New York State Teachers Retirement System Cuts Stake in Comerica Incorporated (NYSE:CMA)

New York State Teachers Retirement System lowered its stake in Comerica Incorporated (NYSE:CMA - Free Report) by 11.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 134,962 shares of the financial services provider's stock after selling 17,975 shares during the quarter. New York State Teachers Retirement System owned about 0.10% of Comerica worth $7,971,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its holdings in shares of Comerica by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,035,820 shares of the financial services provider's stock valued at $311,464,000 after purchasing an additional 114,072 shares during the last quarter. North Reef Capital Management LP raised its holdings in shares of Comerica by 15.7% in the fourth quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider's stock valued at $250,492,000 after purchasing an additional 550,000 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Comerica by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 2,214,963 shares of the financial services provider's stock valued at $137,039,000 after purchasing an additional 103,118 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Comerica by 29.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,149,591 shares of the financial services provider's stock valued at $132,952,000 after purchasing an additional 492,381 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Comerica by 26.9% in the fourth quarter. Northern Trust Corp now owns 1,900,261 shares of the financial services provider's stock valued at $117,531,000 after purchasing an additional 402,992 shares during the last quarter. Institutional investors own 80.74% of the company's stock.

Comerica Trading Up 2.3%

Shares of CMA traded up $1.43 during mid-day trading on Friday, hitting $63.78. 1,638,551 shares of the company's stock traded hands, compared to its average volume of 2,007,726. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.86. Comerica Incorporated has a 1 year low of $48.12 and a 1 year high of $73.45. The firm has a market capitalization of $8.38 billion, a P/E ratio of 12.06 and a beta of 0.92. The business's 50-day moving average price is $57.39 and its 200-day moving average price is $59.47.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.14 by $0.11. The business had revenue of $829.00 million during the quarter, compared to the consensus estimate of $839.31 million. Comerica had a return on equity of 11.59% and a net margin of 14.89%. During the same quarter in the prior year, the company earned $1.29 earnings per share. As a group, sell-side analysts forecast that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date is Friday, June 13th. Comerica's payout ratio is currently 53.69%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Raymond James Financial lowered their target price on shares of Comerica from $72.00 to $67.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. Jefferies Financial Group assumed coverage on shares of Comerica in a report on Wednesday, May 21st. They set an "underperform" rating and a $47.00 target price on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Comerica from $77.00 to $68.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Royal Bank Of Canada lowered their target price on shares of Comerica from $75.00 to $65.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Finally, Citigroup boosted their target price on shares of Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a report on Wednesday. Six equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Comerica currently has an average rating of "Hold" and an average target price of $62.30.

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.