Equities research analysts expect Comerica Incorporated (NYSE:CMA) to post earnings per share of $2.00 for the current quarter, Zacks Investment Research reports. Eight analysts have made estimates for Comerica’s earnings. The highest EPS estimate is $2.06 and the lowest is $1.94. Comerica posted earnings per share of $1.87 in the same quarter last year, which suggests a positive year-over-year growth rate of 7%. The company is scheduled to issue its next quarterly earnings report on Tuesday, July 16th.
According to Zacks, analysts expect that Comerica will report full year earnings of $8.23 per share for the current fiscal year, with EPS estimates ranging from $7.98 to $8.39. For the next year, analysts anticipate that the company will post earnings of $8.47 per share, with EPS estimates ranging from $7.84 to $8.85. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that cover Comerica.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.15. The business had revenue of $852.00 million during the quarter, compared to analyst estimates of $852.88 million. Comerica had a return on equity of 16.95% and a net margin of 34.75%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same period last year, the company posted $1.59 EPS.
Several equities research analysts have recently weighed in on the company. ValuEngine raised Comerica from a “strong sell” rating to a “sell” rating in a research note on Friday, May 3rd. DA Davidson reduced their price objective on Comerica from $87.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, April 17th. Jefferies Financial Group lowered Comerica from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a research note on Wednesday, April 17th. JPMorgan Chase & Co. lowered Comerica from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $89.00 to $79.00 in a research note on Thursday, April 4th. Finally, Goldman Sachs Group lowered Comerica from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $89.00 to $84.00 in a research note on Thursday, April 4th. Three analysts have rated the stock with a sell rating, sixteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $91.91.
In related news, EVP Christine M. Moore sold 3,200 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $73.49, for a total transaction of $235,168.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul R. Obermeyer sold 8,200 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $86.75, for a total value of $711,350.00. The disclosure for this sale can be found here. Insiders sold 18,843 shares of company stock valued at $1,598,153 in the last 90 days. Corporate insiders own 0.98% of the company’s stock.
Several large investors have recently made changes to their positions in CMA. Oppenheimer Asset Management Inc. bought a new position in Comerica during the fourth quarter valued at about $25,000. Trust Department MB Financial Bank N A raised its holdings in Comerica by 64.3% during the first quarter. Trust Department MB Financial Bank N A now owns 345 shares of the financial services provider’s stock valued at $25,000 after buying an additional 135 shares in the last quarter. Liberty Wealth Management LLC bought a new position in Comerica during the fourth quarter valued at about $26,000. Claybrook Capital LLC bought a new position in Comerica during the fourth quarter valued at about $29,000. Finally, CWM LLC raised its holdings in Comerica by 247.5% during the first quarter. CWM LLC now owns 424 shares of the financial services provider’s stock valued at $31,000 after buying an additional 302 shares in the last quarter. Institutional investors and hedge funds own 83.67% of the company’s stock.
Shares of CMA traded up $0.77 during trading hours on Friday, hitting $72.42. 1,295,251 shares of the company were exchanged, compared to its average volume of 1,620,834. The firm has a market cap of $11.16 billion, a PE ratio of 10.00, a P/E/G ratio of 1.29 and a beta of 1.43. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.92. Comerica has a one year low of $63.69 and a one year high of $100.64.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.67 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.70%. Comerica’s payout ratio is currently 37.02%.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers 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 middle market businesses, multinational corporations, and governmental entities.
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