Incorporated (NYSE:CMA).
Receive News & Ratings for Comerica Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.