Comerica Incorporated (NYSE:CMA) Expected to Post Quarterly Sales of $808.55 Million
Wall Street analysts predict that Comerica Incorporated (NYSE:CMA) will post $808.55 million in sales for the current quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Comerica’s earnings. The highest sales estimate is $813.20 million and the lowest is $797.00 million. Comerica reported sales of $722.00 million in the same quarter last year, which would indicate a positive year over year growth rate of 12%. The company is scheduled to report its next quarterly earnings results on Tuesday, October 17th.
On average, analysts expect that Comerica will report full year sales of $808.55 million for the current financial year, with estimates ranging from $3.13 billion to $3.17 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $3.40 billion per share, with estimates ranging from $3.36 billion to $3.43 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Comerica.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.07. Comerica had a return on equity of 9.25% and a net margin of 23.22%. The company had revenue of $776 million during the quarter, compared to analyst estimates of $777.08 million. During the same period in the prior year, the company earned $0.58 earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis.
Several equities research analysts recently issued reports on CMA shares. Zacks Investment Research upgraded Comerica from a “hold” rating to a “strong-buy” rating and set a $78.00 price objective on the stock in a report on Friday, April 21st. Keefe, Bruyette & Woods set a $73.00 target price on Comerica and gave the stock a “buy” rating in a report on Tuesday, April 18th. Morgan Stanley boosted their target price on Comerica from $70.00 to $71.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 6th. BidaskClub cut Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Finally, Barclays PLC restated an “underweight” rating and set a $72.00 target price (up from $69.00) on shares of Comerica in a report on Saturday, April 22nd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $71.13.
In other Comerica news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $70.94, for a total value of $5,930,584.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Quantitative Systematic Strategies LLC purchased a new stake in shares of Comerica during the second quarter worth about $422,000. Barometer Capital Management Inc. purchased a new stake in shares of Comerica during the second quarter worth about $6,218,000. Skylands Capital LLC raised its stake in shares of Comerica by 12.2% in the second quarter. Skylands Capital LLC now owns 38,300 shares of the financial services provider’s stock worth $2,805,000 after buying an additional 4,150 shares during the last quarter. State Treasurer State of Michigan raised its stake in shares of Comerica by 0.7% in the second quarter. State Treasurer State of Michigan now owns 58,176 shares of the financial services provider’s stock worth $4,261,000 after buying an additional 400 shares during the last quarter. Finally, Aperio Group LLC raised its stake in shares of Comerica by 7.7% in the second quarter. Aperio Group LLC now owns 185,875 shares of the financial services provider’s stock worth $13,613,000 after buying an additional 13,261 shares during the last quarter. 83.14% of the stock is currently owned by institutional investors.
Comerica (CMA) opened at 72.46 on Friday. Comerica has a 52 week low of $43.74 and a 52 week high of $75.72. The company’s 50-day moving average price is $72.70 and its 200-day moving average price is $70.39. The company has a market capitalization of $12.75 billion, a price-to-earnings ratio of 18.11 and a beta of 1.48.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, July 1st. Investors of record on Thursday, June 15th were issued a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, June 13th. This is a boost from Comerica’s previous quarterly dividend of $0.23. This represents a $1.04 dividend on an annualized basis and a yield of 1.44%. Comerica’s dividend payout ratio is currently 26.00%.
Comerica announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $605.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Comerica Company Profile
Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering 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.
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