Comerica Incorporated (NYSE:CMA) – Analysts at Jefferies Group decreased their Q3 2017 EPS estimates for Comerica in a research note issued on Tuesday. Jefferies Group analyst K. Usdin now anticipates that the financial services provider will post earnings per share of $1.19 for the quarter, down from their prior forecast of $1.21. Jefferies Group has a “Buy” rating and a $81.00 price objective on the stock.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.07. The firm had revenue of $776 million for the quarter, compared to analysts’ expectations of $777.08 million. Comerica had a return on equity of 9.25% and a net margin of 23.22%. Comerica’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.58 EPS.
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Several other research analysts have also issued reports on CMA. Stephens restated a “buy” rating and issued a $80.00 price target on shares of Comerica in a research report on Tuesday. BMO Capital Markets restated a “hold” rating and issued a $79.00 price target on shares of Comerica in a research report on Thursday. Keefe, Bruyette & Woods set a $71.00 price target on shares of Comerica and gave the stock a “buy” rating in a research report on Saturday, March 25th. Barclays PLC restated an “underweight” rating and issued a $76.00 price target (up previously from $72.00) on shares of Comerica in a research report on Wednesday, July 12th. Finally, Instinet reiterated a “neutral” rating and set a $71.00 price objective (up from $68.00) on shares of Comerica in a research report on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Comerica has an average rating of “Hold” and a consensus target price of $71.13.
Shares of Comerica (NYSE CMA) opened at 72.46 on Friday. Comerica has a one year low of $43.74 and a one year high of $75.72. The firm has a market cap of $12.82 billion, a PE ratio of 21.00 and a beta of 1.48. The firm’s 50-day moving average price is $72.70 and its 200-day moving average price is $70.39.
Comerica announced that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $605.00 million in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Saturday, July 1st. Stockholders of record on Thursday, June 15th were issued a dividend of $0.26 per share. This is a boost from Comerica’s previous quarterly dividend of $0.23. This represents a $1.04 annualized dividend and a dividend yield of 1.44%. The ex-dividend date was Tuesday, June 13th. Comerica’s payout ratio is currently 26.00%.
In other news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the business’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $70.94, for a total transaction of $5,930,584.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.10% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. TrimTabs Asset Management LLC acquired a new stake in Comerica during the first quarter valued at about $111,000. Exane Derivatives acquired a new stake in Comerica during the second quarter valued at about $125,000. Oppenheimer Asset Management Inc. acquired a new stake in Comerica during the first quarter valued at about $127,000. Point72 Asia Hong Kong Ltd raised its stake in Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock valued at $137,000 after buying an additional 323 shares during the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its stake in Comerica by 0.3% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,307 shares of the financial services provider’s stock valued at $159,000 after buying an additional 8 shares during the last quarter. 83.14% of the stock is owned by institutional investors and hedge funds.
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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