Comerica Inc. (CMA) Issues Quarterly Earnings Results, Beats Expectations By $0.10 EPS
Comerica Inc. (NYSE:CMA) posted its earnings results on Tuesday. The financial services provider reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.10. Comerica had a return on equity of 6.03% and a net margin of 14.69%. During the same period last year, the company posted $0.74 earnings per share.
Comerica (NYSE:CMA) traded up 3.62% during midday trading on Wednesday, reaching $51.86. The company had a trading volume of 3,456,403 shares. The stock has a 50-day moving average price of $47.36 and a 200 day moving average price of $44.43. The company has a market capitalization of $9.02 billion, a PE ratio of 22.52 and a beta of 1.36. Comerica has a 12-month low of $30.48 and a 12-month high of $52.04.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Investors of record on Thursday, September 15th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date was Tuesday, September 13th. This is an increase from Comerica’s previous quarterly dividend of $0.22. Comerica’s dividend payout ratio is currently 38.82%.
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In other news, insider Paul R. Obermeyer sold 2,302 shares of Comerica stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $45.92, for a total value of $105,707.84. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the stock. Endeavour Capital Advisors Inc. raised its position in shares of Comerica by 19.7% in the first quarter. Endeavour Capital Advisors Inc. now owns 507,094 shares of the financial services provider’s stock valued at $19,204,000 after buying an additional 83,336 shares during the last quarter. Moore Capital Management LP acquired a new position in shares of Comerica during the first quarter valued at about $947,000. A.R.T. Advisors LLC acquired a new position in shares of Comerica during the first quarter valued at about $2,792,000. National Planning Corp acquired a new position in shares of Comerica during the first quarter valued at about $239,000. Finally, Zurich Insurance Group Ltd FI acquired a new position in shares of Comerica during the first quarter valued at about $960,000. Institutional investors own 84.59% of the company’s stock.
CMA has been the subject of several analyst reports. Zacks Investment Research lowered Comerica from a “hold” rating to a “sell” rating in a report on Tuesday, June 21st. Bank of America Corp. downgraded Comerica from a “neutral” rating to an “underperform” rating and lifted their price target for the stock from $30.48 to $36.00 in a research report on Wednesday, June 29th. Goldman Sachs Group Inc. raised Comerica from a “neutral” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Friday, September 16th. FBR & Co downgraded Comerica from an “outperform” rating to a “market perform” rating and set a $50.00 price target on the stock. in a research report on Tuesday, October 11th. Finally, Credit Agricole SA lifted their price target on Comerica from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 6th. Two research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have issued a buy rating to the stock. Comerica has an average rating of “Hold” and a consensus price target of $45.42.
Comerica Company Profile
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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