Comerica Incorporated (NYSE:CMA) Sees Significant Drop in Short Interest

Comerica Incorporated (NYSE:CMA) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 4,700,000 shares, a decline of 17.8% from the August 15th total of 5,720,000 shares. Based on an average daily trading volume, of 1,780,000 shares, the days-to-cover ratio is currently 2.6 days. Currently, 3.4% of the company’s stock are sold short.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CMA. Jacobi Capital Management LLC lifted its position in Comerica by 117.6% in the second quarter. Jacobi Capital Management LLC now owns 681 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 368 shares during the period. Valeo Financial Advisors LLC lifted its position in Comerica by 1,236.5% in the second quarter. Valeo Financial Advisors LLC now owns 842 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 779 shares during the period. Private Advisor Group LLC acquired a new stake in Comerica in the second quarter worth approximately $36,000. Parkside Financial Bank & Trust lifted its position in Comerica by 37.6% in the second quarter. Parkside Financial Bank & Trust now owns 967 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 264 shares during the period. Finally, Ellevest Inc. lifted its position in Comerica by 227.9% in the second quarter. Ellevest Inc. now owns 987 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 686 shares during the period. Hedge funds and other institutional investors own 78.55% of the company’s stock.

CMA stock traded up $0.59 on Wednesday, reaching $41.18. The company’s stock had a trading volume of 1,486,968 shares, compared to its average volume of 2,278,160. Comerica has a 52 week low of $24.28 and a 52 week high of $73.43. The company has a market capitalization of $5.73 billion, a P/E ratio of 9.92, a price-to-earnings-growth ratio of 12.92 and a beta of 1.81. The firm has a fifty day moving average of $39.88 and a two-hundred day moving average of $36.80. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.02 and a quick ratio of 1.02.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.59. Comerica had a return on equity of 8.22% and a net margin of 17.42%. The business had revenue of $718.00 million during the quarter, compared to analyst estimates of $700.17 million. During the same period in the prior year, the company posted $1.94 EPS. The business’s revenue for the quarter was down 15.8% compared to the same quarter last year. As a group, equities analysts expect that Comerica will post 1.84 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 6.61%. The ex-dividend date is Monday, September 14th. Comerica’s dividend payout ratio (DPR) is 34.83%.

Several analysts recently weighed in on the company. SunTrust Banks lowered their price objective on Comerica from $49.00 to $40.00 and set a “hold” rating for the company in a report on Friday, July 24th. Wells Fargo & Company boosted their price objective on Comerica from $31.00 to $34.00 in a report on Friday, June 5th. Wolfe Research assumed coverage on Comerica in a report on Friday, July 31st. They issued an “underperform” rating for the company. Royal Bank of Canada upped their target price on Comerica from $36.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, June 10th. Finally, Zacks Investment Research raised Comerica from a “sell” rating to a “hold” rating and set a $44.00 target price for the company in a report on Tuesday, September 8th. Seven investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $45.25.

About Comerica

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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