Marshall Wace North America L.P. Invests $208,000 in Comerica Incorporated (CMA)

Marshall Wace North America L.P. bought a new stake in Comerica Incorporated (NYSE:CMA) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,851 shares of the financial services provider’s stock, valued at approximately $208,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its holdings in shares of Comerica by 0.3% in the 2nd 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. National Planning Corp increased its holdings in shares of Comerica by 0.4% in the 2nd quarter. National Planning Corp now owns 5,763 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 21 shares during the period. Contravisory Investment Management Inc. increased its holdings in shares of Comerica by 0.7% in the 2nd quarter. Contravisory Investment Management Inc. now owns 3,588 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 25 shares during the period. Jaffetilchin Investment Partners LLC increased its holdings in shares of Comerica by 0.4% in the 1st quarter. Jaffetilchin Investment Partners LLC now owns 7,550 shares of the financial services provider’s stock valued at $518,000 after purchasing an additional 32 shares during the period. Finally, United Capital Financial Advisers LLC increased its holdings in shares of Comerica by 0.8% in the 1st quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock valued at $433,000 after purchasing an additional 53 shares during the period. Institutional investors own 82.52% of the company’s stock.

In other news, insider Judith S. Love sold 21,000 shares of Comerica stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total transaction of $1,464,540.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Peter William Guilfoile sold 2,928 shares of Comerica stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $69.50, for a total value of $203,496.00. The disclosure for this sale can be found here. Insiders have sold a total of 44,249 shares of company stock valued at $3,095,383 over the last quarter. 1.10% of the stock is currently owned by corporate insiders.

CMA has been the topic of a number of research reports. FBR & Co set a $79.00 target price on Comerica and gave the company a “buy” rating in a report on Tuesday, July 18th. Stephens reiterated a “buy” rating and issued a $80.00 target price on shares of Comerica in a report on Tuesday, July 18th. Jefferies Group LLC reiterated a “buy” rating and issued a $81.00 target price on shares of Comerica in a report on Friday, July 14th. BidaskClub downgraded Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $78.00 target price on shares of Comerica in a report on Friday, June 16th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $76.19.

Shares of Comerica Incorporated (CMA) opened at 69.09 on Friday. The company has a market capitalization of $12.15 billion, a PE ratio of 17.26 and a beta of 1.49. The stock has a 50 day moving average price of $69.96 and a 200 day moving average price of $70.65. Comerica Incorporated has a 52-week low of $45.14 and a 52-week high of $75.72.

Comerica (NYSE:CMA) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The company had revenue of $776.00 million during the quarter, compared to the consensus estimate of $777.08 million. During the same period in the previous year, the company posted $0.58 EPS. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, analysts predict that Comerica Incorporated will post $4.60 earnings per share for the current fiscal year.

Comerica declared that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that allows the company to buyback $605.00 million in shares. This buyback authorization allows the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be paid a dividend of $0.30 per share. This is an increase from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Thursday, September 14th. Comerica’s payout ratio is currently 30.00%.

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About Comerica

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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Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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