Systematic Financial Management LP lowered its holdings in shares of Comerica Incorporated (NYSE:CMA) by 52.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,497 shares of the financial services provider’s stock after selling 39,358 shares during the period. Systematic Financial Management LP’s holdings in Comerica were worth $2,579,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of CMA. Creative Planning lifted its stake in shares of Comerica by 3.7% in the 2nd quarter. Creative Planning now owns 19,333 shares of the financial services provider’s stock worth $1,404,000 after acquiring an additional 693 shares during the period. Siena Capital Partners GP LLC lifted its stake in shares of Comerica by 0.6% in the 2nd quarter. Siena Capital Partners GP LLC now owns 92,735 shares of the financial services provider’s stock worth $6,736,000 after acquiring an additional 550 shares during the period. Chemical Bank lifted its stake in shares of Comerica by 9.3% in the 2nd quarter. Chemical Bank now owns 16,451 shares of the financial services provider’s stock worth $1,195,000 after acquiring an additional 1,400 shares during the period. Ballentine Partners LLC lifted its stake in shares of Comerica by 12.5% in the 2nd quarter. Ballentine Partners LLC now owns 4,677 shares of the financial services provider’s stock worth $340,000 after acquiring an additional 518 shares during the period. Finally, Braun Stacey Associates Inc. lifted its stake in shares of Comerica by 7.6% in the 2nd quarter. Braun Stacey Associates Inc. now owns 188,396 shares of the financial services provider’s stock worth $13,685,000 after acquiring an additional 13,307 shares during the period. Hedge funds and other institutional investors own 83.35% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. UBS Group downgraded shares of Comerica from a “buy” rating to a “neutral” rating and cut their price target for the company from $100.00 to $73.00 in a report on Monday. Raymond James downgraded shares of Comerica from an “outperform” rating to a “market perform” rating in a report on Monday, July 8th. Piper Jaffray Companies set a $91.00 price target on shares of Comerica and gave the company a “buy” rating in a report on Tuesday, June 11th. DA Davidson cut their price target on shares of Comerica to $75.00 and set a “neutral” rating for the company in a report on Thursday, July 18th. Finally, Goldman Sachs Group downgraded shares of Comerica from a “neutral” rating to a “sell” rating and set a $70.00 price target for the company. in a report on Tuesday, July 2nd. Six investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $85.05.
NYSE:CMA traded down $0.88 during mid-day trading on Friday, hitting $62.34. 26,245 shares of the company’s stock traded hands, compared to its average volume of 2,288,353. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.90. The business has a 50 day simple moving average of $70.73. Comerica Incorporated has a 1 year low of $62.06 and a 1 year high of $100.64. The stock has a market capitalization of $9.73 billion, a P/E ratio of 8.61, a PEG ratio of 0.57 and a beta of 1.45.
Comerica (NYSE:CMA) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $1.94 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.01 by ($0.07). Comerica had a net margin of 33.29% and a return on equity of 16.92%. The business had revenue of $853.00 million for the quarter, compared to analysts’ expectations of $859.09 million. During the same quarter last year, the business posted $1.87 earnings per share. The business’s revenue was up 1.8% compared to the same quarter last year. Research analysts anticipate that Comerica Incorporated will post 7.99 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.67 per share. The ex-dividend date is Thursday, September 12th. This represents a $2.68 annualized dividend and a yield of 4.30%. Comerica’s dividend payout ratio (DPR) is currently 37.02%.
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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