Dai Ichi Life Insurance Company Ltd reduced its stake in shares of Comerica Incorporated (NYSE:CMA) by 80.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,220 shares of the financial services provider’s stock after selling 101,740 shares during the period. Dai Ichi Life Insurance Company Ltd’s holdings in Comerica were worth $1,847,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CMA. BlackRock Inc. raised its position in shares of Comerica by 3,094.6% during the 1st quarter. BlackRock Inc. now owns 11,268,474 shares of the financial services provider’s stock worth $772,796,000 after purchasing an additional 10,915,741 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Comerica by 1,159.7% during the 1st quarter. Ameriprise Financial Inc. now owns 1,892,008 shares of the financial services provider’s stock worth $129,759,000 after purchasing an additional 1,741,818 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Comerica by 140.5% during the 1st quarter. AQR Capital Management LLC now owns 2,072,665 shares of the financial services provider’s stock worth $142,143,000 after purchasing an additional 1,210,749 shares during the last quarter. Janus Capital Management LLC raised its position in shares of Comerica by 153.1% during the 1st quarter. Janus Capital Management LLC now owns 1,911,788 shares of the financial services provider’s stock worth $131,111,000 after purchasing an additional 1,156,304 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Comerica by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 17,019,213 shares of the financial services provider’s stock worth $1,167,178,000 after purchasing an additional 997,004 shares during the last quarter. Hedge funds and other institutional investors own 82.52% of the company’s stock.

Shares of Comerica Incorporated (NYSE:CMA) opened at 68.48 on Thursday. The stock’s 50 day moving average is $70.32 and its 200 day moving average is $70.70. Comerica Incorporated has a 12 month low of $45.14 and a 12 month high of $75.72. The firm has a market cap of $12.05 billion, a PE ratio of 17.10 and a beta of 1.49.

Comerica (NYSE:CMA) last posted 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. The firm had revenue of $776.00 million during the quarter, compared to analysts’ expectations of $777.08 million. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.58 earnings per share. Analysts forecast that Comerica Incorporated will post $4.59 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be issued a $0.30 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.74%. This is a boost from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio is 26.00%.

Comerica declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $605.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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Several brokerages recently issued reports on CMA. Piper Jaffray Companies restated a “hold” rating and set a $76.00 price objective on shares of Comerica in a research report on Friday, July 28th. BidaskClub downgraded Comerica from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Jefferies Group LLC restated a “buy” rating and set a $81.00 price objective on shares of Comerica in a research report on Thursday, June 8th. Zacks Investment Research downgraded Comerica from a “buy” rating to a “hold” rating in a research report on Wednesday, August 23rd. Finally, Stephens restated a “buy” rating and set a $80.00 price objective on shares of Comerica in a research report on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. Comerica currently has a consensus rating of “Hold” and an average price target of $74.44.

In other news, insider Paul R. Obermeyer sold 20,321 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total value of $1,427,347.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of the stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The disclosure for this sale can be found here. Insiders sold 44,249 shares of company stock valued at $3,095,383 in the last three months. Company insiders own 1.10% of the company’s stock.

Comerica 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.

Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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