Bank of New York Mellon Corp increased its position in shares of Comerica Incorporated (NYSE:CMA) by 3.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,560,151 shares of the financial services provider’s stock after buying an additional 45,802 shares during the period. Bank of New York Mellon Corp owned 0.89% of Comerica worth $114,265,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in CMA. BlackRock Inc. raised its position in shares of Comerica by 3,094.6% in the first quarter. BlackRock Inc. now owns 11,268,474 shares of the financial services provider’s stock worth $772,796,000 after buying an additional 10,915,741 shares during the period. Ameriprise Financial Inc. raised its position in shares of Comerica by 1,159.7% in the first quarter. Ameriprise Financial Inc. now owns 1,892,008 shares of the financial services provider’s stock worth $129,759,000 after buying an additional 1,741,818 shares during the period. AQR Capital Management LLC raised its position in Comerica by 140.5% in the first quarter. AQR Capital Management LLC now owns 2,072,665 shares of the financial services provider’s stock valued at $142,143,000 after buying an additional 1,210,749 shares during the last quarter. Janus Capital Management LLC raised its position in Comerica by 153.1% in the first quarter. Janus Capital Management LLC now owns 1,911,788 shares of the financial services provider’s stock valued at $131,111,000 after buying an additional 1,156,304 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Comerica by 6.2% in the first quarter. Vanguard Group Inc. now owns 17,019,213 shares of the financial services provider’s stock valued at $1,167,178,000 after buying an additional 997,004 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Shares of Comerica Incorporated (NYSE:CMA) opened at 70.11 on Thursday. The company has a market cap of $12.33 billion, a P/E ratio of 17.51 and a beta of 1.47. The company’s 50 day moving average is $72.60 and its 200-day moving average is $70.96. Comerica Incorporated has a 12 month low of $45.14 and a 12 month high of $75.72.

Comerica (NYSE:CMA) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.07. The firm had revenue of $776 million during the quarter, compared to the consensus estimate of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.58 earnings per share. Analysts expect that Comerica Incorporated will post $4.59 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be paid a dividend of $0.30 per share. This is an increase from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 annualized dividend and a yield of 1.71%. Comerica’s payout ratio is presently 26.00%.

Comerica declared that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that allows the company to buyback $605.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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Several equities analysts recently weighed in on CMA shares. Morgan Stanley restated an “equal weight” rating and set a $75.00 target price (up previously from $71.00) on shares of Comerica in a report on Thursday, July 6th. BidaskClub lowered shares of Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Keefe, Bruyette & Woods restated a “buy” rating and set a $78.00 target price on shares of Comerica in a report on Friday, June 16th. Stephens restated a “buy” rating and set a $80.00 target price on shares of Comerica in a report on Tuesday, July 18th. Finally, FBR & Co set a $79.00 target price on shares of Comerica and gave the company a “buy” rating in a report on Tuesday, July 18th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $71.65.

Comerica Company Profile

Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering 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.

Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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