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

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Comerica Incorporated (NYSE:CMA) was the recipient of some unusual options trading on Thursday. Stock traders acquired 2,368 put options on the stock. This is an increase of 1,362% compared to the average volume of 162 put options.

Several equities analysts have recently weighed in on the company. Piper Jaffray Companies set a $91.00 price target on Comerica and gave the company a “buy” rating in a report on Tuesday, June 11th. Goldman Sachs Group cut Comerica from a “neutral” rating to a “sell” rating and set a $70.00 price target on the stock. in a report on Tuesday, July 2nd. UBS Group cut 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. B. Riley set a $75.00 price target on Comerica and gave the company a “hold” rating in a report on Thursday, July 11th. Finally, Morgan Stanley lowered their price target on Comerica from $90.00 to $82.00 and set an “overweight” rating on the stock in a report on Tuesday. Seven equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $81.48.

Shares of NYSE:CMA traded up $0.84 during midday trading on Friday, hitting $65.60. The company 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 current ratio of 1.02 and a quick ratio of 1.02. The company has a market cap of $9.57 billion, a price-to-earnings ratio of 9.06, a PEG ratio of 0.57 and a beta of 1.52. Comerica has a 12-month low of $58.54 and a 12-month high of $95.39. The company has a fifty day moving average of $63.85 and a two-hundred day moving average of $72.53.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.94 EPS for the quarter, missing the consensus estimate of $2.01 by ($0.07). The company had revenue of $853.00 million during the quarter, compared to analysts’ expectations of $859.09 million. Comerica had a return on equity of 16.92% and a net margin of 33.29%. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the company earned $1.87 earnings per share. Research analysts expect that Comerica will post 7.85 earnings per share for the current fiscal year.

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

Large investors have recently bought and sold shares of the company. Covington Capital Management increased its stake in shares of Comerica by 88.5% in the 2nd quarter. Covington Capital Management now owns 411 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 193 shares in the last quarter. Zions Bancorporation N.A. purchased a new stake in shares of Comerica in the 1st quarter worth $35,000. CSat Investment Advisory L.P. increased its stake in shares of Comerica by 170.5% in the 2nd quarter. CSat Investment Advisory L.P. now owns 706 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 445 shares in the last quarter. Creative Financial Designs Inc. ADV purchased a new stake in shares of Comerica in the 2nd quarter worth $51,000. Finally, Kavar Capital Partners LLC purchased a new stake in Comerica in the 2nd quarter worth $73,000. Hedge funds and other institutional investors own 86.56% of the company’s stock.

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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