Comerica Sees Unusually Large Options Volume (CMA)
Comerica Incorporated (NYSE:CMA) was the recipient of some unusual options trading on Wednesday. Traders bought 2,930 call options on the company. This represents an increase of 775% compared to the typical daily volume of 335 call options.
In other news, 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 transaction of $240,224.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Michael T. Ritchie sold 4,596 shares of the firm’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $75.08, for a total value of $345,067.68. The disclosure for this sale can be found here. Insiders have sold a total of 10,724 shares of company stock worth $788,788 over the last 90 days. Insiders own 1.10% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Chicago Equity Partners LLC raised its position in shares of Comerica by 25.0% during the 2nd quarter. Chicago Equity Partners LLC now owns 36,540 shares of the financial services provider’s stock valued at $2,676,000 after buying an additional 7,310 shares during the period. BlackRock Inc. raised its position in shares of Comerica by 0.5% during the 2nd quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock valued at $829,069,000 after buying an additional 51,426 shares during the period. Pacad Investment Ltd. purchased a new stake in shares of Comerica during the 2nd quarter valued at approximately $1,147,000. Delta Lloyd Asset Management N.V. purchased a new stake in shares of Comerica during the 2nd quarter valued at approximately $1,876,000. Finally, Aviva PLC raised its position in shares of Comerica by 2.1% during the 2nd quarter. Aviva PLC now owns 109,379 shares of the financial services provider’s stock valued at $8,011,000 after buying an additional 2,220 shares during the period. 82.17% of the stock is currently owned by hedge funds and other institutional investors.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.23 by $0.03. The firm had revenue of $821.00 million for the quarter, compared to analyst estimates of $812.83 million. Comerica had a net margin of 27.53% and a return on equity of 11.22%. During the same quarter in the previous year, the company earned $0.84 EPS. sell-side analysts predict that Comerica will post 4.86 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Stockholders of record on Friday, December 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.53%. The ex-dividend date is Thursday, December 14th. Comerica’s payout ratio is presently 27.21%.
Several equities research analysts recently issued reports on the company. Macquarie upgraded Comerica from a “neutral” rating to an “outperform” rating and set a $90.00 price objective on the stock in a report on Friday, November 17th. Deutsche Bank AG lifted their price objective on Comerica from $80.00 to $82.00 and gave the stock a “hold” rating in a report on Wednesday, November 8th. Zacks Investment Research cut Comerica from a “buy” rating to a “hold” rating in a report on Wednesday, November 1st. Nomura lifted their price objective on Comerica from $74.00 to $86.00 and gave the stock a “neutral” rating in a report on Monday, October 23rd. Finally, Robert W. Baird reiterated a “hold” rating and issued a $74.00 price objective on shares of Comerica in a report on Friday, October 20th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $78.57.
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.
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