Bank of New York Mellon Corp reduced its stake in Comerica Incorporated (NYSE:CMA) by 1.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,845,010 shares of the financial services provider’s stock after selling 34,603 shares during the period. Bank of New York Mellon Corp’s holdings in Comerica were worth $167,750,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Advisors Preferred LLC purchased a new position in Comerica in the first quarter valued at approximately $111,000. Three Peaks Capital Management LLC purchased a new position in Comerica in the first quarter valued at approximately $112,000. Massey Quick Simon & CO. LLC purchased a new position in Comerica in the first quarter valued at approximately $153,000. Financial Gravity Wealth Inc. purchased a new position in Comerica in the first quarter valued at approximately $155,000. Finally, Point72 Asia Hong Kong Ltd increased its stake in Comerica by 47.1% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,855 shares of the financial services provider’s stock valued at $178,000 after purchasing an additional 594 shares during the last quarter. Institutional investors own 81.35% of the company’s stock.
In related news, EVP Christine M. Moore sold 4,800 shares of Comerica stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $98.41, for a total value of $472,368.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.83% of the company’s stock.
NYSE:CMA opened at $99.23 on Monday. Comerica Incorporated has a 1-year low of $64.04 and a 1-year high of $102.66. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market capitalization of $16.65 billion, a P/E ratio of 20.98, a PEG ratio of 0.61 and a beta of 1.39.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. Comerica had a net margin of 27.28% and a return on equity of 13.14%. The firm had revenue of $838.00 million for the quarter, compared to analyst estimates of $833.59 million. During the same period last year, the firm posted $1.13 EPS. Comerica’s quarterly revenue was up 8.0% on a year-over-year basis. analysts forecast that Comerica Incorporated will post 7.15 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.42%. This is a positive change from Comerica’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, September 13th. Comerica’s dividend payout ratio (DPR) is 28.75%.
CMA has been the topic of a number of research reports. Royal Bank of Canada restated a “buy” rating and set a $108.00 target price (up from $106.00) on shares of Comerica in a research report on Tuesday, July 17th. Bank of America upgraded shares of Comerica from a “neutral” rating to a “buy” rating and set a $108.00 target price on the stock in a research report on Tuesday, July 17th. They noted that the move was a valuation call. Morgan Stanley raised their target price on shares of Comerica from $105.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Friday, July 20th. Zacks Investment Research lowered shares of Comerica from a “buy” rating to a “hold” rating in a research report on Wednesday, June 6th. Finally, Wedbush raised their target price on shares of Comerica from $111.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and seventeen have assigned a buy rating to the company’s stock. Comerica currently has an average rating of “Buy” and an average price target of $99.72.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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