Sigma Planning Corp boosted its position in Comerica Incorporated (NYSE:CMA) by 7.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,910 shares of the financial services provider’s stock after buying an additional 358 shares during the quarter. Sigma Planning Corp’s holdings in Comerica were worth $360,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Moors & Cabot Inc. acquired a new stake in shares of Comerica in the 1st quarter valued at about $284,000. Alps Advisors Inc. raised its stake in shares of Comerica by 142.9% in the 1st quarter. Alps Advisors Inc. now owns 14,938 shares of the financial services provider’s stock valued at $1,095,000 after purchasing an additional 8,788 shares in the last quarter. Keeley Teton Advisors LLC raised its stake in shares of Comerica by 4.9% in the 1st quarter. Keeley Teton Advisors LLC now owns 57,693 shares of the financial services provider’s stock valued at $4,230,000 after purchasing an additional 2,714 shares in the last quarter. First Republic Investment Management Inc. raised its stake in shares of Comerica by 34.9% in the 1st quarter. First Republic Investment Management Inc. now owns 9,308 shares of the financial services provider’s stock valued at $682,000 after purchasing an additional 2,410 shares in the last quarter. Finally, Janney Capital Management LLC raised its stake in shares of Comerica by 11.2% in the 1st quarter. Janney Capital Management LLC now owns 103,302 shares of the financial services provider’s stock valued at $7,574,000 after purchasing an additional 10,409 shares in the last quarter. Hedge funds and other institutional investors own 85.37% of the company’s stock.
In other Comerica news, insider Paul R. Obermeyer sold 8,200 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $86.75, for a total value of $711,350.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Megan D. Burkhart sold 7,443 shares of the company’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $87.55, for a total transaction of $651,634.65. The disclosure for this sale can be found here. 0.98% of the stock is currently owned by corporate insiders.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $2.08 EPS for the quarter, topping the consensus estimate of $1.93 by $0.15. Comerica had a net margin of 34.75% and a return on equity of 16.95%. The firm had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $852.88 million. During the same quarter in the prior year, the firm earned $1.59 EPS. Comerica’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, equities analysts expect that Comerica Incorporated will post 8.22 earnings per share for the current year.
Comerica declared that its board has approved a stock repurchase program on Tuesday, January 22nd that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 3.59%. The ex-dividend date of this dividend is Thursday, June 13th. Comerica’s dividend payout ratio (DPR) is 37.02%.
A number of equities research analysts recently weighed in on CMA shares. Stephens downgraded shares of Comerica from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, March 6th. BMO Capital Markets downgraded shares of Comerica from an “outperform” rating to a “market perform” rating and set a $83.00 price objective for the company. in a research report on Thursday, February 14th. Wedbush downgraded shares of Comerica from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $86.00 to $85.00 in a research report on Wednesday, March 13th. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $92.00 price objective for the company in a research report on Tuesday, March 12th. Finally, Jefferies Financial Group downgraded shares of Comerica from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a research report on Wednesday, April 17th. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $91.91.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers 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 middle market businesses, multinational corporations, and governmental entities.
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