NGAM Advisors L.P. Has $2.94 Million Position in Comerica Incorporated (NYSE:CMA)
NGAM Advisors L.P. increased its position in shares of Comerica Incorporated (NYSE:CMA) by 2.6% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 40,068 shares of the financial services provider’s stock after buying an additional 1,010 shares during the period. NGAM Advisors L.P.’s holdings in Comerica were worth $2,935,000 as of its most recent filing with the SEC.
A number of other large investors also recently made changes to their positions in the stock. TrimTabs Asset Management LLC bought a new stake in shares of Comerica during the first quarter worth approximately $111,000. Exane Derivatives bought a new stake in shares of Comerica during the second quarter worth approximately $125,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Comerica during the first quarter worth approximately $127,000. Point72 Asia Hong Kong Ltd boosted its stake in shares of 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 boosted its stake in shares of 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. Hedge funds and other institutional investors own 84.29% of the company’s stock.
Comerica Incorporated (NYSE:CMA) opened at 70.81 on Friday. The stock has a market capitalization of $12.46 billion, a price-to-earnings ratio of 17.68 and a beta of 1.47. Comerica Incorporated has a 12 month low of $44.55 and a 12 month high of $75.72. The company has a 50 day moving average price of $73.09 and a 200 day moving average price of $70.80.
Comerica (NYSE:CMA) last posted its quarterly earnings results 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. Comerica had a net margin of 26.16% and a return on equity of 10.18%. The business had revenue of $776 million for the quarter, compared to analysts’ expectations of $777.08 million. During the same period in the previous year, the company posted $0.58 EPS. Comerica’s revenue was up 8.8% on a year-over-year basis. Equities research analysts predict that Comerica Incorporated will post $4.58 earnings per share for the current year.
Comerica declared that its board has approved a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $605.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be issued a dividend of $0.30 per share. This is a boost from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Thursday, September 14th. Comerica’s payout ratio is currently 26.00%.
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A number of equities research analysts have commented on CMA shares. Keefe, Bruyette & Woods set a $73.00 target price on Comerica and gave the company a “buy” rating in a report on Tuesday, April 18th. Jefferies Group LLC reiterated a “buy” rating and set a $81.00 target price on shares of Comerica in a report on Monday, May 15th. BidaskClub cut Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Stephens reiterated a “buy” rating and set a $80.00 target price on shares of Comerica in a report on Tuesday, July 18th. Finally, FBR & Co set a $79.00 target price on Comerica and gave the company a “buy” rating in a report on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. Comerica has a consensus rating of “Hold” and a consensus price target 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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