Bank of New York Mellon Corp Raises Stock Holdings in Comerica Incorporated (NYSE:CMA)

Bank of New York Mellon Corp increased its stake in shares of Comerica Incorporated (NYSE:CMA) by 9.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,533,857 shares of the financial services provider’s stock after purchasing an additional 130,458 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.16% of Comerica worth $78,288,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Spire Wealth Management grew its holdings in shares of Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after buying an additional 235 shares in the last quarter. Family Firm Inc. acquired a new position in Comerica in the 2nd quarter valued at $37,000. Versant Capital Management Inc lifted its stake in shares of Comerica by 2,723.3% during the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 817 shares during the period. Abich Financial Wealth Management LLC boosted its holdings in shares of Comerica by 50.2% during the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 300 shares during the last quarter. Finally, Cullen Frost Bankers Inc. purchased a new stake in shares of Comerica in the fourth quarter valued at $51,000. Institutional investors and hedge funds own 80.74% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a research report on Tuesday. Morgan Stanley boosted their target price on shares of Comerica from $50.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Stephens reaffirmed an “overweight” rating and set a $64.00 price target on shares of Comerica in a research note on Tuesday, June 11th. JPMorgan Chase & Co. decreased their price target on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Finally, Raymond James upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a report on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $55.45.

Comerica Stock Performance

Shares of CMA stock opened at $56.51 on Friday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.95. The company’s fifty day moving average price is $53.07 and its two-hundred day moving average price is $51.84. The firm has a market capitalization of $7.49 billion, a P/E ratio of 11.23 and a beta of 1.25. Comerica Incorporated has a 12 month low of $37.40 and a 12 month high of $58.50.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, topping 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 business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $812.79 million. During the same quarter in the previous year, the firm posted $2.01 earnings per share. On average, research analysts anticipate that Comerica Incorporated will post 5.05 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.03%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s payout ratio is currently 56.46%.

Insider Buying and Selling

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the 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 transaction, the executive vice president now directly owns 27,910 shares in the company, valued at approximately $1,605,104.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.19% of the company’s stock.

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.