Comerica Incorporated (NYSE:CMA) – Analysts at B. Riley cut their Q2 2019 earnings per share (EPS) estimates for Comerica in a note issued to investors on Wednesday, October 17th. B. Riley analyst S. Moss now expects that the financial services provider will post earnings per share of $1.97 for the quarter, down from their prior forecast of $1.99. B. Riley currently has a “Buy” rating and a $107.00 target price on the stock. B. Riley also issued estimates for Comerica’s Q4 2019 earnings at $2.16 EPS, Q2 2020 earnings at $2.22 EPS and Q3 2020 earnings at $2.34 EPS.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, October 16th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.05. The company had revenue of $833.00 million for the quarter, compared to analyst estimates of $852.72 million. Comerica had a return on equity of 13.14% and a net margin of 27.28%. During the same period in the prior year, the firm posted $1.26 EPS.
Other analysts have also issued reports about the company. Morgan Stanley increased their target price on Comerica from $108.00 to $111.00 and gave the stock an “equal weight” rating in a report on Thursday, July 26th. Royal Bank of Canada reissued a “buy” rating and set a $108.00 target price (up from $106.00) on shares of Comerica in a report on Tuesday, July 17th. Vining Sparks reissued a “buy” rating and set a $107.00 target price on shares of Comerica in a report on Tuesday, October 9th. Citigroup increased their target price on Comerica from $84.00 to $88.00 and gave the stock a “sell” rating in a report on Friday, July 20th. Finally, Wedbush upped their price objective on Comerica from $111.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $100.58.
CMA opened at $83.55 on Thursday. The firm has a market cap of $15.46 billion, a PE ratio of 17.83, a P/E/G ratio of 0.56 and a beta of 1.42. Comerica has a 52-week low of $74.16 and a 52-week high of $102.66. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.69.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Friday, September 14th were given a dividend of $0.60 per share. This is an increase from Comerica’s previous quarterly dividend of $0.34. This represents a $2.40 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Thursday, September 13th. Comerica’s dividend payout ratio is currently 50.74%.
In related news, EVP Christine M. Moore sold 4,800 shares of the company’s stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $98.41, for a total transaction of $472,368.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.83% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the business. Millennium Management LLC raised its position in Comerica by 31.7% in the second quarter. Millennium Management LLC now owns 5,002,782 shares of the financial services provider’s stock valued at $454,853,000 after purchasing an additional 1,204,882 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd raised its position in Comerica by 160.4% in the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,302,681 shares of the financial services provider’s stock valued at $207,701,000 after purchasing an additional 1,418,316 shares during the last quarter. Janus Henderson Group PLC raised its position in Comerica by 61.5% in the second quarter. Janus Henderson Group PLC now owns 1,291,777 shares of the financial services provider’s stock valued at $117,449,000 after purchasing an additional 491,843 shares during the last quarter. FMR LLC raised its position in Comerica by 31.5% in the second quarter. FMR LLC now owns 1,074,432 shares of the financial services provider’s stock valued at $97,687,000 after purchasing an additional 257,581 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in Comerica by 0.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,059,199 shares of the financial services provider’s stock valued at $96,303,000 after purchasing an additional 4,136 shares during the last quarter. Hedge funds and other institutional investors own 81.32% of the company’s stock.
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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