Public Sector Pension Investment Board Buys 271,974 Shares of Comerica Incorporated (NYSE:CMA)

Public Sector Pension Investment Board grew its stake in shares of Comerica Incorporated (NYSE:CMA) by 1,375.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 291,753 shares of the financial services provider’s stock after buying an additional 271,974 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.22% of Comerica worth $14,891,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CMA. Pitcairn Co. lifted its holdings 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 purchasing an additional 190 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Comerica by 19.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after buying an additional 199 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in shares of Comerica by 0.7% in the first quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock valued at $1,498,000 after buying an additional 201 shares during the period. Summit Securities Group LLC raised 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 acquiring an additional 202 shares during the last quarter. Finally, UMB Bank n.a. raised its position in shares of Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 208 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors.

Insider Activity at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the sale, the executive vice president now directly owns 27,910 shares in the company, valued at $1,605,104.10. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. The Goldman Sachs Group decreased 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. Royal Bank of Canada lowered their target price on shares of Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Wells Fargo & Company cut their price target on shares of Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a research report on Wednesday, June 12th. DA Davidson reissued a “neutral” rating and issued a $55.00 price objective on shares of Comerica in a research report on Tuesday, September 10th. Finally, Raymond James upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research report on Tuesday, July 2nd. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $56.32.

Comerica Stock Down 2.1 %

Shares of Comerica stock opened at $60.19 on Tuesday. The stock has a market capitalization of $7.98 billion, a PE ratio of 11.97 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. The company has a 50-day simple moving average of $55.31 and a two-hundred day simple moving average of $52.72. Comerica Incorporated has a 52-week low of $37.40 and a 52-week high of $61.84.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.30. The firm 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 prior year, the business earned $2.01 EPS. On average, analysts anticipate that Comerica Incorporated will post 5.05 EPS for the current fiscal year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s payout ratio is presently 56.46%.

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.