Comerica Incorporated (NYSE:CMA) was the target of a large decline in short interest in the month of January. As of January 31st, there was short interest totalling 3,660,000 shares, a decline of 8.5% from the January 15th total of 4,000,000 shares. Based on an average trading volume of 1,410,000 shares, the short-interest ratio is presently 2.6 days. Currently, 2.6% of the shares of the company are sold short.
In other Comerica news, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $63.54, for a total transaction of $413,010.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.98% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its holdings in Comerica by 2.1% in the 2nd quarter. BlackRock Inc. now owns 11,709,951 shares of the financial services provider’s stock worth $850,609,000 after acquiring an additional 243,799 shares in the last quarter. AQR Capital Management LLC increased its holdings in Comerica by 54.3% in the 4th quarter. AQR Capital Management LLC now owns 2,133,900 shares of the financial services provider’s stock worth $153,022,000 after acquiring an additional 750,836 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Comerica by 9.2% in the 4th quarter. Bank of New York Mellon Corp now owns 1,823,231 shares of the financial services provider’s stock worth $130,815,000 after acquiring an additional 153,024 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in Comerica by 14.7% in the 4th quarter. Panagora Asset Management Inc. now owns 1,682,552 shares of the financial services provider’s stock worth $120,723,000 after acquiring an additional 216,060 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its holdings in Comerica by 10.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,536,998 shares of the financial services provider’s stock worth $110,279,000 after acquiring an additional 142,925 shares in the last quarter. 82.56% of the stock is owned by institutional investors.
Shares of NYSE:CMA traded down $0.21 during trading on Friday, hitting $62.76. 1,403,400 shares of the stock traded hands, compared to its average volume of 1,695,319. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.99. The company has a market cap of $9.08 billion, a price-to-earnings ratio of 7.98, a P/E/G ratio of 0.59 and a beta of 1.55. The company has a fifty day moving average price of $66.42 and a two-hundred day moving average price of $66.56. Comerica has a 52-week low of $58.54 and a 52-week high of $88.96.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.11. The firm had revenue of $810.00 million during the quarter, compared to analyst estimates of $801.73 million. Comerica had a net margin of 31.33% and a return on equity of 16.20%. During the same period in the previous year, the firm earned $1.88 EPS. On average, equities research analysts predict that Comerica will post 6.76 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 4.33%. The ex-dividend date of this dividend is Thursday, March 12th. This is a positive change from Comerica’s previous quarterly dividend of $0.67. Comerica’s payout ratio is presently 34.31%.
Several brokerages have commented on CMA. Citigroup upgraded shares of Comerica from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $65.00 to $70.00 in a research note on Wednesday, January 22nd. ValuEngine upgraded shares of Comerica from a “hold” rating to a “buy” rating in a research note on Tuesday, February 4th. SunTrust Banks restated a “hold” rating and set a $72.00 price objective on shares of Comerica in a research note on Wednesday, January 22nd. UBS Group decreased their price objective on shares of Comerica from $73.00 to $68.00 and set a “neutral” rating for the company in a research note on Monday, October 21st. Finally, Royal Bank of Canada restated a “buy” rating and set a $74.00 price objective on shares of Comerica in a research note on Thursday, January 23rd. Six analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $72.97.
Comerica Company Profile
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.
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