Investors Purchase High Volume of Comerica Call Options (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) saw some unusual options trading on Friday. Stock traders purchased 284,890 call options on the company. This represents an increase of approximately 6,188% compared to the average daily volume of 4,531 call options.

Hedge Funds Weigh In On Comerica

A number of institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in Comerica by 466.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,291,514 shares of the financial services provider’s stock valued at $499,615,000 after buying an additional 6,003,703 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Comerica by 0.9% in the third quarter. Dimensional Fund Advisors LP now owns 5,884,169 shares of the financial services provider’s stock valued at $403,187,000 after acquiring an additional 53,243 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Comerica by 1.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 4,741,310 shares of the financial services provider’s stock valued at $282,819,000 after acquiring an additional 77,869 shares during the period. Primecap Management Co. CA grew its stake in shares of Comerica by 1.2% in the third quarter. Primecap Management Co. CA now owns 2,625,625 shares of the financial services provider’s stock worth $179,908,000 after acquiring an additional 31,825 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Comerica by 3.0% during the second quarter. Geode Capital Management LLC now owns 2,579,763 shares of the financial services provider’s stock worth $153,905,000 after acquiring an additional 73,971 shares during the period. 80.74% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on CMA. Wells Fargo & Company upped their price target on Comerica from $65.00 to $97.00 and gave the company an “equal weight” rating in a research report on Monday, October 20th. Morgan Stanley raised Comerica from an “underweight” rating to an “equal weight” rating and set a $83.00 target price on the stock in a research note on Tuesday, October 7th. TD Cowen initiated coverage on shares of Comerica in a research report on Thursday, September 25th. They issued a “hold” rating and a $75.00 price target for the company. Piper Sandler set a $82.00 price objective on shares of Comerica and gave the company a “neutral” rating in a research report on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $93.00 price objective (up previously from $73.00) on shares of Comerica in a research note on Friday, October 10th. Two analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $74.26.

Comerica Stock Down 0.5%

Shares of Comerica stock opened at $89.47 on Friday. Comerica has a 12-month low of $48.12 and a 12-month high of $90.44. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.77. The stock has a 50 day moving average price of $79.32 and a two-hundred day moving average price of $69.91. The stock has a market capitalization of $11.43 billion, a P/E ratio of 17.07 and a beta of 1.07.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Monday, December 9th. The financial services provider reported $1.53 earnings per share for the quarter. Comerica had a net margin of 14.91% and a return on equity of 10.69%. The business had revenue of $824.00 million during the quarter. Equities analysts expect that Comerica will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Stockholders of record on Monday, December 15th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, December 15th. Comerica’s dividend payout ratio (DPR) is currently 54.20%.

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.