New York State Teachers Retirement System Sells 17,975 Shares of Comerica Incorporated (NYSE:CMA)

New York State Teachers Retirement System lowered its holdings in Comerica Incorporated (NYSE:CMA) by 11.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 0.10% of Comerica worth $7,971,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Elevated Capital Advisors LLC increased its stake in Comerica by 3.4% in the first quarter. Elevated Capital Advisors LLC now owns 14,675 shares of the financial services provider’s stock valued at $867,000 after acquiring an additional 477 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Comerica by 11.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 107,173 shares of the financial services provider’s stock valued at $6,293,000 after acquiring an additional 11,148 shares during the period. Oakworth Capital Inc. increased its stake in Comerica by 1.2% in the first quarter. Oakworth Capital Inc. now owns 250,709 shares of the financial services provider’s stock valued at $14,807,000 after acquiring an additional 2,943 shares during the period. Sylvest Advisors LLC increased its stake in Comerica by 9.9% in the first quarter. Sylvest Advisors LLC now owns 10,913 shares of the financial services provider’s stock valued at $645,000 after acquiring an additional 981 shares during the period. Finally, Bessemer Group Inc. increased its stake in Comerica by 3.8% in the first quarter. Bessemer Group Inc. now owns 11,273 shares of the financial services provider’s stock valued at $666,000 after acquiring an additional 414 shares during the period. Institutional investors own 80.74% of the company’s stock.

Wall Street Analyst Weigh In

CMA has been the topic of a number of analyst reports. 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 research note on Tuesday, April 22nd. Stephens cut shares of Comerica from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $66.00 to $64.00 in a research note on Monday, March 31st. Evercore ISI cut shares of Comerica from an “in-line” rating to an “underperform” rating and decreased their price objective for the stock from $65.00 to $50.00 in a research note on Tuesday, April 22nd. UBS Group raised shares of Comerica from a “sell” rating to a “neutral” rating and set a $59.00 price objective on the stock in a research note on Thursday, April 10th. Finally, Robert W. Baird decreased their price objective on shares of Comerica from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Six investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Comerica has a consensus rating of “Hold” and a consensus target price of $62.30.

Comerica Trading Up 2.3%

Shares of NYSE CMA opened at $63.78 on Friday. The company’s 50 day simple moving average is $57.39 and its 200 day simple moving average is $59.49. Comerica Incorporated has a fifty-two week low of $48.12 and a fifty-two week 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 company has a debt-to-equity ratio of 0.86, a current ratio of 0.96 and a quick ratio of 0.96.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.11. Comerica had a net margin of 14.89% and a return on equity of 11.59%. The business had revenue of $829.00 million for the quarter, compared to analyst estimates of $839.31 million. During the same period in the prior year, the business posted $1.29 earnings per share. On average, analysts predict that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Announces Dividend

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

Comerica 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.