Comerica Incorporated (NYSE:CMA) Expected to Post Quarterly Sales of $808.55 Million
Brokerages predict that Comerica Incorporated (NYSE:CMA) will announce $808.55 million in sales for the current quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Comerica’s earnings, with the lowest sales estimate coming in at $797.00 million and the highest estimate coming in at $813.20 million. Comerica reported sales of $722.00 million during the same quarter last year, which indicates a positive year over year growth rate of 12%. The firm is expected to report its next earnings report on Tuesday, October 17th.
On average, analysts expect that Comerica will report full-year sales of $808.55 million for the current fiscal year, with estimates ranging from $3.13 billion to $3.16 billion. For the next year, analysts expect that the business 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 cover Comerica.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The company had revenue of $776 million for 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.
A number of research analysts have recently issued reports on CMA shares. Keefe, Bruyette & Woods set a $73.00 price target on shares of Comerica and gave the stock a “buy” rating in a research note on Tuesday, April 18th. Jefferies Group LLC reiterated a “buy” rating and set a $81.00 price target on shares of Comerica in a research note on Monday, May 15th. BidaskClub lowered shares of Comerica from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Stephens reiterated a “buy” rating and set a $80.00 price target on shares of Comerica in a research note on Tuesday, July 18th. Finally, FBR & Co set a $79.00 price target on shares of Comerica and gave the stock a “buy” rating in a research note on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $71.71.
Shares of Comerica (NYSE:CMA) opened at 70.21 on Friday. The firm has a 50-day moving average of $73.06 and a 200 day moving average of $70.82. Comerica has a 12-month low of $45.14 and a 12-month high of $75.72. The stock has a market capitalization of $12.35 billion, a price-to-earnings ratio of 17.53 and a beta of 1.47.
Comerica announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $605.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Thursday, September 14th. This is an increase from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio is 26.00%.
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Several hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC increased its stake in shares of Comerica by 4.9% in the first quarter. ProShare Advisors LLC now owns 40,535 shares of the financial services provider’s stock valued at $2,780,000 after buying an additional 1,907 shares during the period. Korea Investment CORP increased its stake in shares of Comerica by 5.0% in the first quarter. Korea Investment CORP now owns 262,592 shares of the financial services provider’s stock valued at $18,009,000 after buying an additional 12,462 shares during the period. Mn Services Vermogensbeheer B.V. increased its stake in shares of Comerica by 4.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 4,604 shares of the financial services provider’s stock valued at $295,000 after buying an additional 195 shares during the period. Retirement Systems of Alabama increased its stake in shares of Comerica by 1.2% in the first quarter. Retirement Systems of Alabama now owns 85,008 shares of the financial services provider’s stock valued at $5,830,000 after buying an additional 972 shares during the period. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Comerica during the first quarter valued at about $1,167,000. 84.29% of the stock is currently owned by institutional investors.
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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