Bank of Nova Scotia decreased its holdings in shares of Comerica Incorporated (NYSE:CMA) by 87.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,915 shares of the financial services provider’s stock after selling 267,359 shares during the quarter. Bank of Nova Scotia’s holdings in Comerica were worth $2,924,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in CMA. OppenheimerFunds Inc. lifted its position in shares of Comerica by 20.7% in the 1st quarter. OppenheimerFunds Inc. now owns 6,226 shares of the financial services provider’s stock worth $427,000 after acquiring an additional 1,069 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Comerica by 5.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 23,637 shares of the financial services provider’s stock worth $1,621,000 after acquiring an additional 1,233 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Comerica by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,052,762 shares of the financial services provider’s stock worth $72,200,000 after acquiring an additional 16,425 shares during the period. United Capital Financial Advisers LLC lifted its position in shares of Comerica by 0.8% in the 1st quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock worth $433,000 after acquiring an additional 53 shares during the period. Finally, Amalgamated Bank lifted its position in shares of Comerica by 6.1% in the 1st quarter. Amalgamated Bank now owns 12,211 shares of the financial services provider’s stock worth $837,000 after acquiring an additional 702 shares during the period. Hedge funds and other institutional investors own 82.48% of the company’s stock.
Comerica Incorporated (NYSE:CMA) traded up 0.10% during midday trading on Friday, reaching $79.79. 965,401 shares of the company’s stock traded hands. The firm has a market cap of $13.85 billion, a PE ratio of 18.08 and a beta of 1.51. Comerica Incorporated has a 52-week low of $49.81 and a 52-week high of $80.25. The firm’s 50-day moving average is $73.83 and its 200 day moving average is $71.79.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.03. Comerica had a net margin of 24.87% and a return on equity of 10.35%. The business had revenue of $821.00 million during the quarter, compared to analysts’ expectations of $812.83 million. During the same period in the prior year, the company earned $0.84 earnings per share. Equities research analysts expect that Comerica Incorporated will post $4.69 earnings per share for the current fiscal year.
Comerica announced that its board has approved a share repurchase program on Tuesday, July 25th that authorizes the company to repurchase 5,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
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In related news, insider Peter William Guilfoile sold 2,928 shares of the firm’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $69.50, for a total value of $203,496.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul R. Obermeyer sold 20,321 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total transaction of $1,427,347.04. The disclosure for this sale can be found here. Insiders have sold 44,249 shares of company stock valued at $3,095,383 in the last quarter. 1.10% of the stock is owned by company insiders.
A number of equities analysts have recently issued reports on the company. Piper Jaffray Companies reissued a “hold” rating and issued a $76.00 target price on shares of Comerica in a report on Friday, July 28th. BidaskClub cut Comerica from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Zacks Investment Research cut Comerica from a “buy” rating to a “hold” rating in a report on Wednesday, August 23rd. Stephens reaffirmed a “buy” rating and set a $80.00 price target on shares of Comerica in a report on Tuesday, July 18th. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $82.00 price objective on shares of Comerica in a research report on Friday, September 8th. Four analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $77.60.
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.
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