Comerica (NYSE:CMA) Shares Gap Up on Earnings Beat

Shares of Comerica Incorporated (NYSE:CMA) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $49.82, but opened at $51.55. Comerica shares last traded at $50.91, with a volume of 330,007 shares.

The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $807.57 million. Comerica had a return on equity of 19.41% and a net margin of 16.71%. During the same quarter in the previous year, the firm earned $2.39 earnings per share.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.51%. Comerica’s dividend payout ratio (DPR) is currently 44.10%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Evercore ISI lifted their price target on Comerica from $55.00 to $58.00 and gave the stock an “in-line” rating in a report on Thursday, March 28th. Truist Financial boosted their target price on Comerica from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Argus lowered Comerica from a “buy” rating to a “hold” rating in a research note on Monday, January 29th. Bank Of America (Bofa) boosted their target price on Comerica from $52.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. Finally, Stephens reissued an “overweight” rating and set a $64.00 price objective on shares of Comerica in a report on Friday. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $58.02.

Insider Activity

In other news, EVP Wendy Bridges sold 3,034 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $52.74, for a total transaction of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $52.74, for a total transaction of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $54.64, for a total value of $88,298.24. Following the completion of the sale, the executive vice president now owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Bison Wealth LLC lifted its stake in shares of Comerica by 1.7% in the 4th quarter. Bison Wealth LLC now owns 11,653 shares of the financial services provider’s stock valued at $650,000 after purchasing an additional 196 shares during the period. Fruth Investment Management increased its position in Comerica by 1.6% during the 4th quarter. Fruth Investment Management now owns 13,090 shares of the financial services provider’s stock valued at $730,000 after buying an additional 200 shares in the last quarter. Yousif Capital Management LLC increased its position in Comerica by 2.8% during the 4th quarter. Yousif Capital Management LLC now owns 7,918 shares of the financial services provider’s stock valued at $442,000 after buying an additional 219 shares in the last quarter. Horizon Investments LLC increased its position in Comerica by 9.9% during the 2nd quarter. Horizon Investments LLC now owns 2,458 shares of the financial services provider’s stock valued at $104,000 after buying an additional 221 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund increased its position in Comerica by 4.9% during the 3rd quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 4,688 shares of the financial services provider’s stock valued at $333,000 after buying an additional 221 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Trading Up 1.8 %

The firm has a market cap of $6.83 billion, a P/E ratio of 8.01 and a beta of 1.27. The stock has a fifty day simple moving average of $51.38 and a 200 day simple moving average of $49.23. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.94 and a current ratio of 0.94.

Comerica Company Profile

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.