Comerica Incorporated (NYSE:CMA) Short Interest Update

Comerica Incorporated (NYSE:CMA) was the target of a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 4,520,000 shares, a drop of 8.1% from the September 30th total of 4,920,000 shares. Currently, 3.4% of the company’s stock are sold short. Based on an average daily trading volume, of 1,930,000 shares, the days-to-cover ratio is currently 2.3 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CMA shares. The Goldman Sachs Group boosted their price target on Comerica from $63.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Keefe, Bruyette & Woods raised shares of Comerica from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $52.00 to $75.00 in a report on Tuesday, September 24th. StockNews.com upgraded shares of Comerica from a “sell” rating to a “hold” rating in a research note on Monday, October 21st. Finally, Bank of America downgraded Comerica from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $55.00 to $52.00 in a research note on Monday, October 7th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $62.81.

Insider Activity at Comerica

In other news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares in the company, valued at approximately $1,605,104.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the transaction, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at $1,605,104.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the sale, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at $1,021,821.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,609 shares of company stock worth $1,027,839. 0.19% of the stock is currently owned by company insiders.

Institutional Trading of Comerica

A number of hedge funds have recently made changes to their positions in CMA. V Square Quantitative Management LLC purchased a new stake in shares of Comerica during the third quarter worth $36,000. Family Firm Inc. purchased a new stake in shares of Comerica during the 2nd quarter worth about $37,000. UMB Bank n.a. lifted its holdings in shares of Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after buying an additional 208 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of Comerica by 2,723.3% in the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after buying an additional 817 shares in the last quarter. Finally, Abich Financial Wealth Management LLC increased its holdings in Comerica by 50.2% in the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after buying an additional 300 shares during the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Comerica Trading Down 1.3 %

CMA traded down $0.82 during trading on Friday, reaching $62.89. The company had a trading volume of 1,515,334 shares, compared to its average volume of 2,149,562. The firm’s 50-day simple moving average is $59.15 and its 200 day simple moving average is $54.32. The company has a market cap of $8.27 billion, a price-to-earnings ratio of 15.75 and a beta of 1.23. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.96 and a current ratio of 0.97. Comerica has a 12-month low of $39.94 and a 12-month high of $66.06.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. Comerica had a net margin of 11.17% and a return on equity of 12.54%. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. During the same quarter last year, the business posted $1.84 EPS. Equities research analysts anticipate that Comerica will post 5.37 earnings per share for the current year.

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.