Shares of Comerica Inc. (NYSE:CMA) reached a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $50.54 and last traded at $49.46, with a volume of 2,611,286 shares traded. The stock had previously closed at $48.06.
The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.11. Comerica had a return on equity of 6.03% and a net margin of 14.69%. During the same period in the previous year, the business earned $0.74 EPS.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Thursday, September 15th were given a dividend of $0.23 per share. This is a boost from Comerica’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend was Tuesday, September 13th. Comerica’s payout ratio is presently 38.82%.
A number of research firms have recently weighed in on CMA. Wedbush began coverage on Comerica in a research report on Thursday, October 6th. They set a “neutral” rating and a $49.00 price objective on the stock. Compass Point lifted their price objective on Comerica from $40.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, July 20th. Zacks Investment Research raised Comerica from a “sell” rating to a “hold” rating in a research report on Thursday, June 30th. FBR & Co lifted their price objective on Comerica from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, July 20th. Finally, Nomura reaffirmed a “hold” rating on shares of Comerica in a research report on Saturday, July 9th. Two analysts have rated the stock with a sell rating, eighteen have given a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $45.04.
In related news, insider Paul R. Obermeyer sold 2,302 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $45.92, for a total value of $105,707.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Global X Management Co. LLC raised its position in Comerica by 128.8% in the second quarter. Global X Management Co. LLC now owns 2,862 shares of the financial services provider’s stock worth $118,000 after buying an additional 1,611 shares in the last quarter. Pacer Advisors Inc. raised its position in Comerica by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,966 shares of the financial services provider’s stock worth $122,000 after buying an additional 244 shares in the last quarter. Tredje AP fonden raised its position in Comerica by 733.9% in the second quarter. Tredje AP fonden now owns 4,920 shares of the financial services provider’s stock worth $202,000 after buying an additional 4,330 shares in the last quarter. American National Registered Investment Advisor Inc. purchased a new position in Comerica during the second quarter worth approximately $206,000. Finally, Dillon & Associates Inc. purchased a new position in Comerica during the second quarter worth approximately $211,000. 84.59% of the stock is owned by hedge funds and other institutional investors.
The company has a 50-day moving average price of $47.36 and a 200-day moving average price of $44.43. The stock has a market capitalization of $8.70 billion, a PE ratio of 21.73 and a beta of 1.36.
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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