Comerica Incorporated (CMA) Expected to Post Earnings of $1.19 Per Share
Equities analysts predict that Comerica Incorporated (NYSE:CMA) will report $1.19 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Eight analysts have issued estimates for Comerica’s earnings. The lowest EPS estimate is $1.14 and the highest is $1.29. Comerica posted earnings of $0.84 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 41.7%. The firm is expected to report its next earnings report before the market opens on Tuesday, October 17th.
According to Zacks, analysts expect that Comerica will report full-year earnings of $4.62 per share for the current year, with EPS estimates ranging from $4.55 to $4.76. For the next year, analysts forecast that the company will post earnings of $5.26 per share, with EPS estimates ranging from $5.08 to $5.55. Zacks Investment Research’s earnings per share calculations are an average based on a survey of analysts that that provide coverage for Comerica.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The company had revenue of $776.00 million during the quarter, compared to analyst estimates of $777.08 million. During the same quarter last year, the firm posted $0.58 EPS. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis.
A number of research firms have weighed in on CMA. Morgan Stanley reissued an “equal weight” rating and issued a $79.00 target price (up previously from $76.00) on shares of Comerica in a report on Wednesday. SunTrust Banks, Inc. restated a “hold” rating and issued a $80.00 price target on shares of Comerica in a research report on Wednesday. Instinet restated a “neutral” rating and issued a $74.00 price target (up previously from $71.00) on shares of Comerica in a research report on Saturday, September 30th. Nomura upped their price target on Comerica from $71.00 to $74.00 and gave the stock a “neutral” rating in a research report on Thursday, September 28th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $79.00 price target on shares of Comerica in a research report on Friday, September 22nd. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $76.72.
Shares of Comerica (NYSE:CMA) traded up 1.45% during midday trading on Thursday, reaching $76.39. The company had a trading volume of 703,521 shares. The company’s 50-day moving average is $70.66 and its 200-day moving average is $70.81. The stock has a market capitalization of $13.44 billion, a PE ratio of 19.08 and a beta of 1.51. Comerica has a 1-year low of $47.12 and a 1-year high of $76.76.
Comerica declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to buyback $605.00 million in shares. This buyback authorization permits the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 15th were paid a dividend of $0.30 per share. The ex-dividend date was Thursday, September 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 dividend on an annualized basis and a yield of 1.59%. Comerica’s dividend payout ratio is presently 30.00%.
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In related news, insider Judith S. Love sold 21,000 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total transaction of $1,464,540.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul R. Obermeyer sold 20,321 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total value of $1,427,347.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,249 shares of company stock valued at $3,095,383. 1.10% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in Comerica by 0.3% during 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 buying an additional 8 shares during the last quarter. National Planning Corp boosted its stake in Comerica by 0.4% during the second quarter. National Planning Corp now owns 5,763 shares of the financial services provider’s stock valued at $429,000 after buying an additional 21 shares during the last quarter. Contravisory Investment Management Inc. boosted its stake in Comerica by 0.7% during the second quarter. Contravisory Investment Management Inc. now owns 3,588 shares of the financial services provider’s stock valued at $263,000 after buying an additional 25 shares during the last quarter. Veritable L.P. boosted its stake in Comerica by 0.3% during the second quarter. Veritable L.P. now owns 10,844 shares of the financial services provider’s stock valued at $794,000 after buying an additional 32 shares during the last quarter. Finally, United Capital Financial Advisers LLC boosted its stake in Comerica by 0.8% during the first quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock valued at $433,000 after buying an additional 53 shares during the last quarter. 82.45% of the stock is owned by institutional investors.
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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