Pitcairn Co. Acquires 190 Shares of Comerica Incorporated (NYSE:CMA)

Pitcairn Co. boosted its holdings in Comerica Incorporated (NYSE:CMA) by 2.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,800 shares of the financial services provider’s stock after purchasing an additional 190 shares during the period. Pitcairn Co.’s holdings in Comerica were worth $374,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Comerica in the 4th quarter valued at about $80,691,000. Azora Capital LP bought a new position in shares of Comerica in the 4th quarter valued at about $63,548,000. Vaughan Nelson Investment Management L.P. grew its position in shares of Comerica by 129.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,930,045 shares of the financial services provider’s stock valued at $107,716,000 after acquiring an additional 1,088,330 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Comerica by 60.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,605,943 shares of the financial services provider’s stock valued at $145,444,000 after acquiring an additional 984,391 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of Comerica by 51.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock valued at $143,109,000 after acquiring an additional 870,812 shares during the period. Institutional investors own 80.74% of the company’s stock.

Comerica Price Performance

CMA stock traded up $1.54 during trading on Thursday, reaching $52.82. 2,129,349 shares of the company were exchanged, compared to its average volume of 2,272,322. The company has a 50-day moving average of $50.66 and a two-hundred day moving average of $51.66. The company has a market capitalization of $7.00 billion, a price-to-earnings ratio of 10.19 and a beta of 1.25. Comerica Incorporated has a twelve month low of $37.40 and a twelve month high of $58.50. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.95.

Comerica (NYSE:CMA) last released its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share (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 business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $812.79 million. During the same period in the prior year, the company earned $2.01 EPS. As a group, equities analysts predict that Comerica Incorporated will post 5.03 earnings per share for the current fiscal year.

Comerica Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 5.38%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s payout ratio is 56.46%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Jefferies Financial Group reduced their target price on shares of Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, April 8th. Stephens reaffirmed an “overweight” rating and set a $64.00 target price on shares of Comerica in a report on Tuesday, June 11th. Keefe, Bruyette & Woods dropped their price objective on shares of Comerica from $58.00 to $56.00 and set a “market perform” rating for the company in a research note on Tuesday, July 9th. Finally, StockNews.com upgraded shares of Comerica from a “sell” rating to a “hold” rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Comerica has a consensus rating of “Hold” and an average price target of $54.95.

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.