Stock Traders Buy High Volume of Comerica Put Options (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) was the recipient of some unusual options trading activity on Thursday. Investors bought 2,368 put options on the company. This is an increase of approximately 1,362% compared to the average daily volume of 162 put options.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Advisory Services Network LLC lifted its stake in Comerica by 4.5% in the second quarter. Advisory Services Network LLC now owns 3,450 shares of the financial services provider’s stock worth $251,000 after purchasing an additional 150 shares during the last quarter. Farr Miller & Washington LLC DC lifted its stake in Comerica by 3.1% in the second quarter. Farr Miller & Washington LLC DC now owns 5,754 shares of the financial services provider’s stock worth $418,000 after purchasing an additional 172 shares during the last quarter. LS Investment Advisors LLC lifted its stake in Comerica by 3.3% in the second quarter. LS Investment Advisors LLC now owns 5,408 shares of the financial services provider’s stock worth $393,000 after purchasing an additional 172 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in shares of Comerica by 1.7% during the second quarter. Crossmark Global Holdings Inc. now owns 10,775 shares of the financial services provider’s stock worth $783,000 after acquiring an additional 175 shares during the period. Finally, Piedmont Investment Advisors Inc. increased its position in shares of Comerica by 5.8% during the first quarter. Piedmont Investment Advisors Inc. now owns 3,258 shares of the financial services provider’s stock worth $239,000 after acquiring an additional 178 shares during the period. 86.56% of the stock is owned by institutional investors and hedge funds.

A number of brokerages recently commented on CMA. Morgan Stanley lowered their price target on shares of Comerica from $90.00 to $82.00 and set an “overweight” rating for the company in a report on Tuesday. Stephens set a $78.00 price target on shares of Comerica and gave the company a “hold” rating in a report on Friday, September 6th. ValuEngine raised shares of Comerica from a “strong sell” rating to a “sell” rating in a report on Wednesday, September 4th. Raymond James downgraded shares of Comerica from an “outperform” rating to a “market perform” rating in a report on Monday, July 8th. Finally, UBS Group downgraded shares of Comerica from a “buy” rating to a “neutral” rating and lowered their price target for the company from $100.00 to $73.00 in a report on Monday, August 5th. Seven investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $81.48.

NYSE CMA traded up $0.84 during trading on Friday, hitting $65.60. The stock had a trading volume of 2,074,611 shares, compared to its average volume of 1,957,408. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $9.57 billion, a price-to-earnings ratio of 9.06, a P/E/G ratio of 0.57 and a beta of 1.52. Comerica has a one year low of $58.54 and a one year high of $95.39. The stock has a 50 day simple moving average of $63.85 and a 200 day simple moving average of $72.53.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.94 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.01 by ($0.07). The firm had revenue of $853.00 million during the quarter, compared to the consensus estimate of $859.09 million. Comerica had a return on equity of 16.92% and a net margin of 33.29%. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.87 EPS. On average, sell-side analysts predict that Comerica will post 7.85 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 4.09%. The ex-dividend date is Thursday, September 12th. Comerica’s payout ratio is currently 37.02%.

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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