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

Comerica Incorporated (NYSE:CMA) was the target of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 4,520,000 shares, a decrease of 8.1% from the September 30th total of 4,920,000 shares. Currently, 3.4% of the shares of the stock are short sold. Based on an average daily volume of 1,930,000 shares, the days-to-cover ratio is presently 2.3 days.

Insider Buying and Selling

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the sale, the executive vice president now owns 16,428 shares in the company, valued at approximately $1,021,821.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of the business’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,609 shares of company stock valued at $1,027,839 over the last 90 days. 0.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Comerica

Several hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its stake in shares of Comerica by 51.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after buying an additional 1,370,886 shares during the period. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Comerica by 1.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock valued at $93,621,000 after buying an additional 19,068 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Comerica by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock valued at $78,288,000 after buying an additional 130,458 shares during the period. Thrivent Financial for Lutherans lifted its stake in Comerica by 6.5% during the second quarter. Thrivent Financial for Lutherans now owns 1,431,750 shares of the financial services provider’s stock worth $73,077,000 after purchasing an additional 87,101 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Comerica by 21.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 923,009 shares of the financial services provider’s stock worth $50,756,000 after purchasing an additional 160,103 shares during the period. Institutional investors own 80.74% of the company’s stock.

Comerica Stock Performance

Shares of NYSE:CMA traded down $1.04 during midday trading on Friday, hitting $62.67. The company’s stock had a trading volume of 536,722 shares, compared to its average volume of 2,145,287. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of 15.75 and a beta of 1.23. The stock’s 50 day simple moving average is $59.15 and its 200 day simple moving average is $54.32. Comerica has a fifty-two week low of $39.94 and a fifty-two week high of $66.06. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.96 and a current ratio of 0.97.

Comerica (NYSE:CMA) last released its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.16. Comerica had a net margin of 11.17% and a return on equity of 12.54%. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. During the same quarter last year, the company earned $1.84 earnings per share. As a group, research analysts anticipate that Comerica will post 5.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on CMA shares. Stephens lifted their price target on Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, October 21st. JPMorgan Chase & Co. upped their target price on Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Wells Fargo & Company boosted their price objective on shares of Comerica from $43.00 to $51.00 and gave the company an “underweight” rating in a research report on Monday, October 21st. Evercore ISI increased their target price on shares of Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research report on Wednesday. Finally, The Goldman Sachs Group lifted their target price on shares of Comerica from $63.00 to $71.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $62.81.

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.