Comerica Incorporated (NYSE:CMA) – Stock analysts at FBR & Co issued their Q3 2019 earnings per share estimates for shares of Comerica in a research note issued to investors on Tuesday. FBR & Co analyst S. Moss forecasts that the financial services provider will post earnings per share of $1.60 for the quarter. FBR & Co has a “Buy” rating and a $84.00 price objective on the stock.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.03. The company had revenue of $821.00 million for the quarter, compared to the consensus estimate of $812.83 million. Comerica had a return on equity of 10.35% and a net margin of 24.87%. During the same period in the previous year, the business posted $0.84 EPS.
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A number of other analysts have also recently issued reports on CMA. BidaskClub cut Comerica from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $75.00 price objective (up from $71.00) on shares of Comerica in a research report on Thursday, July 6th. Barclays PLC reaffirmed an “underweight” rating and issued a $76.00 price objective (up from $72.00) on shares of Comerica in a research report on Wednesday, July 12th. Instinet reaffirmed a “neutral” rating and issued a $71.00 price objective (up from $68.00) on shares of Comerica in a research report on Wednesday, July 12th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $81.00 price objective on shares of Comerica in a research report on Friday, July 14th. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $76.80.
Shares of Comerica (NYSE:CMA) traded up 1.04% on Thursday, reaching $77.37. The company’s stock had a trading volume of 1,576,181 shares. The company’s 50 day moving average is $72.49 and its 200-day moving average is $71.41. Comerica has a 1-year low of $47.88 and a 1-year high of $77.95. The firm has a market cap of $13.43 billion, a price-to-earnings ratio of 17.53 and a beta of 1.51.
Institutional investors and hedge funds have recently modified their holdings of the company. DnB Asset Management AS increased its stake in shares of Comerica by 1.4% in the 2nd quarter. DnB Asset Management AS now owns 81,311 shares of the financial services provider’s stock valued at $5,955,000 after purchasing an additional 1,100 shares during the last quarter. Chicago Equity Partners LLC increased its stake in shares of Comerica by 25.0% in the 2nd quarter. Chicago Equity Partners LLC now owns 36,540 shares of the financial services provider’s stock valued at $2,676,000 after purchasing an additional 7,310 shares during the last quarter. Pacad Investment Ltd. bought a new position in shares of Comerica in the 2nd quarter valued at $1,147,000. Delta Lloyd Asset Management N.V. bought a new position in shares of Comerica in the 2nd quarter valued at $1,876,000. Finally, BlueCrest Capital Management Ltd bought a new position in shares of Comerica in the 1st quarter valued at $1,029,000. Institutional investors own 82.45% of the company’s stock.
In other news, insider Judith S. Love sold 21,000 shares of Comerica stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total value of $1,464,540.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul R. Obermeyer sold 20,321 shares of Comerica stock in a transaction 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. In the last quarter, insiders sold 44,249 shares of company stock worth $3,095,383. Corporate insiders own 1.10% of the company’s stock.
Comerica declared that its Board of Directors has initiated a stock buyback 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 stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Stockholders of record on Friday, September 15th were paid a $0.30 dividend. This is a positive change from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date was Thursday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.57%. Comerica’s dividend payout ratio (DPR) is presently 27.15%.
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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