Arizona State Retirement System Buys 848 Shares of Comerica Incorporated (NYSE:CMA)

Arizona State Retirement System increased its stake in shares of Comerica Incorporated (NYSE:CMA) by 2.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,090 shares of the financial services provider’s stock after acquiring an additional 848 shares during the quarter. Arizona State Retirement System’s holdings in Comerica were worth $1,893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. increased its stake in shares of Comerica by 40.4% in the second quarter. Victory Capital Management Inc. now owns 31,347 shares of the financial services provider’s stock worth $1,600,000 after buying an additional 9,016 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in Comerica by 186.8% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 32,200 shares of the financial services provider’s stock worth $1,643,000 after acquiring an additional 20,974 shares during the last quarter. Rhumbline Advisers increased its position in shares of Comerica by 33.0% in the second quarter. Rhumbline Advisers now owns 369,415 shares of the financial services provider’s stock valued at $18,855,000 after acquiring an additional 91,626 shares during the period. Elevated Capital Advisors LLC bought a new position in shares of Comerica during the second quarter valued at about $837,000. Finally, Natixis Advisors LLC raised its stake in shares of Comerica by 1.8% during the second quarter. Natixis Advisors LLC now owns 326,380 shares of the financial services provider’s stock valued at $16,659,000 after acquiring an additional 5,649 shares during the last quarter. Institutional investors own 80.74% of the company’s stock.

Comerica Stock Up 3.6 %

Shares of NYSE:CMA opened at $57.42 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. The stock has a fifty day simple moving average of $54.15 and a two-hundred day simple moving average of $52.17. Comerica Incorporated has a 12-month low of $37.40 and a 12-month high of $58.50. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 11.42 and a beta of 1.23.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $812.79 million. During the same period last year, the company earned $2.01 earnings per share. On average, research analysts anticipate that Comerica Incorporated will post 5.05 earnings per share for the current fiscal year.

Comerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.95%. Comerica’s dividend payout ratio is presently 56.46%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Morgan Stanley boosted their target price on Comerica from $50.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. StockNews.com lowered Comerica from a “hold” rating to a “sell” rating in a research note on Friday, September 6th. Evercore ISI reduced their price objective on shares of Comerica from $58.00 to $54.00 and set an “in-line” rating on the stock in a research report on Tuesday, June 25th. Finally, The Goldman Sachs Group dropped their target price on shares of Comerica from $69.00 to $62.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Comerica presently has a consensus rating of “Hold” and an average price target of $55.73.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at $1,605,104.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

Comerica Profile

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.