Comerica Incorporated (CMA) Holdings Held by Teachers Retirement System of The State of Kentucky
Teachers Retirement System of The State of Kentucky continued to hold its stake in shares of Comerica Incorporated (NYSE:CMA) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,289 shares of the financial services provider’s stock at the end of the 2nd quarter. Teachers Retirement System of The State of Kentucky’s holdings in Comerica were worth $1,413,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Comerica by 6.7% in the second quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock worth $1,330,147,000 after purchasing an additional 1,142,275 shares during the last quarter. BlackRock Inc. raised its stake in shares of Comerica by 0.5% during the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock valued at $829,069,000 after acquiring an additional 51,426 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Comerica by 22.3% during the second quarter. JPMorgan Chase & Co. now owns 5,040,167 shares of the financial services provider’s stock valued at $369,142,000 after acquiring an additional 919,333 shares in the last quarter. King Luther Capital Management Corp raised its stake in shares of Comerica by 1.8% during the first quarter. King Luther Capital Management Corp now owns 2,958,144 shares of the financial services provider’s stock valued at $202,870,000 after acquiring an additional 51,008 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Comerica by 1.6% during the second quarter. TIAA CREF Investment Management LLC now owns 2,204,216 shares of the financial services provider’s stock valued at $161,437,000 after acquiring an additional 34,144 shares in the last quarter. 82.45% of the stock is owned by institutional investors and hedge funds.
CMA has been the topic of several research 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 issued a $80.00 price target on shares of Comerica in a report on Tuesday, July 18th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $81.00 price target 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 research note on Thursday, June 22nd. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $78.00 price objective on shares of Comerica in a research note on Friday, June 16th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company. Comerica has an average rating of “Hold” and a consensus price target of $76.72.
In other Comerica news, insider Peter William Guilfoile sold 2,928 shares of the stock in a transaction that occurred 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 accessible through the SEC website. Also, insider Judith S. Love sold 21,000 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The shares were 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 sold a total of 44,249 shares of company stock worth $3,095,383 in the last quarter. 1.10% of the stock is owned by corporate insiders.
Comerica Incorporated (NYSE CMA) opened at 76.92 on Friday. Comerica Incorporated has a 12 month low of $47.12 and a 12 month high of $77.95. The firm has a market cap of $13.53 billion, a PE ratio of 19.21 and a beta of 1.51. The firm’s 50-day moving average is $71.02 and its 200-day moving average is $70.90.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share 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 period in the prior year, the company earned $0.58 EPS. Comerica’s revenue was up 8.8% on a year-over-year basis. Equities analysts expect that Comerica Incorporated will post $4.62 earnings per share for the current year.
Comerica announced that its board has authorized a stock 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 repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Stockholders of record on Friday, September 15th were issued a $0.30 dividend. This is an increase from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.56%. Comerica’s dividend payout ratio is currently 30.00%.
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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