Equities analysts predict that Comerica Incorporated (NYSE:CMA) will post $1.76 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Eight analysts have issued estimates for Comerica’s earnings. The lowest EPS estimate is $1.72 and the highest is $1.82. Comerica posted earnings per share of $1.26 in the same quarter last year, which would suggest a positive year over year growth rate of 39.7%. The firm is expected to issue its next quarterly earnings results before the market opens on Tuesday, October 16th.
On average, analysts expect that Comerica will report full-year earnings of $7.07 per share for the current year, with EPS estimates ranging from $6.94 to $7.16. For the next year, analysts forecast that the business will report earnings of $7.97 per share, with EPS estimates ranging from $7.65 to $8.65. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that cover Comerica.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. Comerica had a net margin of 27.28% and a return on equity of 13.14%. The business had revenue of $838.00 million during the quarter, compared to the consensus estimate of $833.59 million. During the same quarter in the prior year, the firm earned $1.13 EPS. The business’s revenue was up 8.0% on a year-over-year basis.
Several research analysts have commented on CMA shares. B. Riley increased their price objective on shares of Comerica from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. Wedbush increased their price objective on shares of Comerica from $111.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. Stephens reissued a “buy” rating and set a $108.00 price objective on shares of Comerica in a report on Tuesday, July 24th. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $103.00 price objective for the company in a report on Wednesday, July 18th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $108.00 price objective (up previously from $106.00) on shares of Comerica in a report on Tuesday, July 17th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and sixteen have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $99.72.
In related news, EVP Christine M. Moore sold 4,800 shares of the stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $98.41, for a total value of $472,368.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.83% of the company’s stock.
A number of institutional investors have recently bought and sold shares of CMA. Rockefeller Capital Management L.P. purchased a new stake in Comerica in the 1st quarter worth about $142,568,000. Millennium Management LLC raised its position in Comerica by 31.7% in the 2nd quarter. Millennium Management LLC now owns 5,002,782 shares of the financial services provider’s stock worth $454,853,000 after purchasing an additional 1,204,882 shares during the period. Integrated Investment Consultants LLC raised its position in Comerica by 26,511.7% in the 2nd quarter. Integrated Investment Consultants LLC now owns 986,494 shares of the financial services provider’s stock worth $1,319,000 after purchasing an additional 982,787 shares during the period. Neuberger Berman Group LLC raised its position in Comerica by 31.6% in the 1st quarter. Neuberger Berman Group LLC now owns 3,584,624 shares of the financial services provider’s stock worth $343,868,000 after purchasing an additional 861,083 shares during the period. Finally, Westfield Capital Management Co. LP purchased a new stake in Comerica in the 1st quarter worth about $64,795,000. 81.31% of the stock is currently owned by institutional investors.
Shares of CMA traded down $0.40 during midday trading on Friday, hitting $97.48. 18,446 shares of the company traded hands, compared to its average volume of 1,253,013. Comerica has a 52 week low of $64.04 and a 52 week high of $102.66. The company has a market capitalization of $16.79 billion, a PE ratio of 20.69, a price-to-earnings-growth ratio of 0.61 and a beta of 1.37. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.69.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be issued a $0.60 dividend. This is an increase from Comerica’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.46%. Comerica’s dividend payout ratio (DPR) is presently 28.75%.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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