Argent Trust Co Grows Stock Holdings in Comerica Incorporated (NYSE:CMA)

Argent Trust Co grew its holdings in shares of Comerica Incorporated (NYSE:CMA) by 6.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 56,894 shares of the financial services provider’s stock after purchasing an additional 3,544 shares during the quarter. Argent Trust Co’s holdings in Comerica were worth $2,904,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in Comerica by 4.2% during the fourth quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock worth $941,968,000 after buying an additional 676,959 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Comerica by 51.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after acquiring an additional 1,370,886 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Comerica by 51.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock worth $143,109,000 after acquiring an additional 870,812 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in shares of Comerica by 1.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock worth $93,621,000 after acquiring an additional 19,068 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Comerica by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock valued at $78,288,000 after purchasing an additional 130,458 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Wall Street Analyst Weigh In

CMA has been the topic of a number of recent analyst reports. StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a research note on Monday. Wells Fargo & Company cut their target price on Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a research report on Wednesday, June 12th. Barclays lowered their price target on Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Robert W. Baird decreased their target price on Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, June 20th. Finally, Morgan Stanley increased their target price on shares of Comerica from $50.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $55.73.

Comerica Trading Up 2.1 %

Shares of CMA opened at $59.72 on Thursday. Comerica Incorporated has a one year low of $37.40 and a one year high of $60.99. The stock has a 50-day moving average price of $54.86 and a 200 day moving average price of $52.46. 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 market capitalization of $7.92 billion, a P/E ratio of 11.87 and a beta of 1.23.

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

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.76%. The ex-dividend date is Friday, September 13th. Comerica’s dividend payout ratio is currently 56.46%.

Insider Transactions at Comerica

In other news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction dated 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 owns 27,910 shares of the company’s stock, valued at $1,605,104.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.19% of the company’s stock.

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.