NorthCrest Asset Manangement LLC Decreases Stock Position in Comerica Incorporated (NYSE:CMA)

NorthCrest Asset Manangement LLC lessened its position in shares of Comerica Incorporated (NYSE:CMA) by 13.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,755 shares of the financial services provider’s stock after selling 4,316 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Comerica were worth $1,366,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. boosted its position in Comerica by 3.2% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 11,285 shares of the financial services provider’s stock worth $630,000 after purchasing an additional 354 shares during the period. Stratos Wealth Partners LTD. bought a new position in Comerica in the 4th quarter worth approximately $394,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Comerica by 73.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 56,771 shares of the financial services provider’s stock valued at $3,168,000 after buying an additional 23,947 shares in the last quarter. Bleakley Financial Group LLC bought a new stake in Comerica during the 4th quarter valued at $212,000. Finally, International Assets Investment Management LLC lifted its position in shares of Comerica by 17.4% during the fourth quarter. International Assets Investment Management LLC now owns 6,385 shares of the financial services provider’s stock worth $356,000 after acquiring an additional 945 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Stock Down 0.2 %

NYSE:CMA traded down $0.11 during trading hours on Wednesday, reaching $54.35. 154,710 shares of the company traded hands, compared to its average volume of 2,238,552. Comerica Incorporated has a 1 year low of $37.40 and a 1 year high of $58.50. The stock has a market capitalization of $7.21 billion, a P/E ratio of 10.88 and a beta of 1.25. The business’s 50-day moving average price is $51.06 and its two-hundred day moving average price is $51.49. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same quarter in the previous year, the business posted $2.01 EPS. Analysts predict that Comerica Incorporated will post 5.05 earnings per share for the current year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 annualized dividend and a yield of 5.23%. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their price objective on Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Citigroup cut shares of Comerica from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $60.00 to $56.00 in a research note on Monday, May 6th. Royal Bank of Canada lowered their price target on Comerica from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Barclays cut their price target on shares of Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Finally, UBS Group reduced their price target on Comerica from $59.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $55.45.

Comerica Company 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.