Equities Analysts Offer Predictions for Comerica Incorporated’s FY2018 Earnings (CMA)
Comerica Incorporated (NYSE:CMA) – Equities researchers at Wedbush issued their FY2018 EPS estimates for shares of Comerica in a research report issued on Tuesday. Wedbush analyst P. Winter anticipates that the financial services provider will earn $5.17 per share for the year.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The business had revenue of $776.00 million during the quarter, compared to analysts’ expectations of $777.08 million. During the same quarter last year, the business posted $0.58 earnings per share. The business’s revenue for the quarter was up 8.8% on a year-over-year basis.
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CMA has been the subject of a number of other research reports. FBR & Co upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price target for the company in a research report on Friday, June 9th. Robert W. Baird reiterated a “hold” rating and set a $70.00 price target on shares of Comerica in a research report on Friday, August 25th. Morgan Stanley boosted their price target on Comerica from $70.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 6th. BidaskClub downgraded Comerica from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Zacks Investment Research downgraded Comerica from a “buy” rating to a “hold” rating in a research note on Wednesday, August 23rd. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $74.44.
Shares of Comerica (CMA) traded down 0.26% on Thursday, hitting $68.30. The stock had a trading volume of 664,432 shares. The company’s 50-day moving average price is $70.32 and its 200 day moving average price is $70.70. Comerica has a 12-month low of $45.14 and a 12-month high of $75.72. The firm has a market cap of $12.01 billion, a P/E ratio of 17.06 and a beta of 1.49.
Several hedge funds have recently modified their holdings of CMA. TrimTabs Asset Management LLC purchased a new position in Comerica in the first quarter valued at about $111,000. Exane Derivatives purchased a new position in Comerica in the second quarter valued at about $125,000. Oppenheimer Asset Management Inc. purchased a new position in Comerica in the first quarter valued at about $127,000. Point72 Asia Hong Kong Ltd grew its stake in Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock valued at $137,000 after purchasing an additional 323 shares in the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its stake in Comerica by 0.3% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock valued at $169,000 after purchasing an additional 8 shares in the last quarter. Institutional investors and hedge funds own 82.52% of the company’s stock.
In other news, insider Paul R. Obermeyer sold 20,321 shares of Comerica stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total transaction of $1,427,347.04. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Judith S. Love sold 21,000 shares of Comerica stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total value of $1,464,540.00. The disclosure for this sale can be found here. Insiders have sold 44,249 shares of company stock worth $3,095,383 in the last quarter. 1.10% of the stock is currently owned by corporate insiders.
Comerica declared that its Board of Directors has approved 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 reacquire up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be issued a dividend of $0.30 per share. This is an increase from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.74%. Comerica’s payout ratio is currently 26.00%.
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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