LHM Inc. Buys 13,640 Shares of Comerica Incorporated (NYSE:CMA)

LHM Inc. boosted its holdings in Comerica Incorporated (NYSE:CMA) by 45.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,740 shares of the financial services provider’s stock after acquiring an additional 13,640 shares during the quarter. Comerica accounts for approximately 0.9% of LHM Inc.’s holdings, making the stock its 16th largest position. LHM Inc.’s holdings in Comerica were worth $2,264,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. OLD National Bancorp IN boosted its holdings in shares of Comerica by 4.9% during the 2nd quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock valued at $12,130,000 after purchasing an additional 11,049 shares during the last quarter. Entropy Technologies LP purchased a new position in shares of Comerica during the first quarter worth approximately $1,764,000. SG Americas Securities LLC increased its position in shares of Comerica by 66.2% during the second quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock worth $3,209,000 after acquiring an additional 25,040 shares during the period. Assenagon Asset Management S.A. increased its holdings in Comerica by 39.3% during the second quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after buying an additional 62,269 shares during the period. Finally, LSV Asset Management increased its holdings in Comerica by 13.6% during the first quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock valued at $45,938,000 after buying an additional 100,189 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Stock Performance

Comerica stock opened at $59.91 on Tuesday. The firm has a 50 day simple moving average of $55.82 and a 200-day simple moving average of $53.01. Comerica Incorporated has a 1-year low of $37.40 and a 1-year high of $61.84. 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 stock has a market cap of $7.94 billion, a price-to-earnings ratio of 11.91 and a beta of 1.23.

Comerica (NYSE:CMA) last posted 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 net margin of 12.15% and a return on equity of 15.01%. The business 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 company posted $2.01 EPS. On average, analysts expect that Comerica Incorporated will post 5.06 EPS for the current year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.74%. Comerica’s dividend payout ratio (DPR) is 56.46%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Stephens restated an “overweight” rating and issued a $58.00 target price on shares of Comerica in a research note on Tuesday, September 10th. StockNews.com lowered shares of Comerica from a “hold” rating to a “sell” rating in a report on Tuesday, September 24th. The Goldman Sachs Group decreased their price objective 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. JPMorgan Chase & Co. reduced their price target on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Finally, 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 research report on Tuesday, June 25th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $58.33.

Insider Buying and Selling

In related news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction that occurred 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 approximately $1,605,104.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.19% of the stock is currently owned by corporate insiders.

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.