Cibc World Markets Corp Increases Stake in Comerica Incorporated (CMA)
Cibc World Markets Corp increased its position in shares of Comerica Incorporated (NYSE:CMA) by 1,398.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 275,003 shares of the financial services provider’s stock after buying an additional 256,645 shares during the period. Cibc World Markets Corp owned about 0.16% of Comerica worth $20,141,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in shares of 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 buying an additional 8 shares during the period. National Planning Corp increased its stake in shares of Comerica by 0.4% during the second quarter. National Planning Corp now owns 5,763 shares of the financial services provider’s stock valued at $429,000 after buying an additional 21 shares during the period. Contravisory Investment Management Inc. increased its stake in shares of Comerica by 0.7% during the second quarter. Contravisory Investment Management Inc. now owns 3,588 shares of the financial services provider’s stock valued at $263,000 after buying an additional 25 shares during the period. United Capital Financial Advisers LLC increased its stake in shares of Comerica by 0.8% during the first quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock valued at $433,000 after buying an additional 53 shares during the period. Finally, Cadence Capital Management LLC increased its stake in shares of Comerica by 0.8% during the second quarter. Cadence Capital Management LLC now owns 7,039 shares of the financial services provider’s stock valued at $516,000 after buying an additional 58 shares during the period. Hedge funds and other institutional investors own 82.45% of the company’s stock.
In related news, insider Judith S. Love sold 21,000 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total value of $1,464,540.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 disclosure for this sale can be found here. Over the last three months, insiders sold 44,249 shares of company stock valued at $3,095,383. Insiders own 1.10% of the company’s stock.
CMA has been the topic of several research reports. Morgan Stanley raised their price target on Comerica from $70.00 to $71.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 6th. Jefferies Group LLC reaffirmed a “buy” rating and set a $81.00 price objective on shares of Comerica in a research report on Thursday, June 8th. FBR & Co raised Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price objective on the stock in a research report on Friday, June 9th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $78.00 price objective on shares of Comerica in a research report on Friday, June 16th. Finally, BidaskClub downgraded Comerica from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company’s stock. Comerica presently has a consensus rating of “Hold” and a consensus target price of $76.25.
Shares of Comerica Incorporated (NYSE:CMA) traded up 0.12% during midday trading on Friday, reaching $73.42. The company’s stock had a trading volume of 1,023,469 shares. The stock’s 50-day moving average price is $69.91 and its 200-day moving average price is $70.59. Comerica Incorporated has a 12-month low of $45.14 and a 12-month high of $75.72. The company has a market cap of $12.92 billion, a P/E ratio of 18.34 and a beta of 1.49.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates 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 business’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.58 EPS. On average, analysts expect 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. Investors of record on Friday, September 15th will be given a $0.30 dividend. The ex-dividend date is Thursday, September 14th. This is a boost from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.63%. Comerica’s dividend payout ratio is 30.00%.
Comerica announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $605.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are 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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