Comerica Incorporated (NYSE:CMA) – Equities researchers at Piper Jaffray Companies raised their Q2 2019 earnings per share (EPS) estimates for Comerica in a research note issued to investors on Tuesday, April 16th. Piper Jaffray Companies analyst B. Rabatin now forecasts that the financial services provider will earn $2.01 per share for the quarter, up from their previous forecast of $1.95. Piper Jaffray Companies also issued estimates for Comerica’s Q3 2019 earnings at $1.98 EPS, FY2019 earnings at $8.14 EPS, Q1 2020 earnings at $2.04 EPS and Q4 2020 earnings at $2.22 EPS.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.15. Comerica had a return on equity of 15.84% and a net margin of 34.24%. The business had revenue of $852.00 million for the quarter, compared to analyst estimates of $852.88 million. During the same quarter in the prior year, the company earned $1.59 earnings per share. The company’s revenue was up 7.4% on a year-over-year basis.
A number of other analysts have also weighed in on the company. Goldman Sachs Group lowered Comerica from a “conviction-buy” rating to a “buy” rating in a research report on Monday, January 7th. DA Davidson cut their price objective on Comerica to $87.00 and set a “neutral” rating on the stock in a research report on Thursday, January 17th. ValuEngine lowered Comerica from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 21st. Barclays cut their price objective on Comerica from $102.00 to $90.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 2nd. Finally, Stephens lowered Comerica from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, March 6th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Comerica has a consensus rating of “Hold” and an average price target of $91.91.
Comerica stock opened at $78.25 on Thursday. Comerica has a twelve month low of $63.69 and a twelve month high of $101.05. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $12.36 billion, a PE ratio of 10.81, a P/E/G ratio of 1.14 and a beta of 1.43.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Claybrook Capital LLC acquired a new position in Comerica in the fourth quarter valued at $29,000. TrimTabs Asset Management LLC boosted its stake in shares of Comerica by 5.0% during the first quarter. TrimTabs Asset Management LLC now owns 12,951 shares of the financial services provider’s stock worth $950,000 after buying an additional 616 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Comerica by 49.8% during the first quarter. State of Alaska Department of Revenue now owns 64,016 shares of the financial services provider’s stock worth $4,691,000 after buying an additional 21,275 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Comerica by 14.3% during the third quarter. Pacer Advisors Inc. now owns 8,969 shares of the financial services provider’s stock worth $809,000 after buying an additional 1,122 shares during the period. Finally, MUFG Securities EMEA plc acquired a new stake in shares of Comerica during the fourth quarter worth about $34,383,000. Institutional investors own 84.40% of the company’s stock.
In related news, EVP Megan D. Burkhart sold 7,443 shares of the stock in a transaction on Wednesday, February 27th. The stock was 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 is available at the SEC website. Also, insider Peter William Guilfoile sold 2,922 shares of the company’s stock in a transaction on Tuesday, January 29th. The shares were sold at an average price of $82.26, for a total transaction of $240,363.72. The disclosure for this sale can be found here. Insiders sold 18,565 shares of company stock worth $1,603,348 in the last three months. 0.98% of the stock is currently owned by corporate insiders.
Comerica announced that its Board of Directors has authorized a stock repurchase program on Tuesday, January 22nd that allows the company to buyback 15,000,000 shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.60. Comerica’s dividend payout ratio is 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.
Featured Story: What is a stock buyback?
Receive News & Ratings for Comerica Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica and related companies with MarketBeat.com's FREE daily email newsletter.