HighPoint Advisor Group LLC raised its stake in shares of Comerica Incorporated (NYSE:CMA) by 31.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 11,192 shares of the financial services provider’s stock after purchasing an additional 2,674 shares during the quarter. HighPoint Advisor Group LLC’s holdings in Comerica were worth $889,000 as of its most recent filing with the SEC.
Several other large investors also recently bought and sold shares of CMA. Exane Derivatives bought a new position in shares of Comerica during the 2nd quarter worth about $125,000. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its holdings in shares of Comerica by 0.3% during the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 8 shares during the period. Smithfield Trust Co. increased its holdings in shares of Comerica by 2,446.0% during the 2nd 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 period. Regentatlantic Capital LLC bought a new position in shares of Comerica during the 2nd quarter worth about $201,000. Finally, BB&T Corp bought a new position in shares of Comerica during the 3rd quarter worth about $206,000. Institutional investors own 82.34% of the company’s stock.
Shares of Comerica Incorporated (NYSE CMA) traded up $2.01 during mid-day trading on Tuesday, hitting $76.94. 2,256,300 shares of the stock were exchanged, compared to its average volume of 1,702,870. Comerica Incorporated has a 12 month low of $57.93 and a 12 month high of $80.25. The firm has a market capitalization of $13,031.45, a price-to-earnings ratio of 16.91, a price-to-earnings-growth ratio of 1.71 and a beta of 1.50. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.00 and a quick ratio of 1.00.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.23 by $0.03. Comerica had a net margin of 24.87% and a return on equity of 10.35%. The company had revenue of $821.00 million for the quarter, compared to analyst estimates of $812.83 million. During the same period in the prior year, the business earned $0.84 earnings per share. equities research analysts anticipate that Comerica Incorporated will post 4.86 earnings per share for the current year.
Comerica declared that its Board of Directors has authorized a stock buyback plan on Tuesday, July 25th that allows the company to repurchase 5,000,000 outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, January 1st. Stockholders of record on Friday, December 15th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, December 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.56%. Comerica’s payout ratio is 27.15%.
A number of analysts recently weighed in on CMA shares. Morgan Stanley reissued an “equal weight” rating and issued a $79.00 target price (up previously from $76.00) on shares of Comerica in a research note on Wednesday, October 4th. Piper Jaffray Companies reissued a “hold” rating and issued a $76.00 target price on shares of Comerica in a research note on Friday, September 1st. Royal Bank Of Canada reissued a “buy” rating and issued a $82.00 target price on shares of Comerica in a research note on Friday, September 8th. FBR & Co set a $79.00 target price on shares of Comerica and gave the company a “buy” rating in a research note on Tuesday, July 18th. Finally, Stephens reissued a “buy” rating and issued a $80.00 target price on shares of Comerica in a research note on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $78.00.
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In related news, insider Paul R. Obermeyer sold 20,321 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total value of $1,427,347.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Peter William Guilfoile sold 2,928 shares of the stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $69.50, for a total transaction of $203,496.00. The disclosure for this sale can be found here. Insiders have sold 44,249 shares of company stock worth $3,095,383 over the last quarter. 1.10% of the stock is owned by company insiders.
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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