Comerica Incorporated (CMA) Position Raised by Toronto Dominion Bank
Toronto Dominion Bank boosted its position in Comerica Incorporated (NYSE:CMA) by 25.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 59,927 shares of the financial services provider’s stock after purchasing an additional 12,207 shares during the period. Toronto Dominion Bank’s holdings in Comerica were worth $4,388,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of CMA. OppenheimerFunds Inc. lifted its stake in Comerica by 20.7% in the 1st quarter. OppenheimerFunds Inc. now owns 6,226 shares of the financial services provider’s stock valued at $427,000 after purchasing an additional 1,069 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Comerica by 5.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 23,637 shares of the financial services provider’s stock valued at $1,621,000 after purchasing an additional 1,233 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Comerica by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,052,762 shares of the financial services provider’s stock valued at $72,200,000 after purchasing an additional 16,425 shares during the last quarter. United Capital Financial Advisers LLC lifted its stake in Comerica by 0.8% in the 1st quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock valued at $433,000 after purchasing an additional 53 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Comerica in the 1st quarter valued at about $127,000. Institutional investors and hedge funds own 82.45% of the company’s stock.
Comerica Incorporated (NYSE:CMA) opened at 79.07 on Friday. The company has a market capitalization of $13.73 billion, a PE ratio of 17.91 and a beta of 1.51. The company has a 50-day moving average of $73.05 and a 200-day moving average of $71.53. Comerica Incorporated has a 52 week low of $47.88 and a 52 week high of $79.20.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.23 by $0.03. The business had revenue of $821.00 million for the quarter, compared to analyst estimates of $812.83 million. Comerica had a net margin of 24.87% and a return on equity of 10.35%. During the same quarter in the prior year, the firm posted $0.84 EPS. On average, equities research analysts anticipate that Comerica Incorporated will post $4.68 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 15th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Thursday, September 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio is 27.15%.
Comerica declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $605.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Several equities research analysts recently issued reports on CMA shares. Morgan Stanley reiterated an “equal weight” rating and issued a $75.00 target price (up from $71.00) on shares of Comerica in a research note on Thursday, July 6th. Barclays PLC reiterated an “underweight” rating and issued a $76.00 target price (up from $72.00) on shares of Comerica in a research note on Wednesday, July 12th. Instinet reiterated a “neutral” rating and issued a $71.00 target price (up from $68.00) on shares of Comerica in a research note on Wednesday, July 12th. Jefferies Group LLC reiterated a “buy” rating and issued a $81.00 target price on shares of Comerica in a research note on Friday, July 14th. Finally, Stephens reiterated a “buy” rating and issued a $80.00 target price on shares of Comerica in a research note on Tuesday, July 18th. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $77.00.
In related news, insider Paul R. Obermeyer sold 20,321 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total transaction of $1,427,347.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of the company’s 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 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 insiders.
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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