Quantitative Investment Management LLC Invests $7.24 Million in Comerica Incorporated (CMA) Stock
Quantitative Investment Management LLC purchased a new stake in shares of Comerica Incorporated (NYSE:CMA) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 98,900 shares of the financial services provider’s stock, valued at approximately $7,243,000. Quantitative Investment Management LLC owned 0.06% of Comerica as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in CMA. Exane Derivatives purchased a new position in Comerica during the second quarter valued at $125,000. Oppenheimer Asset Management Inc. purchased a new position in Comerica during the first quarter valued at $127,000. Point72 Asia Hong Kong Ltd lifted its holdings in Comerica by 19.3% during the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock valued at $137,000 after purchasing an additional 323 shares in the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC lifted its holdings in Comerica by 0.3% during the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock valued at $169,000 after purchasing an additional 8 shares in the last quarter. Finally, Smithfield Trust Co. lifted its holdings in Comerica by 2,446.0% during the second quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock valued at $186,000 after purchasing an additional 2,446 shares in the last quarter. Institutional investors own 82.45% of the company’s stock.
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In other Comerica 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 value of $203,496.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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. Over the last 90 days, insiders sold 44,249 shares of company stock worth $3,095,383. 1.10% of the stock is owned by insiders.
Comerica Incorporated (NYSE CMA) opened at 73.42 on Friday. Comerica Incorporated has a 52 week low of $45.14 and a 52 week high of $75.72. The firm’s 50-day moving average is $69.91 and its 200-day moving average is $70.59. The stock has a market capitalization of $12.92 billion, a P/E ratio of 18.34 and a beta of 1.49.
Comerica (NYSE:CMA) last issued 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. The firm had revenue of $776.00 million for 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 firm’s revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.58 EPS. On average, equities research analysts predict that Comerica Incorporated will post $4.60 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.63%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 14th. Comerica’s dividend payout ratio is 30.00%.
Comerica declared that its board has initiated a share buyback plan on Wednesday, June 28th that permits the company to repurchase $605.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
CMA has been the topic of several recent analyst reports. FBR & Co set a $79.00 price objective on shares of Comerica and gave the company a “buy” rating in a report on Tuesday, July 18th. Stephens reaffirmed a “buy” rating and set a $80.00 price objective on shares of Comerica in a report on Tuesday, July 18th. Jefferies Group LLC reaffirmed a “buy” rating and set a $81.00 price objective on shares of Comerica in a report on Friday, July 14th. BidaskClub downgraded shares of Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $78.00 price objective on shares of Comerica in a report on Friday, June 16th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $76.19.
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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