Investors Purchase High Volume of Call Options on Comerica (NYSE:CMA)

Comerica Incorporated (NYSE:CMA - Get Free Report) was the recipient of some unusual options trading activity on Thursday. Stock traders purchased 101,520 call options on the company. This is an increase of approximately 3,214% compared to the typical daily volume of 3,063 call options.

Comerica Stock Performance

CMA traded up $0.84 on Thursday, reaching $67.47. The company had a trading volume of 1,460,471 shares, compared to its average volume of 1,969,951. The stock has a 50-day moving average price of $59.22 and a 200-day moving average price of $59.60. The stock has a market capitalization of $8.87 billion, a PE ratio of 12.93 and a beta of 0.92. Comerica has a 1 year low of $48.12 and a 1 year high of $73.45. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84.

Comerica (NYSE:CMA - Get Free Report) last announced its earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.19. The business had revenue of $849.00 million for the quarter, compared to analysts' expectations of $844.39 million. Comerica had a net margin of 14.92% and a return on equity of 10.92%. During the same period in the previous year, the company posted $1.49 EPS. As a group, research analysts forecast that Comerica will post 5.28 EPS for the current fiscal year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.21%. Comerica's dividend payout ratio (DPR) is 54.41%.

Analyst Ratings Changes

Several brokerages have recently issued reports on CMA. Evercore ISI lowered shares of Comerica from an "in-line" rating to an "underperform" rating and dropped their target price for the company from $65.00 to $50.00 in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. increased their target price on Comerica from $52.00 to $60.00 and gave the company an "underweight" rating in a report on Tuesday, July 1st. Keefe, Bruyette & Woods boosted their price target on Comerica from $69.00 to $73.00 and gave the stock an "outperform" rating in a research report on Monday. The Goldman Sachs Group decreased their price objective on Comerica from $66.00 to $57.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd. Finally, Royal Bank Of Canada reduced their target price on shares of Comerica from $75.00 to $65.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Six analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Comerica has an average rating of "Hold" and an average price target of $63.25.

Institutional Trading of Comerica

A number of hedge funds have recently added to or reduced their stakes in CMA. MorganRosel Wealth Management LLC purchased a new position in Comerica in the 1st quarter valued at $33,000. Gen Wealth Partners Inc purchased a new position in shares of Comerica during the 1st quarter worth approximately $34,000. Geneos Wealth Management Inc. grew its holdings in Comerica by 41.8% in the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 176 shares during the last quarter. Quarry LP lifted its holdings in shares of Comerica by 152.0% in the fourth quarter. Quarry LP now owns 867 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 523 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Comerica in the first quarter valued at approximately $55,000. 80.74% of the stock is owned by institutional investors and hedge funds.

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.

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