Axa Boosts Stake in Comerica Incorporated (CMA)
Axa lifted its holdings in Comerica Incorporated (NYSE:CMA) by 1.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,600 shares of the financial services provider’s stock after buying an additional 200 shares during the period. Axa’s holdings in Comerica were worth $1,509,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Comerica by 6.2% in the first quarter. Vanguard Group Inc. now owns 17,019,213 shares of the financial services provider’s stock worth $1,167,178,000 after buying an additional 997,004 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Comerica by 3,094.6% in the first quarter. BlackRock Inc. now owns 11,268,474 shares of the financial services provider’s stock worth $772,796,000 after buying an additional 10,915,741 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Comerica by 22.3% in the second quarter. JPMorgan Chase & Co. now owns 5,040,167 shares of the financial services provider’s stock worth $369,142,000 after buying an additional 919,333 shares in the last quarter. Wellington Management Group LLP lifted 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 worth $337,991,000 after buying an additional 71,159 shares in the last quarter. Finally, King Luther Capital Management Corp lifted its stake in shares of Comerica by 1.8% in the first quarter. King Luther Capital Management Corp now owns 2,958,144 shares of the financial services provider’s stock worth $202,870,000 after buying an additional 51,008 shares in the last quarter. 82.45% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on CMA shares. FBR & Co raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price target on the stock in a research note on Friday, June 9th. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a research note on Thursday, August 17th. Piper Jaffray Companies reissued a “hold” rating and issued a $76.00 price target on shares of Comerica in a research note on Friday, September 1st. Morgan Stanley reissued an “equal weight” rating and issued a $75.00 price target (up from $71.00) on shares of Comerica in a research note on Thursday, July 6th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $80.00 price target (up from $78.00) on shares of Comerica in a research note on Saturday, September 16th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $76.19.
Shares of Comerica Incorporated (NYSE CMA) opened at 73.33 on Friday. Comerica Incorporated has a 12 month low of $45.14 and a 12 month high of $75.72. The firm has a market capitalization of $12.90 billion, a PE ratio of 18.31 and a beta of 1.49. The firm’s 50 day moving average is $69.91 and its 200-day moving average is $70.59.
Comerica (NYSE:CMA) last posted its quarterly earnings data 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. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The company had revenue of $776.00 million during the quarter, compared to the consensus estimate of $777.08 million. During the same quarter in the prior year, the company posted $0.58 EPS. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, analysts expect that Comerica Incorporated will post $4.60 EPS for the current fiscal year.
Comerica declared that its board has approved a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $605.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.64%. This is an increase from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio is currently 30.00%.
In other news, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $69.50, for a total transaction of $203,496.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul R. Obermeyer sold 20,321 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total transaction of $1,427,347.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,249 shares of company stock valued at $3,095,383. Corporate insiders own 1.10% of the company’s stock.
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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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