Comerica Incorporated (NYSE:CMA) Shares Bought by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans boosted its holdings in Comerica Incorporated (NYSE:CMA) by 6.5% during the second quarter, Holdings Channel.com reports. The fund owned 1,431,750 shares of the financial services provider’s stock after acquiring an additional 87,101 shares during the period. Thrivent Financial for Lutherans’ holdings in Comerica were worth $73,077,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CMA. Pitcairn Co. increased its stake in Comerica by 2.9% during the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after acquiring an additional 190 shares during the last quarter. Texas Permanent School Fund Corp raised its position in shares of Comerica by 0.7% in the 1st quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock valued at $1,498,000 after purchasing an additional 201 shares in the last quarter. Summit Securities Group LLC grew its position in shares of Comerica by 22.4% during the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after buying an additional 202 shares in the last quarter. UMB Bank n.a. raised its stake in shares of Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 208 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Comerica by 7.6% during the first quarter. GAMMA Investing LLC now owns 3,240 shares of the financial services provider’s stock worth $178,000 after purchasing an additional 230 shares during the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares in the company, valued at approximately $1,605,104.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

CMA has been the topic of several research analyst reports. The Goldman Sachs Group reduced their price objective on Comerica from $69.00 to $62.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Barclays dropped their price objective on shares of Comerica from $59.00 to $56.00 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. Stephens restated an “overweight” rating and issued a $58.00 target price on shares of Comerica in a research note on Tuesday, September 10th. Evercore ISI cut their target price on Comerica from $58.00 to $54.00 and set an “in-line” rating on the stock in a research note on Tuesday, June 25th. Finally, Keefe, Bruyette & Woods raised shares of Comerica from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Comerica has a consensus rating of “Hold” and an average target price of $56.32.

Comerica Price Performance

Shares of Comerica stock opened at $61.49 on Friday. The firm has a fifty day moving average price of $55.23 and a two-hundred day moving average price of $52.66. The company has a market cap of $8.15 billion, a PE ratio of 12.22 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96. Comerica Incorporated has a fifty-two week low of $37.40 and a fifty-two week high of $61.74.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS 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 analysts’ expectations of $812.79 million. During the same quarter in the prior year, the firm posted $2.01 EPS. Analysts expect that Comerica Incorporated will post 5.05 EPS for the current year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.62%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s payout ratio is 56.46%.

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.