Comerica Incorporated (NYSE:CMA) – Research analysts at SunTrust Banks dropped their Q2 2019 earnings per share estimates for shares of Comerica in a report issued on Wednesday, April 17th. SunTrust Banks analyst J. Demba now forecasts that the financial services provider will earn $2.02 per share for the quarter, down from their previous estimate of $2.03. SunTrust Banks also issued estimates for Comerica’s Q3 2019 earnings at $2.10 EPS, Q4 2019 earnings at $2.16 EPS, Q1 2020 earnings at $2.09 EPS, Q2 2020 earnings at $2.16 EPS, Q3 2020 earnings at $2.17 EPS, Q4 2020 earnings at $2.22 EPS and FY2020 earnings at $8.64 EPS.
A number of other analysts have also weighed in on CMA. Goldman Sachs Group lowered Comerica from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $89.00 to $84.00 in a report on Thursday, April 4th. Zacks Investment Research upgraded Comerica from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a report on Tuesday, March 12th. B. Riley lowered their target price on Comerica from $87.00 to $80.00 and set a “neutral” rating for the company in a report on Tuesday, March 26th. DA Davidson restated a “hold” rating and set a $85.00 target price (down previously from $87.00) on shares of Comerica in a report on Wednesday. Finally, ValuEngine upgraded Comerica from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 2nd. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $91.91.
Comerica stock opened at $79.26 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.86. The firm has a market cap of $12.47 billion, a price-to-earnings ratio of 10.95, a P/E/G ratio of 1.14 and a beta of 1.43. Comerica has a twelve month low of $63.69 and a twelve month high of $101.05.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.15. The company had revenue of $852.00 million during the quarter, compared to analyst estimates of $852.88 million. Comerica had a return on equity of 15.84% and a net margin of 34.24%. Comerica’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.59 earnings per share.
Comerica declared that its board has initiated a stock repurchase plan on Tuesday, January 22nd that permits the company to repurchase 15,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.60. Comerica’s dividend payout ratio is currently 37.02%.
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 value of $651,634.65. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Peter William Guilfoile sold 2,922 shares of the company’s stock in a transaction on Tuesday, January 29th. The shares were sold at an average price of $82.26, for a total value of $240,363.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,565 shares of company stock valued at $1,603,348. Company insiders own 0.98% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMA. Norges Bank acquired a new position in shares of Comerica in the 4th quarter valued at $89,893,000. Two Sigma Advisers LP increased its position in shares of Comerica by 133.4% in the 4th quarter. Two Sigma Advisers LP now owns 1,848,949 shares of the financial services provider’s stock valued at $127,004,000 after acquiring an additional 1,056,658 shares during the period. Deutsche Bank AG increased its position in shares of Comerica by 319.1% in the 4th quarter. Deutsche Bank AG now owns 1,277,668 shares of the financial services provider’s stock valued at $87,758,000 after acquiring an additional 972,773 shares during the period. Bank of New York Mellon Corp increased its position in shares of Comerica by 47.8% in the 3rd 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 acquiring an additional 881,990 shares during the period. Finally, Vanguard Group Inc increased its position in shares of Comerica by 3.5% in the 3rd quarter. Vanguard Group Inc now owns 18,993,812 shares of the financial services provider’s stock valued at $1,713,241,000 after acquiring an additional 634,716 shares during the period. 84.40% of the stock is currently owned by hedge funds and other institutional investors.
Comerica Company Profile
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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