Lazard Asset Management LLC Reduces Stake in Comerica Incorporated (CMA)
Lazard Asset Management LLC lessened its position in Comerica Incorporated (NYSE:CMA) by 0.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 496,349 shares of the financial services provider’s stock after selling 4,636 shares during the period. Lazard Asset Management LLC owned approximately 0.28% of Comerica worth $36,351,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Mutual of America Capital Management LLC raised its stake in shares of Comerica by 97.9% in the 2nd quarter. Mutual of America Capital Management LLC now owns 41,260 shares of the financial services provider’s stock worth $3,022,000 after buying an additional 20,406 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Comerica by 5.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 24,841 shares of the financial services provider’s stock worth $1,821,000 after buying an additional 1,204 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Comerica by 4.8% in the 2nd quarter. ProShare Advisors LLC now owns 42,469 shares of the financial services provider’s stock worth $3,110,000 after buying an additional 1,934 shares in the last quarter. Stevens Capital Management LP raised its stake in shares of Comerica by 354.9% in the 2nd quarter. Stevens Capital Management LP now owns 91,631 shares of the financial services provider’s stock worth $6,711,000 after buying an additional 71,489 shares in the last quarter. Finally, BlueMountain Capital Management LLC raised its stake in shares of Comerica by 423.8% in the 2nd quarter. BlueMountain Capital Management LLC now owns 6,590 shares of the financial services provider’s stock worth $483,000 after buying an additional 5,332 shares in the last quarter. 82.45% of the stock is currently owned by institutional investors.
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A number of research firms have recently commented on CMA. Zacks Investment Research downgraded Comerica from a “hold” rating to a “sell” rating in a research note on Tuesday. Jefferies Group LLC reissued a “buy” rating and issued a $81.00 price objective on shares of Comerica in a research note on Friday, September 15th. Sanford C. Bernstein reissued a “market perform” rating and issued a $80.00 price objective (up previously from $78.00) on shares of Comerica in a research note on Saturday. Piper Jaffray Companies raised Comerica from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $76.00 to $80.00 in a research note on Tuesday, September 12th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $82.00 price objective on shares of Comerica in a research note on Friday, September 8th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $76.19.
In related news, insider Peter William Guilfoile sold 2,928 shares of the firm’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Judith S. Love sold 21,000 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total value of $1,464,540.00. The disclosure for this sale can be found here. Insiders have sold a total of 44,249 shares of company stock worth $3,095,383 in the last ninety days. 1.10% of the stock is currently owned by company insiders.
Shares of Comerica Incorporated (NYSE CMA) traded down 1.06% on Wednesday, hitting $71.08. The stock had a trading volume of 272,079 shares. Comerica Incorporated has a one year low of $45.14 and a one year high of $75.72. The company has a market capitalization of $12.50 billion, a P/E ratio of 17.75 and a beta of 1.49. The firm has a 50 day moving average price of $69.91 and a 200 day moving average price of $70.59.
Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.07. The business had revenue of $776.00 million for the quarter, compared to the consensus estimate of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The firm’s revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.58 EPS. On average, equities research analysts predict that Comerica Incorporated will post $4.60 earnings per share for the current fiscal year.
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 paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.67%. The ex-dividend date is Thursday, September 14th. This is an increase from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is presently 30.00%.
Comerica announced that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that allows the company to buyback $605.00 million in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
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.
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