First Manhattan Co. Continues to Hold Position in Comerica Incorporated (NYSE:CMA)
First Manhattan Co. maintained its stake in Comerica Incorporated (NYSE:CMA) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,675 shares of the financial services provider’s stock at the end of the second quarter. First Manhattan Co.’s holdings in Comerica were worth $269,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. TrimTabs Asset Management LLC acquired a new stake in Comerica during the first quarter worth approximately $111,000. Exane Derivatives acquired a new stake in Comerica during the second quarter worth approximately $125,000. Oppenheimer Asset Management Inc. acquired a new stake in Comerica during the first quarter worth approximately $127,000. Point72 Asia Hong Kong Ltd raised its stake in Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock worth $137,000 after buying an additional 323 shares during the period. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its stake 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 period. Institutional investors and hedge funds own 84.29% of the company’s stock.
Shares of Comerica Incorporated (CMA) opened at 70.81 on Friday. 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 price is $73.09 and its 200 day moving average price is $70.80. The firm has a market cap of $12.46 billion, a P/E ratio of 17.68 and a beta of 1.47.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.07. The business had revenue of $776 million for the quarter, compared to analysts’ expectations of $777.08 million. Comerica had a net margin of 26.16% and a return on equity of 10.18%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.58 earnings per share. On average, equities analysts anticipate that Comerica Incorporated will post $4.58 earnings per share for the current year.
The company also recently declared 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 dividend on an annualized basis and a yield of 1.69%. This is a boost from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio is 26.00%.
Comerica announced that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that permits the company to buyback $605.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
A number of research firms recently commented on CMA. Piper Jaffray Companies restated a “hold” rating and set a $76.00 price target on shares of Comerica in a research report on Friday, July 28th. BidaskClub lowered Comerica from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Jefferies Group LLC reiterated a “buy” rating and issued a $81.00 price objective on shares of Comerica in a research report on Thursday, June 8th. Zacks Investment Research upgraded Comerica from a “hold” rating to a “strong-buy” rating and set a $78.00 price objective on the stock in a research report on Friday, April 21st. Finally, Stephens reiterated a “buy” rating and issued a $80.00 price objective on shares of Comerica in a research report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $71.71.
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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