Pinnacle Advisory Group Inc. continued to hold its position in Comerica Incorporated (NYSE:CMA) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,933 shares of the financial services provider’s stock at the end of the second quarter. Pinnacle Advisory Group Inc.’s holdings in Comerica were worth $407,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of CMA. Louisiana State Employees Retirement System raised its stake in Comerica by 1.9% in the second quarter. Louisiana State Employees Retirement System now owns 11,000 shares of the financial services provider’s stock valued at $806,000 after buying an additional 200 shares in the last quarter. LS Investment Advisors LLC raised its stake in shares of Comerica by 5.5% in the second quarter. LS Investment Advisors LLC now owns 6,453 shares of the financial services provider’s stock worth $473,000 after buying an additional 339 shares during the period. Crow Point Partners LLC increased its position in Comerica by 36.8% in the second quarter. Crow Point Partners LLC now owns 5,103 shares of the financial services provider’s stock worth $371,000 after buying an additional 1,374 shares in the last quarter. Exane Derivatives bought a new position in Comerica during the second quarter worth $125,000. Finally, Mn Services Vermogensbeheer B.V. increased its position in Comerica by 534.5% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 29,214 shares of the financial services provider’s stock worth $2,140,000 after buying an additional 24,610 shares in the last quarter. 83.17% of the stock is owned by hedge funds and other institutional investors.
Comerica Incorporated (CMA) traded down 0.04% on Friday, reaching $71.98. The company’s stock had a trading volume of 985,884 shares. The firm has a market cap of $12.66 billion, a PE ratio of 17.99 and a beta of 1.48. Comerica Incorporated has a 52-week low of $43.74 and a 52-week high of $75.72. The stock’s 50 day moving average price is $73.29 and its 200 day moving average price is $70.50.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.06 by $0.07. The firm had revenue of $776 million for the quarter, compared to analyst estimates of $777.08 million. Comerica had a return on equity of 9.25% and a net margin of 23.22%. The company’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. Equities research analysts expect that Comerica Incorporated will post $4.58 earnings per share for the current fiscal year.
Comerica announced that its board has initiated a stock 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 buy up to 4.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, September 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 annualized dividend and a dividend yield of 1.67%. Comerica’s dividend payout ratio is 26.00%.
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CMA has been the topic of a number of recent analyst reports. 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 downgraded shares of Comerica from a “buy” rating to a “hold” rating in a research note on Monday, April 10th. Deutsche Bank AG raised their target price on shares of Comerica to $74.00 and gave the company a “hold” rating in a research note on Wednesday, April 19th. Morgan Stanley raised their price objective on shares of Comerica from $70.00 to $71.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 6th. Finally, Barclays PLC reaffirmed an “underweight” rating and issued a $72.00 price target (up from $69.00) on shares of Comerica in a report on Saturday, April 22nd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company’s stock. Comerica has a consensus rating of “Hold” and an average price target of $71.44.
In other news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $70.94, for a total transaction of $5,930,584.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.10% of the stock is currently owned by corporate insiders.
About Comerica
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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