Comerica Incorporated (NYSE:CMA) – Equities research analysts at Piper Jaffray Companies upped their FY2018 earnings estimates for shares of Comerica in a research note issued on Tuesday, December 4th. Piper Jaffray Companies analyst B. Rabatin now expects that the financial services provider will earn $7.23 per share for the year, up from their prior estimate of $7.21. Piper Jaffray Companies has a “Buy” rating and a $106.00 price target on the stock. Piper Jaffray Companies also issued estimates for Comerica’s Q4 2018 earnings at $1.93 EPS, Q1 2020 earnings at $2.06 EPS and Q2 2020 earnings at $2.07 EPS.
CMA has been the subject of several other research reports. Morgan Stanley raised shares of Comerica from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $101.00 to $106.00 in a report on Monday, November 12th. BMO Capital Markets reduced their target price on shares of Comerica from $108.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, October 17th. SunTrust Banks reduced their target price on shares of Comerica to $91.00 and set a “hold” rating for the company in a report on Wednesday, October 17th. Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Finally, Citigroup raised shares of Comerica from a “sell” rating to a “neutral” rating in a report on Friday, November 2nd. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Comerica has an average rating of “Hold” and a consensus target price of $101.61.
Shares of Comerica stock opened at $76.40 on Wednesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.03 and a quick ratio of 1.03. Comerica has a 1 year low of $75.97 and a 1 year high of $102.66. The firm has a market cap of $12.80 billion, a P/E ratio of 16.15, a price-to-earnings-growth ratio of 0.56 and a beta of 1.38.
Comerica (NYSE:CMA) last issued its earnings results on Tuesday, October 16th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.81 by $0.05. Comerica had a net margin of 29.54% and a return on equity of 14.41%. The firm had revenue of $833.00 million during the quarter, compared to analysts’ expectations of $852.72 million. During the same quarter last year, the company posted $1.26 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Shareholders of record on Friday, December 14th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.14%. Comerica’s payout ratio is 50.74%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Comerica by 3.5% in the third quarter. Vanguard Group Inc. now owns 18,993,812 shares of the financial services provider’s stock valued at $1,713,241,000 after purchasing an additional 634,716 shares during the period. Millennium Management LLC grew its position in shares of 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 period. Neuberger Berman Group LLC grew its position in shares of Comerica by 2.3% in the third quarter. Neuberger Berman Group LLC now owns 4,229,064 shares of the financial services provider’s stock valued at $381,464,000 after purchasing an additional 94,875 shares during the period. TIAA CREF Investment Management LLC grew its position in shares of Comerica by 11.7% in the third quarter. TIAA CREF Investment Management LLC now owns 3,553,649 shares of the financial services provider’s stock valued at $320,539,000 after purchasing an additional 371,809 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Comerica by 47.8% in the third quarter. Bank of New York Mellon Corp now owns 2,727,000 shares of the financial services provider’s stock valued at $245,975,000 after purchasing an additional 881,990 shares during the period. 84.97% of the stock is owned by institutional investors.
Comerica, Inc engages in the provision of financial services. It operates through the following segments: Business Bank, Retail Bank, Wealth Management, Finance, and Other. The Business Bank segment involves in the middle market businesses, multinational corporations, and governmental entities by offering 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.
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