Texas Permanent School Fund Corp Acquires 8,189 Shares of Comerica Incorporated $CMA

Texas Permanent School Fund Corp raised its stake in shares of Comerica Incorporated (NYSE:CMA) by 12.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 72,783 shares of the financial services provider’s stock after acquiring an additional 8,189 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Comerica were worth $4,342,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CMA. FNY Investment Advisers LLC bought a new position in shares of Comerica in the 2nd quarter worth $35,000. Geneos Wealth Management Inc. grew its stake in Comerica by 41.8% in the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 176 shares during the last quarter. Employees Retirement System of Texas bought a new position in Comerica in the second quarter worth about $48,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Comerica during the first quarter valued at about $55,000. Finally, MAI Capital Management boosted its holdings in shares of Comerica by 32.1% in the 1st quarter. MAI Capital Management now owns 942 shares of the financial services provider’s stock valued at $56,000 after buying an additional 229 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Price Performance

NYSE CMA opened at $88.13 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.96 and a quick ratio of 0.96. The stock’s fifty day moving average price is $79.80 and its 200 day moving average price is $70.56. Comerica Incorporated has a 1 year low of $48.12 and a 1 year high of $90.44. The company has a market cap of $11.26 billion, a price-to-earnings ratio of 16.82 and a beta of 1.07.

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

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Monday, December 15th will be given a $0.71 dividend. The ex-dividend date is Monday, December 15th. This represents a $2.84 dividend on an annualized basis and a yield of 3.2%. Comerica’s dividend payout ratio is currently 54.20%.

Wall Street Analysts Forecast Growth

CMA has been the subject of several recent analyst reports. Jefferies Financial Group boosted their price objective on shares of Comerica from $75.00 to $85.00 and gave the stock a “hold” rating in a research note on Tuesday, October 7th. TD Cowen assumed coverage on Comerica in a research report on Thursday, September 25th. They set a “hold” rating and a $75.00 price target on the stock. Cowen began coverage on Comerica in a research report on Wednesday, September 24th. They issued a “hold” rating for the company. Weiss Ratings downgraded Comerica from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 24th. Finally, Evercore ISI set a $88.00 price target on Comerica and gave the company an “in-line” rating in a research note on Thursday, October 30th. Two research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $74.26.

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.