PNC Financial Services Group Inc. Sells 3,295 Shares of Comerica Incorporated $CMA

PNC Financial Services Group Inc. reduced its stake in shares of Comerica Incorporated (NYSE:CMA) by 8.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 37,223 shares of the financial services provider’s stock after selling 3,295 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Comerica were worth $2,220,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CMA. Allianz Asset Management GmbH increased its position in shares of Comerica by 2.1% during the 1st quarter. Allianz Asset Management GmbH now owns 321,743 shares of the financial services provider’s stock worth $19,002,000 after purchasing an additional 6,684 shares in the last quarter. Oak Thistle LLC bought a new stake in Comerica during the first quarter worth about $652,000. Avantax Advisory Services Inc. increased its holdings in shares of Comerica by 5.8% during the first quarter. Avantax Advisory Services Inc. now owns 4,654 shares of the financial services provider’s stock worth $275,000 after buying an additional 257 shares in the last quarter. LPL Financial LLC raised its stake in shares of Comerica by 6.5% in the first quarter. LPL Financial LLC now owns 49,654 shares of the financial services provider’s stock valued at $2,933,000 after acquiring an additional 3,034 shares during the last quarter. Finally, TCW Group Inc. boosted its holdings in shares of Comerica by 30.1% in the 1st quarter. TCW Group Inc. now owns 23,031 shares of the financial services provider’s stock worth $1,360,000 after acquiring an additional 5,330 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Trading Up 0.5%

Shares of CMA opened at $76.15 on Wednesday. The stock’s fifty day simple moving average is $74.72 and its 200-day simple moving average is $66.81. The firm has a market capitalization of $9.73 billion, a PE ratio of 14.53 and a beta of 1.04. Comerica Incorporated has a 12-month low of $48.12 and a 12-month high of $83.22. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.77.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Monday, December 9th. The financial services provider reported $1.53 earnings per share for the quarter. Comerica had a return on equity of 10.69% and a net margin of 14.91%.The firm had revenue of $824.00 million during the quarter. As a group, research analysts predict that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Monday, December 15th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, December 15th. Comerica’s payout ratio is 54.20%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Weiss Ratings cut Comerica from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 24th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $93.00 target price (up from $73.00) on shares of Comerica in a research note on Friday, October 10th. Cowen started coverage on Comerica in a report on Wednesday, September 24th. They issued a “hold” rating for the company. Cantor Fitzgerald started coverage on shares of Comerica in a report on Wednesday, September 10th. They set a “neutral” rating and a $72.00 price objective on the stock. Finally, Evercore ISI set a $88.00 price objective on shares of Comerica and gave the company an “in-line” rating in a research report on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Comerica presently has an average rating of “Hold” and an average target price of $74.55.

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.