tru Independence LLC Has $4.48 Million Stake in Comerica Incorporated (NYSE:CMA)

tru Independence LLC cut its position in Comerica Incorporated (NYSE:CMA) by 0.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 87,723 shares of the financial services provider’s stock after selling 370 shares during the period. tru Independence LLC’s holdings in Comerica were worth $4,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of 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 in the last quarter. Dimensional Fund Advisors LP boosted its holdings in 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 purchasing an additional 984,391 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Comerica by 51.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock worth $143,109,000 after purchasing an additional 870,812 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Comerica by 1.1% during 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 purchasing an additional 19,068 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of 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 buying an additional 130,458 shares during the period. 80.74% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the company’s 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 sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.19% of the stock is owned by insiders.

Comerica Stock Down 0.3 %

Shares of CMA opened at $54.87 on Friday. The stock’s 50-day moving average price is $53.94 and its two-hundred day moving average price is $52.06. Comerica Incorporated has a 12 month low of $37.40 and a 12 month high of $58.50. The company has a market capitalization of $7.28 billion, a PE ratio of 10.91 and a beta of 1.23. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23.

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

Comerica Dividend Announcement

The company also recently disclosed 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 annualized dividend and a dividend yield of 5.18%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Analysts Set New Price Targets

CMA has been the subject of several analyst reports. Morgan Stanley lifted their price objective on Comerica from $50.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. cut their price objective on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Royal Bank of Canada reduced their price objective on shares of Comerica from $58.00 to $56.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Wells Fargo & Company dropped their target price on shares of Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a research report on Wednesday, June 12th. Finally, Evercore ISI reduced their price target on shares of Comerica from $58.00 to $54.00 and set an “in-line” rating on the stock in a research report on Tuesday, June 25th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $56.05.

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.