Tower Research Capital LLC TRC purchased a new position in shares of Comerica Incorporated (NYSE:CMA) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 4,884 shares of the financial services provider’s stock, valued at approximately $444,000.

A number of other hedge funds have also modified their holdings of the business. Zacks Investment Management boosted its position in Comerica by 5.8% during the second quarter. Zacks Investment Management now owns 37,195 shares of the financial services provider’s stock worth $3,382,000 after purchasing an additional 2,023 shares in the last quarter. Paloma Partners Management Co boosted its position in Comerica by 1,050.5% during the second quarter. Paloma Partners Management Co now owns 16,120 shares of the financial services provider’s stock worth $1,465,000 after purchasing an additional 17,816 shares in the last quarter. Highland Capital Management LP purchased a new position in Comerica during the second quarter worth approximately $1,455,000. Cubist Systematic Strategies LLC boosted its position in Comerica by 34.2% during the second quarter. Cubist Systematic Strategies LLC now owns 12,124 shares of the financial services provider’s stock worth $1,102,000 after purchasing an additional 3,092 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its position in Comerica by 132.4% during the second quarter. Point72 Asset Management L.P. now owns 383,104 shares of the financial services provider’s stock worth $34,832,000 after purchasing an additional 218,279 shares in the last quarter. Institutional investors own 81.27% of the company’s stock.

In related news, EVP Christine M. Moore sold 4,800 shares of Comerica stock in a transaction that occurred on Thursday, August 2nd. The stock was sold at an average price of $98.41, for a total transaction of $472,368.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.83% of the company’s stock.

A number of equities analysts have issued reports on CMA shares. B. Riley increased their price target on Comerica from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Wedbush increased their price target on Comerica from $111.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Stephens reiterated a “buy” rating and set a $108.00 price target on shares of Comerica in a research report on Tuesday, July 24th. Zacks Investment Research upgraded Comerica from a “hold” rating to a “buy” rating and set a $103.00 price target on the stock in a research report on Wednesday, July 18th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $108.00 target price (up previously from $106.00) on shares of Comerica in a research report on Tuesday, July 17th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and fourteen have issued a buy rating to the company’s stock. Comerica currently has a consensus rating of “Hold” and a consensus target price of $100.29.

Shares of Comerica stock opened at $93.44 on Wednesday. Comerica Incorporated has a one year low of $73.43 and a one year high of $102.66. The company has a market cap of $16.07 billion, a P/E ratio of 15.65, a P/E/G ratio of 0.59 and a beta of 1.37. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.69.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $1.90 EPS for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.26. Comerica had a return on equity of 13.14% and a net margin of 27.28%. The firm had revenue of $838.00 million for the quarter, compared to the consensus estimate of $833.59 million. During the same quarter last year, the business posted $1.13 earnings per share. The firm’s revenue was up 8.0% compared to the same quarter last year. research analysts predict that Comerica Incorporated will post 7.14 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be given a dividend of $0.60 per share. This is an increase from Comerica’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $2.40 dividend on an annualized basis and a yield of 2.57%. Comerica’s dividend payout ratio (DPR) is presently 50.74%.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.

See Also: Moving Average – How it Helps Investors in Stock Selection

Want to see what other hedge funds are holding CMA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Comerica Incorporated (NYSE:CMA).

Institutional Ownership by Quarter for Comerica (NYSE:CMA)

Receive News & Ratings for Comerica Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica and related companies with MarketBeat.com's FREE daily email newsletter.