Morgan Stanley lifted its position in Comerica Incorporated (NYSE:CMA) by 86.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 660,452 shares of the financial services provider’s stock after acquiring an additional 306,517 shares during the period. Morgan Stanley’s holdings in Comerica were worth $19,378,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the company. APG Asset Management N.V. raised its position in shares of Comerica by 61.8% in the 1st quarter. APG Asset Management N.V. now owns 262,776 shares of the financial services provider’s stock worth $7,710,000 after acquiring an additional 100,356 shares in the last quarter. Quantitative Investment Management LLC bought a new position in shares of Comerica in the 1st quarter worth approximately $1,482,000. Parametrica Management Ltd purchased a new stake in shares of Comerica in the 1st quarter worth approximately $222,000. Two Sigma Securities LLC grew its stake in shares of Comerica by 36.2% in the 1st quarter. Two Sigma Securities LLC now owns 9,654 shares of the financial services provider’s stock worth $283,000 after buying an additional 2,568 shares during the last quarter. Finally, Siena Capital Partners GP LLC grew its stake in shares of Comerica by 2.7% in the 1st quarter. Siena Capital Partners GP LLC now owns 95,235 shares of the financial services provider’s stock worth $2,794,000 after buying an additional 2,500 shares during the last quarter. 80.73% of the stock is owned by hedge funds and other institutional investors.
CMA has been the topic of several recent research reports. ValuEngine downgraded Comerica from a “hold” rating to a “sell” rating in a research note on Wednesday, June 24th. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and set a $54.00 price target on the stock in a research note on Tuesday, June 9th. Nomura Securities cut their price target on Comerica from $66.00 to $31.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Nomura restated a “hold” rating and issued a $31.00 price target on shares of Comerica in a research note on Wednesday, April 22nd. Finally, Odeon Capital Group upgraded Comerica from a “sell” rating to a “hold” rating in a research note on Thursday, March 26th. Seven analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $48.61.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported ($0.46) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.95 by ($1.41). The firm had revenue of $750.00 million during the quarter, compared to analysts’ expectations of $752.26 million. Comerica had a return on equity of 10.77% and a net margin of 21.37%. During the same quarter last year, the business earned $2.11 earnings per share. As a group, analysts expect that Comerica Incorporated will post 1.25 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be paid a $0.68 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 7.35%. Comerica’s dividend payout ratio (DPR) is currently 34.83%.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers 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 middle market businesses, multinational corporations, and governmental entities.
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