Comerica Incorporated (CMA) Position Decreased by World Asset Management Inc

World Asset Management Inc cut its stake in shares of Comerica Incorporated (NYSE:CMA) by 25.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,307 shares of the financial services provider’s stock after selling 2,099 shares during the period. World Asset Management Inc’s holdings in Comerica were worth $462,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in Comerica by 0.3% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,307 shares of the financial services provider’s stock valued at $159,000 after buying an additional 8 shares in the last quarter. Contravisory Investment Management Inc. boosted its stake in Comerica by 0.7% in the second quarter. Contravisory Investment Management Inc. now owns 3,588 shares of the financial services provider’s stock valued at $263,000 after buying an additional 25 shares in the last quarter. Jaffetilchin Investment Partners LLC boosted its stake in Comerica by 0.4% in the first quarter. Jaffetilchin Investment Partners LLC now owns 7,550 shares of the financial services provider’s stock valued at $518,000 after buying an additional 32 shares in the last quarter. United Capital Financial Advisers LLC boosted its stake in Comerica by 0.8% in the first quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock valued at $433,000 after buying an additional 53 shares in the last quarter. Finally, ING Groep NV boosted its stake in Comerica by 0.9% in the second quarter. ING Groep NV now owns 9,056 shares of the financial services provider’s stock valued at $663,000 after buying an additional 77 shares in the last quarter. 84.29% of the stock is owned by institutional investors and hedge funds.

Shares of Comerica Incorporated (NYSE:CMA) opened at 70.21 on Friday. The firm has a market cap of $12.35 billion, a PE ratio of 17.53 and a beta of 1.47. The stock’s 50 day moving average price is $73.06 and its 200 day moving average price is $70.82. Comerica Incorporated has a 12-month low of $45.14 and a 12-month high of $75.72.

Comerica (NYSE:CMA) last released its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The business had revenue of $776 million during the quarter, compared to analysts’ expectations of $777.08 million. During the same quarter last year, the company earned $0.58 earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis. On average, equities research analysts predict that Comerica Incorporated will post $4.58 EPS for the current fiscal year.

Comerica declared that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $605.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Thursday, September 14th. This is a boost from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is presently 26.00%.

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Several analysts have recently commented on the company. Morgan Stanley reissued an “equal weight” rating and issued a $75.00 price target (up from $71.00) on shares of Comerica in a report on Thursday, July 6th. BidaskClub cut Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Jefferies Group LLC reissued a “buy” rating and issued a $81.00 price target on shares of Comerica in a report on Monday, May 15th. Barclays PLC reissued an “underweight” rating and issued a $76.00 price target (up from $72.00) on shares of Comerica in a report on Wednesday, July 12th. Finally, Instinet reissued a “neutral” rating and issued a $71.00 price target (up from $68.00) on shares of Comerica in a report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have given a buy rating to the company’s stock. Comerica currently has an average rating of “Hold” and a consensus target price of $71.71.

Comerica Company Profile

Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering 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.

Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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