Arizona State Retirement System reduced its stake in shares of Comerica Inc. (NYSE:CMA) by 0.5% during the third quarter, Holdings Channel reports. The fund owned 42,799 shares of the financial services provider’s stock after selling 200 shares during the period. Arizona State Retirement System’s holdings in Comerica were worth $2,025,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Global X Management Co. LLC raised its stake in Comerica by 128.8% in the second quarter. Global X Management Co. LLC now owns 2,862 shares of the financial services provider’s stock worth $118,000 after buying an additional 1,611 shares during the last quarter. Pacer Advisors Inc. raised its stake in Comerica by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,966 shares of the financial services provider’s stock worth $122,000 after buying an additional 244 shares during the last quarter. Tredje AP fonden raised its stake in Comerica by 733.9% in the second quarter. Tredje AP fonden now owns 4,920 shares of the financial services provider’s stock worth $202,000 after buying an additional 4,330 shares during the last quarter. American National Registered Investment Advisor Inc. bought a new stake in Comerica during the second quarter worth about $206,000. Finally, Conning Inc. bought a new stake in Comerica during the third quarter worth about $208,000. Hedge funds and other institutional investors own 81.32% of the company’s stock.

Institutional Ownership by Quarter for Comerica (NYSE:CMA)

Comerica Inc. (NYSE:CMA) traded up 1.01% on Tuesday, reaching $61.75. The company had a trading volume of 1,865,964 shares. The company has a market capitalization of $10.64 billion, a P/E ratio of 25.74 and a beta of 1.35. Comerica Inc. has a 52 week low of $30.48 and a 52 week high of $62.50. The stock’s 50-day moving average is $54.07 and its 200-day moving average is $47.29.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Comerica had a net margin of 14.97% and a return on equity of 6.36%. During the same quarter in the previous year, the company earned $0.74 earnings per share. Equities research analysts forecast that Comerica Inc. will post $2.62 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Sunday, January 1st. Investors of record on Thursday, December 15th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Tuesday, December 13th. Comerica’s dividend payout ratio is currently 37.25%.

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A number of analysts recently issued reports on CMA shares. Wedbush started coverage on Comerica in a research note on Thursday, October 6th. They set a “neutral” rating and a $49.00 price objective on the stock. Goldman Sachs Group Inc. upgraded Comerica from a “neutral” rating to a “buy” rating and set a $52.00 price objective on the stock in a research note on Friday, September 16th. boosted their price objective on Comerica from $50.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, September 6th. Zacks Investment Research lowered Comerica from a “buy” rating to a “hold” rating in a research note on Tuesday, October 4th. Finally, FBR & Co lowered Comerica from an “outperform” rating to a “market perform” rating and set a $50.00 target price on the stock. in a research note on Tuesday, October 11th. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and ten have assigned a buy rating to the stock. Comerica presently has a consensus rating of “Hold” and an average price target of $46.39.

In related news, EVP Muneera S. Carr sold 1,986 shares of the firm’s stock in a transaction that occurred on Friday, October 21st. The shares were sold at an average price of $51.07, for a total transaction of $101,425.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael T. Ritchie sold 2,362 shares of the firm’s stock in a transaction that occurred on Wednesday, November 2nd. The stock was sold at an average price of $50.90, for a total transaction of $120,225.80. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

About Comerica

Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.

5 Day Chart for NYSE:CMA

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