Short Interest in Comerica Incorporated (NYSE:CMA) Expands By 13.3%

Comerica Incorporated (NYSE:CMA) was the recipient of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 5,120,000 shares, a growth of 13.3% from the October 15th total of 4,520,000 shares. Based on an average daily volume of 1,890,000 shares, the days-to-cover ratio is currently 2.7 days. Currently, 3.9% of the company’s shares are sold short.

Comerica Price Performance

CMA traded up $0.03 during midday trading on Monday, hitting $68.95. 281,868 shares of the company traded hands, compared to its average volume of 2,123,870. The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of 17.23 and a beta of 1.22. The business has a 50 day simple moving average of $61.89 and a two-hundred day simple moving average of $55.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica has a 52-week low of $42.55 and a 52-week high of $71.63.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. During the same period in the previous year, the firm posted $1.84 EPS. On average, equities analysts forecast that Comerica will post 5.39 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a $0.71 dividend. The ex-dividend date is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.12%. Comerica’s payout ratio is currently 71.00%.

Comerica announced that its board has initiated a share buyback program on Tuesday, November 5th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. This represents a 8.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP James Harry Weber sold 6,500 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the completion of the transaction, the executive vice president now directly owns 15,773 shares of the company’s stock, valued at $997,326.79. This trade represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,001 shares of company stock valued at $1,123,650. 0.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Comerica

Several hedge funds and other institutional investors have recently modified their holdings of the business. V Square Quantitative Management LLC acquired a new stake in Comerica in the 3rd quarter valued at about $36,000. Family Firm Inc. purchased a new position in Comerica during the second quarter worth approximately $37,000. UMB Bank n.a. boosted its stake in Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after buying an additional 208 shares during the last quarter. Versant Capital Management Inc increased 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 worth $43,000 after acquiring an additional 817 shares during the last quarter. Finally, Abich Financial Wealth Management LLC raised its holdings in shares of Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 300 shares during the period. 80.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CMA has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on shares of Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Piper Sandler increased their price objective on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. The Goldman Sachs Group boosted their target price on Comerica from $63.00 to $71.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $51.00 to $73.00 in a research note on Friday. Finally, Evercore ISI lifted their target price on shares of Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $64.43.

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.