Ameriprise Financial Inc. reduced its stake in Comerica Inc. (NYSE:CMA) by 4.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 128,780 shares of the financial services provider’s stock after selling 5,331 shares during the period. Ameriprise Financial Inc. owned 0.07% of Comerica worth $5,311,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in CMA. A.R.T. Advisors LLC bought a new stake in shares of Comerica during the first quarter valued at about $2,792,000. National Planning Corp purchased a new position in shares of Comerica during the first quarter valued at approximately $239,000. Zurich Insurance Group Ltd FI purchased a new position in shares of Comerica during the first quarter valued at approximately $960,000. Adage Capital Partners GP L.L.C. boosted its position 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 period. Finally, Geode Capital Management LLC boosted its position in shares of Comerica by 0.5% in the first quarter. Geode Capital Management LLC now owns 1,422,637 shares of the financial services provider’s stock valued at $53,764,000 after buying an additional 6,752 shares during the period. Institutional investors and hedge funds own 84.59% of the company’s stock.
Comerica Inc. (NYSE:CMA) traded up 1.31% during midday trading on Friday, reaching $48.54. The company’s stock had a trading volume of 387,925 shares. The firm has a 50 day moving average of $47.18 and a 200 day moving average of $44.11. Comerica Inc. has a 52-week low of $30.48 and a 52-week high of $49.75. The firm has a market cap of $8.44 billion, a P/E ratio of 21.08 and a beta of 1.36.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, July 19th. The financial services provider reported $0.58 EPS for the quarter, missing the consensus estimate of $0.69 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%. Analysts anticipate that Comerica Inc. will post $2.41 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were given a $0.23 dividend. The ex-dividend date was Tuesday, September 13th. This is an increase from Comerica’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 1.92%. Comerica’s dividend payout ratio (DPR) is currently 38.82%.
Several brokerages recently commented on CMA. Deutsche Bank AG raised their target price on Comerica from $45.00 to $52.00 and gave the stock a “hold” rating in a research report on Tuesday. FBR & Co cut Comerica from an “outperform” rating to a “market perform” rating and set a $50.00 target price for the company. in a research report on Tuesday. Wedbush began coverage on Comerica in a research report on Thursday, October 6th. They issued a “neutral” rating and a $49.00 target price for the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of Comerica in a research report on Wednesday. Finally, Zacks Investment Research raised Comerica from a “sell” rating to a “hold” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $45.04.
In other Comerica news, insider Paul R. Obermeyer sold 2,302 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $45.92, for a total value of $105,707.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.60% of the stock is owned by company insiders.
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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