Advisor Partners LLC Sells 668 Shares of Comerica Incorporated (NYSE:CMA)

Advisor Partners LLC cut its stake in Comerica Incorporated (NYSE:CMA) by 5.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,696 shares of the financial services provider’s stock after selling 668 shares during the quarter. Advisor Partners LLC’s holdings in Comerica were worth $772,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of CMA. Advisory Services Network LLC raised its position in shares of Comerica by 4.5% in the second quarter. Advisory Services Network LLC now owns 3,450 shares of the financial services provider’s stock worth $251,000 after buying an additional 150 shares in the last quarter. Farr Miller & Washington LLC DC raised its position in shares of Comerica by 3.1% in the second quarter. Farr Miller & Washington LLC DC now owns 5,754 shares of the financial services provider’s stock worth $418,000 after buying an additional 172 shares in the last quarter. LS Investment Advisors LLC raised its position in shares of Comerica by 3.3% in the second quarter. LS Investment Advisors LLC now owns 5,408 shares of the financial services provider’s stock worth $393,000 after buying an additional 172 shares in the last quarter. Crossmark Global Holdings Inc. raised its position in shares of Comerica by 1.7% in the second quarter. Crossmark Global Holdings Inc. now owns 10,775 shares of the financial services provider’s stock worth $783,000 after buying an additional 175 shares in the last quarter. Finally, Covington Capital Management raised its position in shares of Comerica by 88.5% in the second quarter. Covington Capital Management now owns 411 shares of the financial services provider’s stock worth $30,000 after buying an additional 193 shares in the last quarter. 86.02% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Reginald M. Turner, Jr. sold 2,495 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $66.66, for a total value of $166,316.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.98% of the stock is owned by insiders.

CMA has been the topic of a number of research reports. JPMorgan Chase & Co. downgraded Comerica from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $70.00 to $65.00 in a research report on Thursday, October 17th. Stephens restated a “hold” rating and set a $72.00 price target on shares of Comerica in a research report on Wednesday, October 16th. Wedbush lowered their price target on Comerica from $75.00 to $71.00 and set a “neutral” rating on the stock in a research report on Thursday, August 22nd. Barclays lowered their price target on Comerica from $81.00 to $74.00 and set an “underweight” rating on the stock in a research report on Thursday, September 12th. Finally, B. Riley lowered their price target on Comerica from $73.00 to $65.00 and set a “neutral” rating on the stock in a research report on Friday, October 4th. Seven research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $73.75.

Shares of NYSE CMA traded up $0.05 during trading hours on Friday, hitting $71.83. The company’s stock had a trading volume of 960,275 shares, compared to its average volume of 1,874,532. The business has a 50-day simple moving average of $65.89 and a 200-day simple moving average of $68.62. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $10.26 billion, a price-to-earnings ratio of 9.92, a P/E/G ratio of 0.57 and a beta of 1.54. Comerica Incorporated has a 12 month low of $58.54 and a 12 month high of $88.96.

Comerica (NYSE:CMA) last released its earnings results on Wednesday, October 16th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.90 by $0.06. Comerica had a net margin of 32.11% and a return on equity of 16.82%. The firm had revenue of $842.00 million during the quarter, compared to analyst estimates of $836.10 million. During the same period last year, the business earned $1.86 earnings per share. The business’s revenue was up 1.1% on a year-over-year basis. On average, equities research analysts forecast that Comerica Incorporated will post 7.71 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a $0.67 dividend. The ex-dividend date is Thursday, December 12th. This represents a $2.68 dividend on an annualized basis and a yield of 3.73%. Comerica’s payout ratio is currently 37.02%.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services middle market businesses, multinational corporations, and governmental entities.

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Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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