Equities analysts predict that Comerica Incorporated (NYSE:CMA) will post sales of $839.87 million for the current quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Comerica’s earnings, with the highest sales estimate coming in at $862.40 million and the lowest estimate coming in at $827.30 million. Comerica reported sales of $833.00 million during the same quarter last year, which indicates a positive year-over-year growth rate of 0.8%. The business is scheduled to issue its next quarterly earnings results on Tuesday, October 15th.
On average, analysts expect that Comerica will report full year sales of $3.37 billion for the current financial year, with estimates ranging from $3.34 billion to $3.44 billion. For the next fiscal year, analysts anticipate that the company will report sales of $3.30 billion, with estimates ranging from $3.18 billion to $3.47 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Comerica.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.07). Comerica had a return on equity of 16.92% and a net margin of 33.29%. The firm had revenue of $853.00 million for the quarter, compared to the consensus estimate of $859.09 million. During the same period in the previous year, the company posted $1.87 EPS. Comerica’s quarterly revenue was up 1.8% compared to the same quarter last year.
A number of equities analysts have recently issued reports on the company. Odeon Capital Group downgraded Comerica from a “buy” rating to a “sell” rating in a research report on Wednesday, September 4th. DA Davidson dropped their price target on Comerica to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, July 18th. Goldman Sachs Group downgraded Comerica from a “neutral” rating to a “sell” rating and set a $70.00 price target on the stock. in a research report on Tuesday, July 2nd. ValuEngine raised Comerica from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 4th. Finally, BMO Capital Markets dropped their price target on Comerica to $78.00 and set a “market perform” rating on the stock in a research report on Thursday, July 18th. Seven research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $81.48.
Several large investors have recently made changes to their positions in CMA. Covington Capital Management raised its stake in shares of Comerica by 88.5% in the second quarter. Covington Capital Management now owns 411 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 193 shares during the last quarter. Zions Bancorporation N.A. purchased a new position in shares of Comerica in the first quarter worth about $35,000. Creative Financial Designs Inc. ADV purchased a new position in shares of Comerica in the second quarter worth about $51,000. CSat Investment Advisory L.P. raised its stake in shares of Comerica by 170.5% in the second quarter. CSat Investment Advisory L.P. now owns 706 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 445 shares during the last quarter. Finally, Kavar Capital Partners LLC purchased a new position in shares of Comerica in the second quarter worth about $73,000. Hedge funds and other institutional investors own 86.54% of the company’s stock.
Shares of CMA traded down $0.03 during midday trading on Wednesday, reaching $65.97. 3,287,883 shares of the stock were exchanged, compared to its average volume of 1,906,332. Comerica has a 52 week low of $58.54 and a 52 week high of $94.85. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.90. The company’s 50 day moving average is $62.85 and its two-hundred day moving average is $71.79. The company has a market capitalization of $10.00 billion, a P/E ratio of 9.11, a PEG ratio of 0.60 and a beta of 1.52.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend is Thursday, September 12th. Comerica’s dividend payout ratio (DPR) is presently 37.02%.
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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