Comerica Incorporated (NYSE:CMA) is PL Capital Advisors LLC’s 8th Largest Position
PL Capital Advisors LLC cut its stake in shares of Comerica Incorporated (NYSE:CMA) by 25.8% during the second quarter, Holdings Channel reports. The institutional investor owned 275,000 shares of the financial services provider’s stock after selling 95,826 shares during the period. Comerica comprises 5.3% of PL Capital Advisors LLC’s investment portfolio, making the stock its 8th largest position. PL Capital Advisors LLC’s holdings in Comerica were worth $20,141,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. DnB Asset Management AS raised its stake in shares of Comerica by 1.4% in the second quarter. DnB Asset Management AS now owns 81,311 shares of the financial services provider’s stock valued at $5,955,000 after buying an additional 1,100 shares during the period. Commerce Bank raised its stake in shares of Comerica by 18.2% in the first quarter. Commerce Bank now owns 5,595 shares of the financial services provider’s stock valued at $384,000 after buying an additional 860 shares during the period. Wellington Management Group LLP raised its stake 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 valued at $337,991,000 after buying an additional 71,159 shares during the period. Amalgamated Bank raised its stake in shares of Comerica by 6.1% in the first quarter. Amalgamated Bank now owns 12,211 shares of the financial services provider’s stock valued at $837,000 after buying an additional 702 shares during the period. Finally, Korea Investment CORP raised its stake in shares of Comerica by 5.0% in the first quarter. Korea Investment CORP now owns 262,592 shares of the financial services provider’s stock valued at $18,009,000 after buying an additional 12,462 shares during the period. 84.29% of the stock is currently owned by hedge funds and other institutional investors.
Comerica Incorporated (CMA) opened at 72.47 on Thursday. Comerica Incorporated has a 52-week low of $44.55 and a 52-week high of $75.72. The company’s 50 day moving average is $73.13 and its 200-day moving average is $70.80. The firm has a market cap of $12.75 billion, a P/E ratio of 18.10 and a beta of 1.47.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.06 by $0.07. The business had revenue of $776 million during the quarter, compared to analyst estimates of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.58 earnings per share. On average, equities analysts predict that Comerica Incorporated will post $4.58 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.20 annualized dividend and a yield of 1.66%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is currently 26.00%.
Comerica declared that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $605.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.
Several equities research analysts recently issued reports on CMA shares. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “strong-buy” rating and set a $78.00 price target on the stock in a report on Friday, April 21st. Morgan Stanley reaffirmed an “equal weight” rating and set a $75.00 price target (up from $71.00) on shares of Comerica in a report on Thursday, July 6th. BidaskClub lowered shares of Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Keefe, Bruyette & Woods set a $73.00 price target on shares of Comerica and gave the company a “buy” rating in a report on Tuesday, April 18th. Finally, Barclays PLC reaffirmed an “underweight” rating and set a $72.00 price target (up from $69.00) on shares of Comerica in a report on Saturday, April 22nd. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the stock. Comerica has a consensus rating of “Hold” and an average 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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