Bp Plc bought a new stake in shares of Comerica Incorporated (NYSE:CMA) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 21,000 shares of the financial services provider’s stock, valued at approximately $1,538,000.
Other institutional investors also recently bought and sold shares of the company. Chevy Chase Trust Holdings Inc. raised its position in Comerica by 5.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 154,436 shares of the financial services provider’s stock valued at $10,591,000 after buying an additional 8,574 shares during the period. Creative Planning raised its position in Comerica by 56.0% in the first quarter. Creative Planning now owns 3,316 shares of the financial services provider’s stock valued at $227,000 after buying an additional 1,191 shares during the period. Gulf International Bank UK Ltd raised its position in Comerica by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 56,289 shares of the financial services provider’s stock valued at $3,860,000 after buying an additional 800 shares during the period. National Pension Service bought a new position in Comerica during the first quarter valued at approximately $11,507,000. Finally, Parametrica Management Ltd bought a new position in Comerica during the first quarter valued at approximately $379,000. 84.29% of the stock is owned by institutional investors.
Comerica Incorporated (CMA) opened at 70.21 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 price is $73.06 and its 200-day moving average price is $70.82. The company has a market capitalization of $12.35 billion, a price-to-earnings ratio of 17.53 and a beta of 1.47.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The firm had revenue of $776 million during the quarter, compared to analyst estimates of $777.08 million. During the same quarter in the previous year, the business earned $0.58 EPS. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, equities analysts expect that Comerica Incorporated will post $4.58 earnings per share for the current year.
Comerica announced that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to buyback $605.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm 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 dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Thursday, September 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.26. Comerica’s payout ratio is currently 26.00%.
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Several equities analysts have recently commented on CMA shares. Keefe, Bruyette & Woods set a $73.00 target price on Comerica and gave the company a “buy” rating in a report on Tuesday, April 18th. FBR & Co reaffirmed a “market perform” rating and set a $74.00 target price on shares of Comerica in a report on Wednesday, April 19th. Deutsche Bank AG upped their target price on Comerica to $74.00 and gave the company a “hold” rating in a report on Wednesday, April 19th. Zacks Investment Research raised Comerica from a “hold” rating to a “strong-buy” rating and set a $78.00 target price for the company in a report on Friday, April 21st. Finally, Barclays PLC reaffirmed an “underweight” rating and set a $72.00 target price (up from $69.00) on shares of Comerica in a report on Saturday, April 22nd. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the stock. Comerica currently has a consensus rating of “Hold” and a consensus price target of $71.71.
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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