Short Interest in Comerica Incorporated (NYSE:CMA) Decreases By 8.1%

Comerica Incorporated (NYSE:CMA) saw a significant drop in short interest in 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. Based on an average daily trading volume, of 1,930,000 shares, the short-interest ratio is presently 2.3 days. Approximately 3.4% of the shares of the stock are sold short.

Insiders Place Their Bets

In other Comerica news, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction 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 owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction of $410,995.00. Following the sale, the executive vice president now owns 15,773 shares in the company, valued at approximately $997,326.79. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the sale, the executive vice president now directly owns 16,428 shares in the company, valued at approximately $1,021,821.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,609 shares of company stock valued at $1,027,839. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Hedge funds and other institutional investors have recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in shares of Comerica during the third quarter valued at $36,000. Family Firm Inc. acquired a new stake in Comerica in the second quarter worth about $37,000. UMB Bank n.a. lifted its holdings in Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares during the period. Versant Capital Management Inc lifted its holdings in Comerica by 2,723.3% in the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC lifted 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 purchasing an additional 300 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Wall Street Analysts Forecast Growth

CMA has been the subject of a number of research analyst reports. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. Morgan Stanley lifted their price objective on Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Barclays increased their price objective on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research report on Monday, October 21st. Finally, DA Davidson upped their price target on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Comerica currently has a consensus rating of “Hold” and an average target price of $62.81.

Comerica Stock Performance

Comerica stock traded down $1.04 during mid-day trading on Friday, reaching $62.67. The company’s stock had a trading volume of 536,722 shares, compared to its average volume of 2,145,287. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of 15.75 and a beta of 1.23. The business has a 50 day moving average price of $59.15 and a 200-day moving average price of $54.32. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.97. Comerica has a twelve month low of $39.94 and a twelve month high of $66.06.

Comerica (NYSE:CMA) last released 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 the consensus estimate of $806.49 million. During the same quarter in the previous year, the company posted $1.84 earnings per share. Sell-side analysts predict that Comerica will post 5.37 EPS for the current fiscal year.

About Comerica

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.