Comerica Incorporated (NYSE:CMA) – Analysts at FBR & Co boosted their FY2018 earnings per share estimates for Comerica in a research report issued on Tuesday. FBR & Co analyst S. Moss now expects that the financial services provider will post earnings of $5.55 per share for the year, up from their previous forecast of $5.15. FBR & Co currently has a “Outperform” rating and a $79.00 target price on the stock.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. The firm had revenue of $776 million during the quarter, compared to analysts’ expectations of $777.08 million. Comerica had a net margin of 20.42% and a return on equity of 8.45%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.58 EPS. TRADEMARK VIOLATION WARNING: This report was originally posted by BNB Daily and is the sole property of of BNB Daily. If you are reading this report on another domain, it was illegally stolen and republished in violation of U.S. and international trademark & copyright legislation. The original version of this report can be accessed at https://www.baseball-news-blog.com/2017/08/14/fbr-co-comments-on-comerica-incorporateds-fy2018-earnings-nysecma-updated-updated-updated.html.
A number of other research firms also recently weighed in on CMA. Barclays PLC reissued an “underweight” rating and set a $76.00 target price (up previously from $72.00) on shares of Comerica in a report on Wednesday, July 12th. Instinet reissued a “neutral” rating and set a $71.00 target price (up previously from $68.00) on shares of Comerica in a report on Wednesday, July 12th. Stephens reissued a “buy” rating and set a $80.00 target price on shares of Comerica in a report on Tuesday. Jefferies Group LLC reissued a “buy” rating and set a $81.00 target price on shares of Comerica in a report on Friday, July 14th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $75.00 target price (up previously from $71.00) on shares of Comerica in a report on Thursday, July 6th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Comerica currently has a consensus rating of “Hold” and an average price target of $64.78.
Comerica (NYSE:CMA) traded down 1.143% during trading on Wednesday, reaching $72.215. 1,396,785 shares of the company traded hands. The company’s 50-day moving average is $72.48 and its 200 day moving average is $70.36. The company has a market cap of $12.78 billion, a PE ratio of 20.926 and a beta of 1.48. Comerica has a 12 month low of $43.74 and a 12 month high of $75.72. Comerica also was the target of some unusual options trading on Monday. Investors purchased 6,733 put options on the stock. This is an increase of approximately 1,055% compared to the typical volume of 583 put options.
The firm also recently announced a quarterly dividend, which was paid on Saturday, July 1st. Shareholders of record on Thursday, June 15th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend was Tuesday, June 13th. This is a boost from Comerica’s previous quarterly dividend of $0.23. Comerica’s payout ratio is currently 30.15%.
Comerica announced that its board has authorized a stock buyback program on Wednesday, June 28th that permits the company to buyback $605.00 million in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
In other Comerica news, CEO Ralph W. Babb, Jr. sold 83,600 shares of Comerica stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $70.94, for a total value of $5,930,584.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.10% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Parametrica Management Ltd purchased a new stake in Comerica during the first quarter valued at $379,000. National Pension Service purchased a new stake in Comerica during the first quarter valued at $11,507,000. Gulf International Bank UK Ltd boosted its stake in Comerica by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 56,289 shares of the financial services provider’s stock valued at $3,860,000 after buying an additional 800 shares during the period. Creative Planning boosted its stake in Comerica by 56.0% in the first quarter. Creative Planning now owns 3,316 shares of the financial services provider’s stock valued at $227,000 after buying an additional 1,191 shares during the period. Finally, Contravisory Investment Management Inc. purchased a new stake in Comerica during the first quarter valued at $244,000. Institutional investors own 83.14% of the company’s stock.
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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