Comerica Incorporated (NYSE:CMA) – SunTrust Banks decreased their Q2 2020 earnings estimates for shares of Comerica in a report issued on Wednesday, March 13th. SunTrust Banks analyst J. Demba now forecasts that the financial services provider will earn $2.20 per share for the quarter, down from their prior estimate of $2.21. SunTrust Banks also issued estimates for Comerica’s Q3 2020 earnings at $2.25 EPS.
Several other analysts have also recently issued reports on the stock. Wedbush upped their price objective on shares of Comerica from $81.00 to $86.00 and gave the company an “outperform” rating in a research note on Thursday, January 17th. Barclays dropped their price objective on shares of Comerica from $102.00 to $90.00 and set an “underweight” rating for the company in a research note on Wednesday, January 2nd. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $92.00 price objective for the company in a research note on Tuesday. Morgan Stanley dropped their price objective on shares of Comerica from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Tuesday, December 11th. Finally, DA Davidson dropped their price objective on shares of Comerica to $87.00 and set a “neutral” rating for the company in a research note on Thursday, January 17th. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $94.95.
CMA stock opened at $82.16 on Friday. The stock has a market cap of $13.11 billion, a PE ratio of 11.35, a P/E/G ratio of 0.51 and a beta of 1.45. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.03 and a quick ratio of 1.03. Comerica has a 52 week low of $63.69 and a 52 week high of $101.05.
Comerica (NYSE:CMA) last released its earnings results on Wednesday, January 16th. The financial services provider reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $864.00 million during the quarter, compared to analysts’ expectations of $863.43 million. Comerica had a net margin of 34.24% and a return on equity of 15.84%. The company’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.28 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be issued a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 3.26%. This is a positive change from Comerica’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, March 14th. Comerica’s payout ratio is presently 33.15%.
Comerica declared that its Board of Directors has approved a stock repurchase program on Tuesday, January 22nd that authorizes the company to repurchase 15,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
In other Comerica news, EVP Megan D. Burkhart sold 7,443 shares of the business’s stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $87.55, for a total value of $651,634.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul R. Obermeyer sold 8,200 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $86.75, for a total transaction of $711,350.00. The disclosure for this sale can be found here. Insiders sold a total of 18,565 shares of company stock worth $1,603,348 over the last quarter. 0.83% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the company. Arcadia Investment Management Corp MI acquired a new position in shares of Comerica in the 4th quarter worth approximately $25,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Comerica in the 4th quarter worth approximately $25,000. Claybrook Capital LLC acquired a new position in shares of Comerica in the 4th quarter worth approximately $29,000. Highwater Wealth Management LLC acquired a new position in shares of Comerica in the 4th quarter worth approximately $32,000. Finally, Pier 88 Investment Partners LLC lifted its holdings in shares of Comerica by 56.7% in the 4th quarter. Pier 88 Investment Partners LLC now owns 470 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 170 shares during the last quarter. Hedge funds and other institutional investors own 83.20% of the company’s stock.
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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