Comerica Incorporated (CMA) Shares Bought by Zurich Insurance Group Ltd FI
Zurich Insurance Group Ltd FI raised its holdings in Comerica Incorporated (NYSE:CMA) by 64.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,310 shares of the financial services provider’s stock after purchasing an additional 16,570 shares during the period. Zurich Insurance Group Ltd FI’s holdings in Comerica were worth $3,099,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of CMA. Exane Derivatives acquired a new stake in Comerica in the second quarter valued at approximately $125,000. Oppenheimer Asset Management Inc. acquired a new stake in Comerica in the first quarter valued at approximately $127,000. Point72 Asia Hong Kong Ltd grew its holdings in Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock valued at $137,000 after purchasing an additional 323 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its holdings in Comerica by 0.3% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock valued at $169,000 after purchasing an additional 8 shares during the period. Finally, Smithfield Trust Co. grew its holdings in Comerica by 2,446.0% in the second quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock valued at $186,000 after purchasing an additional 2,446 shares during the period. 82.45% of the stock is currently owned by institutional investors.
Several brokerages have commented on CMA. BidaskClub raised Comerica from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Zacks Investment Research lowered Comerica from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Nomura raised their price objective on Comerica from $71.00 to $74.00 and gave the company a “neutral” rating in a report on Thursday, September 28th. Instinet reissued a “neutral” rating and issued a $74.00 price objective (up from $71.00) on shares of Comerica in a report on Saturday, September 30th. Finally, SunTrust Banks, Inc. reissued a “hold” rating and issued a $80.00 price objective on shares of Comerica in a report on Wednesday. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $76.72.
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Comerica Incorporated (NYSE:CMA) opened at 75.10 on Thursday. The stock has a market cap of $13.21 billion, a P/E ratio of 18.76 and a beta of 1.51. Comerica Incorporated has a 12 month low of $47.12 and a 12 month high of $76.76. The company’s 50-day moving average price is $70.66 and its 200-day moving average price is $70.81.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The firm had revenue of $776.00 million for the quarter, compared to analyst estimates of $777.08 million. During the same quarter in the prior year, the company earned $0.58 EPS. Comerica’s revenue was up 8.8% on a year-over-year basis. Equities analysts forecast that Comerica Incorporated will post $4.60 earnings per share for the current year.
Comerica declared that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that allows the company to buyback $605.00 million in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
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 $0.30 dividend. The ex-dividend date was Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.59%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio is presently 30.00%.
In other Comerica news, insider Peter William Guilfoile sold 2,928 shares of the stock in a transaction on Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Paul R. Obermeyer sold 20,321 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total value of $1,427,347.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,249 shares of company stock worth $3,095,383. 1.10% of the stock is owned by corporate insiders.
Comerica Company Profile
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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