Brokerages expect Comerica Incorporated (NYSE:CMA) to post $1.94 earnings per share for the current fiscal quarter, according to Zacks. Eight analysts have issued estimates for Comerica’s earnings. The highest EPS estimate is $2.00 and the lowest is $1.88. Comerica reported earnings per share of $1.59 in the same quarter last year, which suggests a positive year-over-year growth rate of 22%. The company is expected to issue its next quarterly earnings results before the market opens on Tuesday, April 16th.
According to Zacks, analysts expect that Comerica will report full-year earnings of $8.18 per share for the current financial year, with EPS estimates ranging from $7.90 to $8.48. For the next fiscal year, analysts expect that the business will report earnings of $8.75 per share, with EPS estimates ranging from $8.30 to $9.29. Zacks’ EPS averages are an average based on a survey of research analysts that that provide coverage for Comerica.
Comerica (NYSE:CMA) last released its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.87 by $0.08. The firm had revenue of $864.00 million for the quarter, compared to analyst estimates of $863.43 million. Comerica had a return on equity of 15.84% and a net margin of 34.24%. Comerica’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.28 EPS.
CMA has been the topic of several recent research reports. Goldman Sachs Group lowered Comerica from a “conviction-buy” rating to a “buy” rating in a research report on Monday, January 7th. Argus began coverage on Comerica in a research report on Thursday, January 3rd. They issued a “buy” rating and a $88.00 target price on the stock. Stephens reaffirmed a “buy” rating and issued a $85.00 target price on shares of Comerica in a research report on Wednesday, December 19th. Piper Jaffray Companies set a $106.00 target price on Comerica and gave the company a “buy” rating in a research report on Tuesday, December 4th. Finally, Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $92.00 target price on the stock in a research report on Tuesday, March 12th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $94.00.
Comerica stock traded down $3.29 during midday trading on Friday, hitting $72.07. 2,509,721 shares of the company were exchanged, compared to its average volume of 2,037,393. The firm has a market capitalization of $11.38 billion, a PE ratio of 9.95, a price-to-earnings-growth ratio of 0.57 and a beta of 1.45. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.03 and a current ratio of 1.03. Comerica has a fifty-two week low of $63.69 and a fifty-two week high of $101.05.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be paid a dividend of $0.67 per share. This is an increase from Comerica’s previous quarterly dividend of $0.60. This represents a $2.68 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date is Thursday, March 14th. Comerica’s dividend payout ratio is presently 37.02%.
Comerica declared that its Board of Directors has approved a share buyback program on Tuesday, January 22nd that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, EVP Megan D. Burkhart sold 7,443 shares of the company’s stock in a transaction on Wednesday, February 27th. The stock was sold at an average price of $87.55, for a total transaction of $651,634.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul R. Obermeyer sold 8,200 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $86.75, for a total value of $711,350.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,565 shares of company stock valued at $1,603,348. 0.98% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of CMA. Allianz Asset Management GmbH grew its stake in Comerica by 936.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,591,118 shares of the financial services provider’s stock worth $143,519,000 after buying an additional 1,437,542 shares during the last quarter. Norges Bank bought a new position in Comerica during the 4th quarter worth $89,893,000. Two Sigma Advisers LP grew its stake in Comerica by 133.4% during the 4th quarter. Two Sigma Advisers LP now owns 1,848,949 shares of the financial services provider’s stock worth $127,004,000 after buying an additional 1,056,658 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Comerica by 47.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,727,000 shares of the financial services provider’s stock worth $245,975,000 after buying an additional 881,990 shares during the last quarter. Finally, Vanguard Group Inc grew its stake in Comerica by 3.5% during the 3rd quarter. Vanguard Group Inc now owns 18,993,812 shares of the financial services provider’s stock worth $1,713,241,000 after buying an additional 634,716 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers 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 middle market businesses, multinational corporations, and governmental entities.
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