Kentucky Retirement Systems Insurance Trust Fund Sells 345 Shares of Comerica Incorporated (NYSE:CMA)

Kentucky Retirement Systems Insurance Trust Fund decreased its holdings in Comerica Incorporated (NYSE:CMA) by 7.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,353 shares of the financial services provider’s stock after selling 345 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Comerica were worth $239,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its stake in Comerica by 105.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock worth $10,031,000 after buying an additional 3,595,036 shares in the last quarter. Toronto Dominion Bank grew its holdings in Comerica by 8.5% in the first quarter. Toronto Dominion Bank now owns 78,365 shares of the financial services provider’s stock worth $4,309,000 after purchasing an additional 6,123 shares during the last quarter. Axxcess Wealth Management LLC purchased a new position in Comerica in the first quarter worth $220,000. Freestone Capital Holdings LLC purchased a new position in Comerica in the first quarter worth $522,000. Finally, Shell Asset Management Co. grew its holdings in shares of Comerica by 34.5% during the first quarter. Shell Asset Management Co. now owns 7,629 shares of the financial services provider’s stock valued at $420,000 after buying an additional 1,955 shares during the last quarter. Institutional investors own 80.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CMA shares. JPMorgan Chase & Co. lowered 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. Stephens reissued an “overweight” rating and set a $64.00 target price on shares of Comerica in a research note on Tuesday, June 11th. Keefe, Bruyette & Woods cut their price target on Comerica from $58.00 to $56.00 and set a “market perform” rating for the company in a research note on Tuesday, July 9th. Barclays dropped their price objective on Comerica from $59.00 to $56.00 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Finally, Citigroup downgraded Comerica from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $60.00 to $56.00 in a research note on Monday, May 6th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $54.95.

Comerica Price Performance

Shares of Comerica stock traded down $0.31 on Monday, hitting $53.09. The company had a trading volume of 540,850 shares, compared to its average volume of 2,252,156. The business has a 50-day simple moving average of $50.60 and a 200-day simple moving average of $51.58. 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 has a market cap of $7.04 billion, a PE ratio of 10.62 and a beta of 1.25. Comerica Incorporated has a 52 week low of $37.40 and a 52 week high of $58.50.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $812.79 million. During the same quarter last year, the business posted $2.01 EPS. Research analysts expect that Comerica Incorporated will post 5.03 EPS for the current fiscal year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders 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 dividend on an annualized basis and a yield of 5.35%. Comerica’s payout ratio is 56.46%.

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.