Comerica Incorporated (NYSE:CMA) – Analysts at SunTrust Banks upped their FY2017 EPS estimates for Comerica in a research note issued on Wednesday. SunTrust Banks analyst J. Demba now expects that the financial services provider will post earnings of $4.91 per share for the year, up from their previous estimate of $4.70. SunTrust Banks has a “Hold” rating and a $80.00 price target on the stock. SunTrust Banks also issued estimates for Comerica’s Q4 2017 earnings at $1.33 EPS, Q4 2018 earnings at $1.40 EPS and FY2018 earnings at $5.38 EPS.
Several other research firms have also weighed in on CMA. Robert W. Baird reiterated a “hold” rating and issued a $74.00 price objective on shares of Comerica in a research note on Friday. Citigroup Inc. reiterated a “sell” rating and issued a $69.00 price objective (up from $65.00) on shares of Comerica in a research note on Monday, October 9th. Instinet reiterated a “neutral” rating and issued a $74.00 price objective (up from $71.00) on shares of Comerica in a research note on Saturday, September 30th. Piper Jaffray Companies reiterated a “buy” rating on shares of Comerica in a research note on Tuesday. Finally, FBR & Co reiterated a “buy” rating and issued a $84.00 price objective (up from $79.00) on shares of Comerica in a research note on Tuesday. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company. Comerica presently has an average rating of “Hold” and a consensus target price of $77.00.
Comerica (CMA) traded up 1.94% on Friday, reaching $78.98. The company had a trading volume of 901,814 shares. Comerica has a one year low of $47.88 and a one year high of $79.20. The stock has a market cap of $13.71 billion, a price-to-earnings ratio of 17.89 and a beta of 1.51. The company has a 50-day moving average of $72.74 and a 200 day moving average of $71.45.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.03. Comerica had a return on equity of 10.35% and a net margin of 24.87%. The business had revenue of $821.00 million during the quarter, compared to analyst estimates of $812.83 million. During the same quarter in the previous year, the firm posted $0.84 EPS.
The company also recently disclosed a quarterly dividend, which was paid on Sunday, October 1st. Shareholders of record on Friday, September 15th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.55%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Thursday, September 14th. Comerica’s dividend payout ratio (DPR) is presently 27.15%.
Comerica declared that its Board of Directors has approved a share buyback 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 purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In other Comerica news, insider Judith S. Love sold 21,000 shares of the 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 can be accessed through this hyperlink. Also, insider Paul R. Obermeyer sold 20,321 shares of the 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. Insiders sold a total of 44,249 shares of company stock worth $3,095,383 over the last quarter. Corporate insiders own 1.10% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in CMA. Janus Henderson Group PLC boosted its position in Comerica by 12,425.0% in the 2nd quarter. Janus Henderson Group PLC now owns 2,064,363 shares of the financial services provider’s stock valued at $151,194,000 after buying an additional 2,047,881 shares during the last quarter. Janus Capital Management LLC boosted its position in Comerica by 153.1% in the 1st quarter. Janus Capital Management LLC now owns 1,911,788 shares of the financial services provider’s stock valued at $131,111,000 after buying an additional 1,156,304 shares during the last quarter. Vanguard Group Inc. boosted its position in Comerica by 6.7% in the 2nd quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock valued at $1,330,147,000 after buying an additional 1,142,275 shares during the last quarter. State Street Corp boosted its position in Comerica by 11.3% in the 2nd quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock valued at $731,672,000 after buying an additional 1,010,965 shares during the last quarter. Finally, Voya Investment Management LLC boosted its position in Comerica by 132.7% in the 2nd quarter. Voya Investment Management LLC now owns 1,692,458 shares of the financial services provider’s stock valued at $123,956,000 after buying an additional 965,041 shares during the last quarter. Hedge funds and other institutional investors own 82.45% 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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