OLD National Bancorp IN Buys 11,049 Shares of Comerica Incorporated (NYSE:CMA)

OLD National Bancorp IN boosted its stake in shares of Comerica Incorporated (NYSE:CMA) by 4.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 237,650 shares of the financial services provider’s stock after buying an additional 11,049 shares during the quarter. OLD National Bancorp IN’s holdings in Comerica were worth $12,130,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Comerica by 3.2% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 11,285 shares of the financial services provider’s stock valued at $630,000 after purchasing an additional 354 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Comerica by 6,450.5% in the 4th quarter. International Assets Investment Management LLC now owns 356,347 shares of the financial services provider’s stock valued at $19,888,000 after purchasing an additional 350,907 shares in the last quarter. Prime Capital Investment Advisors LLC bought a new stake in shares of Comerica in the 4th quarter valued at about $369,000. Stratos Wealth Partners LTD. bought a new stake in shares of Comerica in the 4th quarter valued at about $394,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Comerica by 73.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 56,771 shares of the financial services provider’s stock valued at $3,168,000 after purchasing an additional 23,947 shares in the last quarter. Institutional investors own 80.74% of the company’s stock.

Comerica Price Performance

Shares of NYSE CMA traded down $0.22 during mid-day trading on Friday, reaching $52.34. The company’s stock had a trading volume of 1,265,880 shares, compared to its average volume of 2,254,556. The stock has a 50-day moving average of $50.86 and a two-hundred day moving average of $51.55. The stock has a market capitalization of $6.94 billion, a P/E ratio of 10.41 and a beta of 1.25. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.95 and a current ratio of 0.96. Comerica Incorporated has a 1-year low of $37.40 and a 1-year high of $58.50.

Comerica (NYSE:CMA) last issued its earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period in the prior year, the business earned $2.01 earnings per share. On average, equities research analysts anticipate that Comerica Incorporated will post 5.05 EPS for the current fiscal year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.43%. The ex-dividend date is Friday, September 13th. Comerica’s dividend payout ratio is currently 56.46%.

Wall Street Analyst Weigh In

CMA has been the subject of several recent research reports. Barclays reduced their price target on shares of Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a report on Monday, July 22nd. Raymond James upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price target for the company in a report on Tuesday, July 2nd. Stephens restated an “overweight” rating and issued a $64.00 price target on shares of Comerica in a report on Tuesday, June 11th. Keefe, Bruyette & Woods reduced their price objective on shares of Comerica from $58.00 to $56.00 and set a “market perform” rating for the company in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Comerica has an average rating of “Hold” and a consensus target price of $55.45.

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.