Comerica Inc. (CMA) Trading 3.5% Higher on Earnings Beat
Comerica Inc. (NYSE:CMA)’s share price rose 3.5% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $52.04 and last traded at $51.79, with a volume of 2,456,998 shares traded. The stock had previously closed at $50.05.
The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.11. Comerica had a return on equity of 6.03% and a net margin of 14.69%. During the same quarter in the prior year, the firm earned $0.74 earnings per share.
The company also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were given a dividend of $0.23 per share. 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 payout ratio is 38.82%.
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CMA has been the subject of a number of research reports. Leerink Swann reissued a “buy” rating on shares of Comerica in a research report on Sunday, July 17th. Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research report on Monday, July 25th. Goldman Sachs Group Inc. raised Comerica from a “neutral” rating to a “buy” rating and set a $52.00 target price for the company in a research report on Friday, September 16th. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $37.00 target price on shares of Comerica in a research report on Tuesday, July 12th. Finally, Nomura reaffirmed a “hold” rating on shares of Comerica in a research report on Saturday, July 9th. Two analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $45.42.
In other Comerica news, insider Paul R. Obermeyer sold 2,302 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $45.92, for a total transaction of $105,707.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.60% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Trust Co purchased a new position in shares of Comerica during the second quarter worth about $209,000. CrestPoint Capital Management LLC purchased a new position in shares of Comerica during the third quarter worth about $407,000. Fruth Investment Management purchased a new position in shares of Comerica during the third quarter worth about $211,000. Nisa Investment Advisors LLC raised its position in shares of Comerica by 0.7% in the third quarter. Nisa Investment Advisors LLC now owns 44,525 shares of the financial services provider’s stock worth $2,107,000 after buying an additional 300 shares during the last quarter. Finally, British Columbia Investment Management Corp raised its position in shares of Comerica by 8.8% in the third quarter. British Columbia Investment Management Corp now owns 60,054 shares of the financial services provider’s stock worth $2,842,000 after buying an additional 4,860 shares during the last quarter. 84.59% of the stock is owned by hedge funds and other institutional investors.
The stock has a market capitalization of $9.00 billion, a PE ratio of 22.48 and a beta of 1.36. The stock’s 50-day moving average price is $47.36 and its 200 day moving average price is $44.43.
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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