Quantitative Systematic Strategies LLC Purchases New Stake in Comerica Incorporated (CMA)

Quantitative Systematic Strategies LLC acquired a new position in shares of Comerica Incorporated (NYSE:CMA) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 5,776 shares of the financial services provider’s stock, valued at approximately $422,000.

A number of other large investors have also modified their holdings of CMA. TrimTabs Asset Management LLC acquired a new stake in shares of Comerica during the first quarter worth $111,000. Exane Derivatives acquired a new stake in shares of Comerica during the second quarter worth $125,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Comerica during the first quarter worth $127,000. Point72 Asia Hong Kong Ltd raised its position in shares of Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock valued at $137,000 after buying an additional 323 shares during the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its position in shares of Comerica by 0.3% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,307 shares of the financial services provider’s stock valued at $159,000 after buying an additional 8 shares during the last quarter. Hedge funds and other institutional investors own 84.29% of the company’s stock.

Shares of Comerica Incorporated (NYSE:CMA) traded up 0.04% during mid-day trading on Tuesday, reaching $73.46. The company’s stock had a trading volume of 1,437,251 shares. The company has a 50 day moving average of $73.21 and a 200-day moving average of $70.63. Comerica Incorporated has a 12 month low of $44.55 and a 12 month high of $75.72. The firm has a market capitalization of $12.92 billion, a P/E ratio of 18.35 and a beta of 1.47.

Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. The business had revenue of $776 million for the quarter, compared to analyst estimates of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. Comerica’s revenue for the quarter 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 forecast that Comerica Incorporated will post $4.58 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Investors 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 dividend on an annualized basis and a yield of 1.63%. Comerica’s dividend payout ratio is 26.00%.

Comerica declared that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $605.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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Several research analysts have recently commented on the company. Barclays PLC reiterated an “underweight” rating and issued a $76.00 target price (up previously from $72.00) on shares of Comerica in a research report on Wednesday, July 12th. Instinet reiterated a “neutral” rating and issued a $71.00 target price (up previously from $68.00) on shares of Comerica in a research report on Wednesday, July 12th. Stephens reiterated a “buy” rating and issued a $80.00 target price on shares of Comerica in a research report on Tuesday, July 18th. Jefferies Group LLC reiterated a “buy” rating and issued a $81.00 target price on shares of Comerica in a research report on Friday, July 14th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $75.00 target price (up previously from $71.00) on shares of Comerica in a research report on Thursday, July 6th. Two equities 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. Comerica presently has a consensus rating of “Hold” and a consensus target price of $71.63.

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.

Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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