Comerica Incorporated (NYSE:CMA) Holdings Boosted by Peapack Gladstone Financial Corp
Peapack Gladstone Financial Corp raised its holdings in shares of Comerica Incorporated (NYSE:CMA) by 13.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,367 shares of the financial services provider’s stock after acquiring an additional 5,235 shares during the period. Peapack Gladstone Financial Corp’s holdings in Comerica were worth $3,176,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Exane Derivatives bought a new position in Comerica during the second quarter valued at approximately $125,000. Oppenheimer Asset Management Inc. bought a new position in Comerica during the first quarter valued at approximately $127,000. Point72 Asia Hong Kong Ltd grew its position in Comerica by 19.3% during 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 acquiring an additional 323 shares during the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its position in Comerica by 0.3% during 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 acquiring an additional 8 shares during the last quarter. Finally, Smithfield Trust Co. grew its holdings in shares of Comerica by 2,446.0% in the second quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock worth $186,000 after purchasing an additional 2,446 shares during the last quarter. Institutional investors and hedge funds own 82.46% of the company’s stock.
CMA has been the topic of several recent analyst reports. Keefe, Bruyette & Woods restated a “buy” rating and issued a $78.00 target price on shares of Comerica in a report on Friday, June 16th. BidaskClub cut shares of Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Morgan Stanley restated an “equal weight” rating and issued a $75.00 target price (up previously from $71.00) on shares of Comerica in a report on Thursday, July 6th. Barclays PLC restated an “underweight” rating and issued a $76.00 target price (up previously from $72.00) on shares of Comerica in a report on Wednesday, July 12th. Finally, Instinet restated a “neutral” rating and issued a $71.00 target price (up previously from $68.00) on shares of Comerica in a report on Wednesday, July 12th. Four equities 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. The stock has a consensus rating of “Hold” and a consensus target price of $76.32.
In other news, insider Judith S. Love sold 21,000 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total transaction of $1,464,540.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul R. Obermeyer sold 20,321 shares of the company’s stock in a transaction dated 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. Over the last ninety days, insiders have sold 44,249 shares of company stock valued at $3,095,383. Insiders own 1.10% of the company’s stock.
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Shares of Comerica Incorporated (CMA) traded down 0.37% during trading on Friday, reaching $75.55. The company’s stock had a trading volume of 1,287,829 shares. The stock has a market cap of $13.29 billion, a price-to-earnings ratio of 18.87 and a beta of 1.51. Comerica Incorporated has a one year low of $47.88 and a one year high of $77.95. The company has a 50-day moving average price of $71.96 and a 200-day moving average price of $71.23.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.07. The business had revenue of $776.00 million during the quarter, compared to analysts’ expectations of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.58 EPS. On average, equities research analysts forecast that Comerica Incorporated will post $4.63 earnings per share for the current fiscal year.
Comerica announced that its board has authorized a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $605.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, October 1st. Stockholders of record on Friday, September 15th were given a dividend of $0.30 per share. This is a boost from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 annualized dividend and a dividend yield of 1.59%. The ex-dividend date was Thursday, September 14th. Comerica’s dividend payout ratio is currently 30.00%.
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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