Schroder Investment Management Group lifted its stake in Comerica Incorporated (NYSE:CMA) by 36.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,003,892 shares of the financial services provider’s stock after purchasing an additional 267,400 shares during the period. Schroder Investment Management Group’s holdings in Comerica were worth $72,923,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of CMA. Zions Bancorporation N.A. acquired a new stake in shares of Comerica in the first quarter valued at approximately $35,000. Creative Financial Designs Inc. ADV acquired a new stake in shares of Comerica in the second quarter valued at approximately $51,000. Kavar Capital Partners LLC acquired a new stake in shares of Comerica in the second quarter valued at approximately $73,000. Thor Advisors LLC acquired a new stake in shares of Comerica in the first quarter valued at approximately $78,000. Finally, Pendal Group Ltd acquired a new stake in shares of Comerica in the second quarter valued at approximately $162,000. 86.54% of the stock is owned by institutional investors and hedge funds.
A number of analysts recently weighed in on the stock. Raymond James lowered shares of Comerica from an “outperform” rating to a “market perform” rating in a report on Monday, July 8th. Wedbush lowered their price target on shares of Comerica from $75.00 to $71.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. Stephens set a $78.00 price target on shares of Comerica and gave the company a “hold” rating in a report on Friday, September 6th. 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. Finally, Barclays lowered their target price on shares of Comerica from $81.00 to $74.00 and set an “underweight” rating for the company in a report on Thursday, September 12th. Seven research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the stock. Comerica has a consensus rating of “Hold” and a consensus price target of $81.48.
Comerica (NYSE:CMA) last released its earnings results on Wednesday, July 17th. The financial services provider reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.07). Comerica had a return on equity of 16.92% and a net margin of 33.29%. The business had revenue of $853.00 million for the quarter, compared to analyst estimates of $859.09 million. During the same period in the prior year, the firm posted $1.87 EPS. Comerica’s revenue was up 1.8% on a year-over-year basis. Research analysts forecast that Comerica Incorporated will post 7.83 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 4.09%. The ex-dividend date is Thursday, September 12th. Comerica’s dividend payout ratio (DPR) is 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.
Further Reading: When can a hold rating present a buying opportunity?
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