BlackRock Inc. increased its position in Comerica Incorporated (NYSE:CMA) by 2.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,709,951 shares of the financial services provider’s stock after purchasing an additional 243,799 shares during the quarter. BlackRock Inc. owned approximately 7.84% of Comerica worth $850,609,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in CMA. Crossmark Global Holdings Inc. increased its position in Comerica by 1.7% in the second quarter. Crossmark Global Holdings Inc. now owns 10,775 shares of the financial services provider’s stock worth $783,000 after purchasing an additional 175 shares during the period. Scout Investments Inc. acquired a new position in shares of Comerica during the 2nd quarter worth about $13,688,000. Hexavest Inc. acquired a new position in shares of Comerica during the 2nd quarter worth about $16,883,000. First Citizens Bank & Trust Co. grew its position in shares of Comerica by 31.4% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 37,548 shares of the financial services provider’s stock worth $2,727,000 after buying an additional 8,964 shares during the period. Finally, Xact Kapitalforvaltning AB grew its position in shares of Comerica by 10.0% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 27,610 shares of the financial services provider’s stock worth $2,006,000 after buying an additional 2,508 shares during the period. Hedge funds and other institutional investors own 86.02% of the company’s stock.
In other news, Director Reginald M. Turner, Jr. sold 2,495 shares of Comerica stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $66.66, for a total transaction of $166,316.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.98% of the company’s stock.
NYSE:CMA opened at $71.83 on Friday. Comerica Incorporated has a fifty-two week low of $58.54 and a fifty-two week high of $88.96. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $10.26 billion, a PE ratio of 9.92, a price-to-earnings-growth ratio of 0.57 and a beta of 1.54. The business’s 50-day simple moving average is $65.89 and its 200-day simple moving average is $68.62.
Comerica (NYSE:CMA) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.96 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.90 by $0.06. Comerica had a return on equity of 16.82% and a net margin of 32.11%. The business had revenue of $842.00 million for the quarter, compared to analysts’ expectations of $836.10 million. During the same quarter in the previous year, the business posted $1.86 EPS. Comerica’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, research analysts expect that Comerica Incorporated will post 7.71 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 3.73%. The ex-dividend date is Thursday, December 12th. Comerica’s dividend payout ratio (DPR) is presently 37.02%.
CMA has been the subject of several analyst reports. Morgan Stanley decreased their target price on Comerica from $80.00 to $77.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Stephens restated a “hold” rating and set a $72.00 target price on shares of Comerica in a research report on Wednesday, October 16th. DA Davidson decreased their target price on Comerica from $75.00 to $73.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Citigroup decreased their target price on Comerica from $66.00 to $54.00 and set a “sell” rating for the company in a research report on Wednesday, October 9th. Finally, Barclays decreased their target price on Comerica from $81.00 to $74.00 and set an “underweight” rating for the company in a research report on Thursday, September 12th. Seven research analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have issued a buy rating to the company’s stock. Comerica presently has a consensus rating of “Hold” and an average price target of $73.75.
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.
See Also: What is Cost of Debt?
Want to see what other hedge funds are holding CMA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Comerica Incorporated (NYSE:CMA).
Receive News & Ratings for Comerica Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica and related companies with MarketBeat.com's FREE daily email newsletter.