HighPoint Advisor Group LLC held its stake in shares of Comerica Incorporated (NYSE:CMA) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,518 shares of the financial services provider’s stock at the close of the second quarter. HighPoint Advisor Group LLC’s holdings in Comerica were worth $629,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. UBS Asset Management Americas Inc. lifted its position in shares of Comerica by 8.7% during the 1st quarter. UBS Asset Management Americas Inc. now owns 507,925 shares of the financial services provider’s stock worth $34,833,000 after buying an additional 40,771 shares in the last quarter. Clinton Group Inc. bought a new position in shares of Comerica during the 1st quarter worth approximately $273,000. AXA bought a new position in shares of Comerica during the 1st quarter worth approximately $1,399,000. United Services Automobile Association lifted its position in shares of Comerica by 3.2% during the 1st quarter. United Services Automobile Association now owns 55,981 shares of the financial services provider’s stock worth $3,839,000 after buying an additional 1,732 shares in the last quarter. Finally, OppenheimerFunds Inc. lifted its position in shares of Comerica by 20.7% during the 1st quarter. OppenheimerFunds Inc. now owns 6,226 shares of the financial services provider’s stock worth $427,000 after buying an additional 1,069 shares in the last quarter. 82.46% of the stock is currently owned by institutional investors and hedge funds.
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Comerica Incorporated (NYSE CMA) remained flat at $75.83 on Friday. 564,989 shares of the company were exchanged. The stock has a market capitalization of $13.34 billion, a price-to-earnings ratio of 18.94 and a beta of 1.51. The firm’s 50-day moving average price is $71.81 and its 200-day moving average price is $71.17. Comerica Incorporated has a one year low of $47.88 and a one year high of $77.95.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. The firm had revenue of $776.00 million during the quarter, compared to analysts’ expectations of $777.08 million. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.58 earnings per share. On average, analysts forecast that Comerica Incorporated will post $4.63 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 15th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.58%. This is a boost from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date was Thursday, September 14th. Comerica’s dividend payout ratio (DPR) is presently 30.00%.
Comerica declared that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $605.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
Several research firms have commented on CMA. Citigroup Inc. reissued a “sell” rating and set a $69.00 target price (up previously from $65.00) on shares of Comerica in a research report on Monday. Instinet reissued a “neutral” rating and set a $74.00 target price (up previously from $71.00) on shares of Comerica in a research report on Saturday, September 30th. SunTrust Banks, Inc. reissued a “hold” rating and set a $80.00 target price on shares of Comerica in a research report on Wednesday, October 4th. Morgan Stanley reissued an “equal weight” rating and set a $79.00 target price (up previously from $76.00) on shares of Comerica in a research report on Wednesday, October 4th. Finally, Barclays PLC reissued an “underweight” rating and set a $76.00 target price (up previously from $72.00) on shares of Comerica in a research report on Wednesday, July 12th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $76.32.
In related news, insider Paul R. Obermeyer sold 20,321 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total transaction of $1,427,347.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Peter William Guilfoile sold 2,928 shares of the firm’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $69.50, for a total transaction of $203,496.00. The disclosure for this sale can be found here. Insiders have sold 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 corporate insiders.
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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