Short Interest in Comerica Incorporated (NYSE:CMA) Drops By 15.9%

Comerica Incorporated (NYSE:CMA) saw a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 3,710,000 shares, a drop of 15.9% from the September 30th total of 4,410,000 shares. Based on an average daily volume of 1,640,000 shares, the days-to-cover ratio is presently 2.3 days. Currently, 2.6% of the shares of the company are short sold.

Several brokerages have issued reports on CMA. DA Davidson dropped their price objective on Comerica from $75.00 to $73.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Argus lowered Comerica from a “buy” rating to a “hold” rating in a report on Friday, October 18th. UBS Group dropped their price objective on Comerica from $73.00 to $68.00 and set a “neutral” rating on the stock in a report on Monday, October 21st. B. Riley dropped their price objective on Comerica from $73.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, October 4th. Finally, Morgan Stanley decreased their target price on shares of Comerica from $80.00 to $77.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Seven investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $73.03.

Shares of CMA traded up $0.40 during mid-day trading on Friday, hitting $69.96. 505,930 shares of the company’s stock were exchanged, compared to its average volume of 1,435,495. Comerica has a fifty-two week low of $58.54 and a fifty-two week high of $88.96. The firm has a market capitalization of $10.30 billion, a P/E ratio of 9.66, a P/E/G ratio of 0.57 and a beta of 1.54. The business’s 50 day moving average is $66.50 and its two-hundred day moving average is $68.41. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.02.

Comerica (NYSE:CMA) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.06. Comerica had a net margin of 32.11% and a return on equity of 16.82%. The business had revenue of $842.00 million during the quarter, compared to the consensus estimate of $836.10 million. During the same quarter in the prior year, the firm earned $1.86 earnings per share. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, equities research analysts forecast that Comerica will post 7.71 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a $0.67 dividend. The ex-dividend date is Thursday, December 12th. This represents a $2.68 dividend on an annualized basis and a yield of 3.83%. Comerica’s payout ratio is currently 37.02%.

In other Comerica news, EVP Peter William Guilfoile sold 6,959 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $71.45, for a total transaction of $497,220.55. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Reginald M. Turner, Jr. sold 2,495 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $66.66, for a total value of $166,316.70. The disclosure for this sale can be found here. Company insiders own 0.98% of the company’s stock.

A number of large investors have recently made changes to their positions in CMA. Crossmark Global Holdings Inc. lifted its position in Comerica by 1.7% in the second quarter. Crossmark Global Holdings Inc. now owns 10,775 shares of the financial services provider’s stock valued at $783,000 after purchasing an additional 175 shares during the period. Scout Investments Inc. acquired a new stake in Comerica in the second quarter valued at about $13,688,000. Hexavest Inc. acquired a new stake in Comerica in the second quarter valued at about $16,883,000. First Citizens Bank & Trust Co. lifted its position in Comerica by 31.4% in the second quarter. First Citizens Bank & Trust Co. now owns 37,548 shares of the financial services provider’s stock valued at $2,727,000 after purchasing an additional 8,964 shares during the period. Finally, Xact Kapitalforvaltning AB lifted its position in shares of Comerica by 10.0% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 27,610 shares of the financial services provider’s stock valued at $2,006,000 after acquiring an additional 2,508 shares during the period. Hedge funds and other institutional investors own 88.82% of the company’s stock.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers 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 middle market businesses, multinational corporations, and governmental entities.

Further Reading: Gross Domestic Product (GDP)

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