California Public Employees Retirement System Grows Holdings in Comerica Incorporated (CMA)

California Public Employees Retirement System increased its stake in Comerica Incorporated (NYSE:CMA) by 4.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 512,913 shares of the financial services provider’s stock after acquiring an additional 21,749 shares during the period. California Public Employees Retirement System owned approximately 0.29% of Comerica worth $39,115,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new stake in shares of Comerica in the third quarter valued at $702,000. Crestline Management LP acquired a new stake in shares of Comerica in the third quarter valued at $3,584,000. Chevy Chase Trust Holdings Inc. raised its stake in shares of Comerica by 0.6% in the third quarter. Chevy Chase Trust Holdings Inc. now owns 156,286 shares of the financial services provider’s stock valued at $11,919,000 after acquiring an additional 994 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Comerica by 3.3% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 100,470 shares of the financial services provider’s stock valued at $7,662,000 after acquiring an additional 3,183 shares in the last quarter. Finally, AMP Capital Investors Ltd raised its stake in shares of Comerica by 2.3% in the third quarter. AMP Capital Investors Ltd now owns 224,052 shares of the financial services provider’s stock valued at $17,085,000 after acquiring an additional 5,095 shares in the last quarter. Institutional investors and hedge funds own 82.04% of the company’s stock.

Comerica Incorporated (NYSE:CMA) opened at $85.29 on Friday. The stock has a market capitalization of $14,565.38, a PE ratio of 18.91, a price-to-earnings-growth ratio of 1.92 and a beta of 1.51. Comerica Incorporated has a twelve month low of $64.04 and a twelve month high of $86.78. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.58.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.03. The company had revenue of $821.00 million for the quarter, compared to analyst estimates of $812.83 million. Comerica had a return on equity of 10.35% and a net margin of 24.87%. During the same quarter last year, the company posted $0.84 earnings per share. sell-side analysts forecast that Comerica Incorporated will post 4.85 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend is Thursday, December 14th. Comerica’s payout ratio is 27.15%.

In related news, insider Michael T. Ritchie sold 4,596 shares of the firm’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $75.08, for a total transaction of $345,067.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Christine M. Moore sold 3,200 shares of the firm’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $75.07, for a total value of $240,224.00. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

A number of research firms have weighed in on CMA. Morgan Stanley restated an “equal weight” rating and issued a $90.00 price target on shares of Comerica in a research note on Wednesday. Zacks Investment Research upgraded Comerica from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a research note on Monday, December 11th. Piper Jaffray Companies upgraded Comerica to a “buy” rating and set a $98.00 price target on the stock in a research note on Friday, December 8th. B. Riley restated a “buy” rating and issued a $84.00 price target on shares of Comerica in a research note on Monday, December 4th. Finally, ValuEngine cut Comerica from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $81.90.

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About Comerica

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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