Northwestern Mutual Investment Management Company LLC raised its stake in shares of Comerica Inc. (NYSE:CMA) by 0.0% during the second quarter, Holdings Channel reports. The fund owned 6,680 shares of the financial services provider’s stock after buying an additional 2 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Comerica were worth $275,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the stock. TIAA CREF Investment Management LLC boosted its stake in shares of Comerica by 357.1% in the first quarter. TIAA CREF Investment Management LLC now owns 1,935,312 shares of the financial services provider’s stock valued at $73,290,000 after buying an additional 1,511,925 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Comerica during the second quarter valued at approximately $58,616,000. Adage Capital Partners GP L.L.C. boosted its stake in shares of Comerica by 440.7% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,678,296 shares of the financial services provider’s stock valued at $63,557,000 after buying an additional 1,367,896 shares during the last quarter. Teachers Advisors Inc. boosted its stake in shares of Comerica by 283.4% in the first quarter. Teachers Advisors Inc. now owns 970,003 shares of the financial services provider’s stock valued at $36,734,000 after buying an additional 717,030 shares during the last quarter. Finally, Emerald Acquisition Ltd. acquired a new stake in shares of Comerica during the second quarter valued at approximately $27,375,000. Institutional investors own 84.62% of the company’s stock.
Comerica Inc. (NYSE:CMA) opened at 46.34 on Wednesday. Comerica Inc. has a one year low of $30.48 and a one year high of $47.70. The stock’s 50 day moving average is $46.32 and its 200 day moving average is $43.40. The company has a market capitalization of $8.06 billion, a PE ratio of 20.12 and a beta of 1.36.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, July 19th. The financial services provider reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%. On average, analysts anticipate that Comerica Inc. will post $2.43 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Thursday, September 15th will be issued a dividend of $0.23 per share. The ex-dividend date is Tuesday, September 13th. This represents a $0.92 annualized dividend and a dividend yield of 1.99%. This is a positive change from Comerica’s previous quarterly dividend of $0.22. Comerica’s dividend payout ratio (DPR) is currently 38.82%.
CMA has been the subject of several recent research reports. Bank of America Corp. cut shares of Comerica from a “neutral” rating to an “underperform” rating and upped their target price for the company from $30.48 to $36.00 in a research report on Wednesday, June 29th. Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a research report on Monday, July 25th. Goldman Sachs Group Inc. upgraded shares of Comerica from a “neutral” rating to a “buy” rating and set a $52.00 price objective for the company in a research report on Friday, September 16th. Wells Fargo & Co. upgraded shares of Comerica from an “underperform” rating to a “market perform” rating in a research report on Friday, July 8th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Comerica from $47.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, July 7th. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $44.54.
In related news, insider Paul R. Obermeyer sold 2,302 shares of the stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $45.92, for a total transaction of $105,707.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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