Comerica Incorporated (NYSE:CMA) – Equities researchers at DA Davidson issued their Q1 2018 earnings estimates for shares of Comerica in a research note issued on Tuesday. DA Davidson analyst G. Tenner anticipates that the financial services provider will earn $1.30 per share for the quarter. DA Davidson has a “Hold” rating and a $81.00 price objective on the stock. DA Davidson also issued estimates for Comerica’s Q2 2018 earnings at $1.32 EPS, Q3 2018 earnings at $1.38 EPS and Q4 2018 earnings at $1.43 EPS.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.03. Comerica had a return on equity of 10.35% and a net margin of 24.87%. The company had revenue of $821.00 million during the quarter, compared to analysts’ expectations of $812.83 million. During the same period last year, the firm posted $0.84 earnings per share.
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Other equities analysts have also issued reports about the company. FBR & Co set a $79.00 target price on Comerica and gave the company a “buy” rating in a report on Tuesday, July 18th. Stephens reaffirmed a “buy” rating and issued a $80.00 target price on shares of Comerica in a report on Tuesday, July 18th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $81.00 target price on shares of Comerica in a report on Friday, July 14th. Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a report on Thursday, August 3rd. Finally, BidaskClub lowered Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company’s stock. Comerica has a consensus rating of “Hold” and an average price target of $76.80.
Comerica (NYSE CMA) traded up 0.61% during mid-day trading on Thursday, hitting $77.04. The stock had a trading volume of 761,384 shares. Comerica has a 1-year low of $47.88 and a 1-year high of $77.95. The firm’s 50-day moving average price is $72.49 and its 200-day moving average price is $71.41. The stock has a market cap of $13.38 billion, a PE ratio of 17.45 and a beta of 1.51.
Comerica announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to repurchase $605.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Shareholders of record on Friday, September 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.57%. This is an increase from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio is currently 27.15%.
In related news, insider Peter William Guilfoile sold 2,928 shares of the stock in a transaction on Monday, August 28th. The stock was sold at an average price of $69.50, for a total value of $203,496.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Judith S. Love sold 21,000 shares of the stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total value of $1,464,540.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,249 shares of company stock worth $3,095,383. Company insiders own 1.10% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Exane Derivatives purchased a new stake in shares of Comerica in the second quarter worth $125,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Comerica in the first quarter worth $127,000. Point72 Asia Hong Kong Ltd raised its position in shares of Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock worth $137,000 after buying an additional 323 shares in the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its position in shares of Comerica by 0.3% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock worth $169,000 after buying an additional 8 shares in the last quarter. Finally, Smithfield Trust Co. raised its position in shares of Comerica by 2,446.0% in the second quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock worth $186,000 after buying an additional 2,446 shares in the last quarter. Institutional investors own 82.45% of the company’s stock.
Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering 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.
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