Systematic Financial Management LP reduced its stake in shares of Comerica Incorporated (NYSE:CMA) by 70.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 74,855 shares of the financial services provider’s stock after selling 178,103 shares during the quarter. Systematic Financial Management LP’s holdings in Comerica were worth $5,488,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of CMA. Trust Department MB Financial Bank N A increased its holdings in Comerica by 64.3% in the 1st quarter. Trust Department MB Financial Bank N A now owns 345 shares of the financial services provider’s stock valued at $25,000 after buying an additional 135 shares during the period. Highwater Wealth Management LLC bought a new stake in shares of Comerica in the 4th quarter valued at about $32,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Comerica in the 4th quarter valued at about $25,000. Arcadia Investment Management Corp MI bought a new stake in shares of Comerica in the 4th quarter valued at about $25,000. Finally, Liberty Wealth Management LLC bought a new stake in shares of Comerica in the 4th quarter valued at about $26,000. Institutional investors own 86.05% of the company’s stock.
In other Comerica news, EVP Megan D. Burkhart sold 7,443 shares of the firm’s stock in a transaction on Wednesday, February 27th. The stock was sold at an average price of $87.55, for a total transaction of $651,634.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul R. Obermeyer sold 8,200 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $86.75, for a total value of $711,350.00. The disclosure for this sale can be found here. Company insiders own 0.98% of the company’s stock.
Shares of NYSE CMA traded up $1.34 during trading hours on Tuesday, hitting $74.76. The company had a trading volume of 11,148 shares, compared to its average volume of 2,010,588. The company has a market cap of $11.75 billion, a PE ratio of 10.34, a PEG ratio of 1.33 and a beta of 1.43. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.92. Comerica Incorporated has a 1-year low of $63.69 and a 1-year high of $101.05.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.15. Comerica had a return on equity of 16.95% and a net margin of 34.75%. The business had revenue of $852.00 million during the quarter, compared to the consensus estimate of $852.88 million. During the same quarter last year, the firm posted $1.59 EPS. The company’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, sell-side analysts predict that Comerica Incorporated will post 8.22 EPS for the current fiscal year.
Comerica announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 22nd that allows the company to buyback 15,000,000 shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 3.58%. The ex-dividend date is Thursday, June 13th. Comerica’s dividend payout ratio is 37.02%.
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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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