Maverick Capital Ltd. purchased a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 19,202 shares of the financial services provider's stock, valued at approximately $1,150,000.
Several other institutional investors and hedge funds also recently modified their holdings of CMA. OLD National Bancorp IN grew its position in Comerica by 4.9% in the 2nd quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider's stock valued at $12,130,000 after buying an additional 11,049 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Comerica by 66.2% in the second quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider's stock valued at $3,209,000 after acquiring an additional 25,040 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Comerica by 39.3% during the second quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider's stock valued at $11,262,000 after acquiring an additional 62,269 shares during the period. Point72 Europe London LLP bought a new stake in Comerica during the second quarter worth approximately $4,767,000. Finally, Vaughan Nelson Investment Management L.P. lifted its position in Comerica by 1.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider's stock worth $93,621,000 after purchasing an additional 19,068 shares during the period. Institutional investors own 80.74% of the company's stock.
Comerica stock opened at $72.25 on Friday. Comerica Incorporated has a one year low of $44.63 and a one year high of $73.45. The company's fifty day moving average price is $64.37 and its two-hundred day moving average price is $56.88. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $9.50 billion, a price-to-earnings ratio of 18.06 and a beta of 1.22.
Comerica (NYSE:CMA - Get Free Report) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.16. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same period last year, the business earned $1.84 EPS. On average, analysts forecast that Comerica Incorporated will post 5.37 earnings per share for the current fiscal year.
Comerica declared that its board has approved a stock buyback plan on Tuesday, November 5th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend is Friday, December 13th. Comerica's dividend payout ratio is currently 71.00%.
In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction of $95,811.36. Following the completion of the sale, the executive vice president now directly owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the completion of the transaction, the executive vice president now owns 15,773 shares in the company, valued at $997,326.79. The trade was a 29.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,456 shares of company stock worth $977,287. 0.19% of the stock is owned by insiders.
A number of research firms have recently commented on CMA. Robert W. Baird boosted their price objective on Comerica from $75.00 to $80.00 and gave the stock an "outperform" rating in a research note on Monday, November 18th. Stephens boosted their price target on shares of Comerica from $64.00 to $70.00 and gave the stock an "overweight" rating in a research report on Monday, October 21st. Keefe, Bruyette & Woods raised shares of Comerica from a "market perform" rating to an "outperform" rating and upped their price target for the company from $50.00 to $69.00 in a report on Thursday, September 5th. The Goldman Sachs Group lifted their price objective on shares of Comerica from $71.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Finally, Morgan Stanley increased their target price on shares of Comerica from $63.00 to $67.00 and gave the company an "equal weight" rating in a research note on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $65.10.
Check Out Our Latest Stock Analysis on Comerica
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.
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