Wall Street brokerages forecast that Comerica Incorporated (NYSE:CMA) will post earnings of $1.62 per share for the current fiscal quarter, Zacks reports. Eight analysts have made estimates for Comerica’s earnings, with the lowest EPS estimate coming in at $1.46 and the highest estimate coming in at $1.80. Comerica reported earnings of $1.13 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 43.4%. The firm is expected to report its next earnings results before the market opens on Tuesday, July 17th.
On average, analysts expect that Comerica will report full-year earnings of $6.73 per share for the current year, with EPS estimates ranging from $6.35 to $7.02. For the next year, analysts anticipate that the company will post earnings of $7.59 per share, with EPS estimates ranging from $7.33 to $8.22. Zacks’ earnings per share calculations are a mean average based on a survey of research firms that cover Comerica.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, April 17th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.56 by ($0.02). Comerica had a return on equity of 12.05% and a net margin of 24.37%. The business had revenue of $793.00 million for the quarter, compared to the consensus estimate of $811.59 million. During the same period in the prior year, the business posted $1.11 earnings per share.
A number of equities research analysts recently issued reports on the company. Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a research note on Tuesday, April 3rd. Wedbush set a $111.00 price target on Comerica and gave the stock a “buy” rating in a research note on Wednesday, April 18th. Susquehanna Bancshares set a $99.00 price target on Comerica and gave the stock a “hold” rating in a research note on Tuesday, April 10th. ValuEngine raised Comerica from a “hold” rating to a “buy” rating in a research note on Tuesday, April 3rd. Finally, UBS Group initiated coverage on Comerica in a research note on Wednesday, March 21st. They set a “buy” rating and a $114.00 price target for the company. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $97.48.
Large investors have recently made changes to their positions in the company. Advisors Preferred LLC purchased a new position in shares of Comerica in the 1st quarter valued at $111,000. Three Peaks Capital Management LLC purchased a new position in shares of Comerica in the 1st quarter valued at $112,000. Massey Quick Simon & CO. LLC purchased a new position in shares of Comerica in the 1st quarter valued at $153,000. Financial Gravity Wealth Inc. purchased a new position in shares of Comerica in the 1st quarter valued at $155,000. Finally, Point72 Asia Hong Kong Ltd increased its holdings in shares of Comerica by 47.1% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,855 shares of the financial services provider’s stock valued at $178,000 after acquiring an additional 594 shares during the period. Institutional investors and hedge funds own 81.83% of the company’s stock.
Shares of CMA stock traded down $0.28 on Monday, reaching $90.72. 44,365 shares of the company’s stock were exchanged, compared to its average volume of 1,804,738. Comerica has a 52 week low of $64.04 and a 52 week high of $102.66. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market capitalization of $15.96 billion, a P/E ratio of 19.22, a P/E/G ratio of 0.73 and a beta of 1.36.
The business also recently declared a quarterly dividend, which will be paid on Sunday, July 1st. Stockholders of record on Friday, June 15th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, June 14th. This is an increase from Comerica’s previous quarterly dividend of $0.30. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.50%. Comerica’s dividend payout ratio (DPR) is currently 28.75%.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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