AQR Capital Management LLC Sells 63,954 Shares of Comerica Incorporated (NYSE:CMA)

AQR Capital Management LLC lessened its stake in Comerica Incorporated (NYSE:CMA) by 15.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 362,548 shares of the financial services provider’s stock after selling 63,954 shares during the period. AQR Capital Management LLC owned 0.27% of Comerica worth $17,917,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMA. Pitcairn Co. increased its position in shares of 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 period. EverSource Wealth Advisors LLC increased its holdings in Comerica by 19.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 199 shares during the period. Texas Permanent School Fund Corp raised its position in Comerica by 0.7% during 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 lifted its holdings in shares of Comerica by 22.4% in the 2nd 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 during the period. Finally, UMB Bank n.a. grew its position in shares of Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after buying an additional 208 shares in the last quarter. Institutional investors own 80.74% of the company’s stock.

Comerica Price Performance

Shares of CMA opened at $59.91 on Tuesday. The firm has a market capitalization of $7.94 billion, a PE ratio of 11.91 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. The company’s fifty day moving average price is $55.82 and its 200-day moving average price is $53.01. Comerica Incorporated has a 1-year low of $37.40 and a 1-year high of $61.84.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same period in the prior year, the company earned $2.01 earnings per share. On average, equities research analysts predict that Comerica Incorporated will post 5.06 EPS for the current year.

Comerica Dividend Announcement

The firm also recently disclosed 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. This represents a $2.84 annualized dividend and a yield of 4.74%. The ex-dividend date is Friday, September 13th. Comerica’s payout ratio is 56.46%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Robert W. Baird decreased their price objective on Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, June 20th. Evercore ISI reduced their price target on shares of Comerica from $58.00 to $54.00 and set an “in-line” rating for the company in a report on Tuesday, June 25th. Barclays lowered their price target on shares of Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $52.00 to $75.00 in a report on Tuesday, September 24th. Finally, Morgan Stanley upped their target price on Comerica from $61.00 to $63.00 and gave the stock an “equal weight” rating in a report on Monday. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Comerica presently has an average rating of “Hold” and an average price target of $58.33.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the transaction, 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 SEC, which is available at the SEC website. Insiders own 0.19% of the company’s stock.

About 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.