Thompson Siegel & Walmsley LLC grew its stake in Comerica Incorporated (NYSE:CMA) by 544.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,405 shares of the financial services provider’s stock after buying an additional 7,100 shares during the period. Thompson Siegel & Walmsley LLC’s holdings in Comerica were worth $616,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the business. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in Comerica by 0.3% during the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock valued at $169,000 after acquiring an additional 8 shares during the period. National Planning Corp grew its stake in shares of Comerica by 0.4% in the 2nd quarter. National Planning Corp now owns 5,763 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 21 shares during the period. Contravisory Investment Management Inc. grew its stake in shares of Comerica by 0.7% in the 2nd quarter. Contravisory Investment Management Inc. now owns 3,588 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 25 shares during the period. Jaffetilchin Investment Partners LLC grew its stake in shares of Comerica by 0.4% in the 1st quarter. Jaffetilchin Investment Partners LLC now owns 7,550 shares of the financial services provider’s stock valued at $518,000 after purchasing an additional 32 shares during the period. Finally, United Capital Financial Advisers LLC grew its stake in shares of 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 period. 82.52% of the stock is owned by institutional investors.
CMA has been the topic of several recent analyst reports. FBR & Co raised Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 target price on the stock in a report on Friday, June 9th. Robert W. Baird reaffirmed a “hold” rating and set a $70.00 price objective on shares of Comerica in a report on Friday, August 25th. Morgan Stanley increased their price target on Comerica from $70.00 to $71.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 6th. BidaskClub downgraded Comerica from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Zacks Investment Research downgraded Comerica from a “buy” rating to a “hold” rating in a research note on Wednesday, August 23rd. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $73.94.
In other Comerica news, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $69.50, for a total value of $203,496.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul R. Obermeyer sold 20,321 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total transaction of $1,427,347.04. The disclosure for this sale can be found here. Insiders sold a total of 44,249 shares of company stock valued at $3,095,383 over the last ninety days. 1.10% of the stock is currently owned by insiders.
Comerica Incorporated (NYSE:CMA) opened at 64.46 on Friday. The stock has a 50 day moving average price of $70.82 and a 200 day moving average price of $70.82. Comerica Incorporated has a one year low of $45.14 and a one year high of $75.72. The company has a market cap of $11.34 billion, a PE ratio of 16.10 and a beta of 1.49.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.06 by $0.07. The company had revenue of $776 million during the quarter, compared to the consensus estimate of $777.08 million. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.58 earnings per share. On average, equities analysts anticipate that Comerica Incorporated will post $4.59 EPS for the current fiscal year.
Comerica announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to repurchase $605.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are often 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. Shareholders of record on Friday, September 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.86%. This is an increase from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 14th. Comerica’s dividend payout ratio is presently 26.00%.
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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