Comerica Incorporated (NYSE:CMA) – Investment analysts at Wedbush upped their FY2018 EPS estimates for Comerica in a research report issued to clients and investors on Tuesday, October 16th. Wedbush analyst P. Winter now forecasts that the financial services provider will earn $7.19 per share for the year, up from their previous forecast of $7.15. Wedbush currently has a “Buy” rating and a $112.00 price objective on the stock. Wedbush also issued estimates for Comerica’s Q4 2018 earnings at $1.90 EPS and FY2019 earnings at $8.02 EPS.
Several other analysts also recently weighed in on the stock. Morgan Stanley cut their price objective on shares of Comerica from $111.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 18th. Zacks Investment Research downgraded shares of Comerica from a “buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Royal Bank of Canada reiterated a “buy” rating and issued a $108.00 price objective (up from $106.00) on shares of Comerica in a research report on Tuesday, July 17th. Bank of America upgraded shares of Comerica from a “neutral” rating to a “buy” rating and set a $108.00 price objective on the stock in a research report on Tuesday, July 17th. They noted that the move was a valuation call. Finally, Macquarie downgraded shares of Comerica from an “outperform” rating to a “neutral” rating in a research report on Friday, September 7th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $100.58.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.81 by $0.05. Comerica had a net margin of 29.54% and a return on equity of 14.41%. The company had revenue of $833.00 million for the quarter, compared to the consensus estimate of $852.72 million. During the same period last year, the firm posted $1.26 EPS.
The business also recently declared a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Friday, September 14th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.84%. This is an increase from Comerica’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, September 13th. Comerica’s payout ratio is 50.74%.
In other Comerica news, EVP Christine M. Moore sold 4,800 shares of the business’s stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $98.41, for a total transaction of $472,368.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.83% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the business. Financial Gravity Wealth Inc. acquired a new position in shares of Comerica in the 1st quarter worth approximately $155,000. Piedmont Investment Advisors LLC acquired a new position in shares of Comerica in the 2nd quarter worth approximately $183,000. First Hawaiian Bank acquired a new position in shares of Comerica in the 3rd quarter worth approximately $207,000. CENTRAL TRUST Co grew its stake in shares of Comerica by 588.2% in the 2nd quarter. CENTRAL TRUST Co now owns 2,340 shares of the financial services provider’s stock worth $213,000 after purchasing an additional 2,000 shares during the last quarter. Finally, NumerixS Investment Technologies Inc grew its stake in shares of Comerica by 59.6% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 2,400 shares of the financial services provider’s stock worth $219,000 after purchasing an additional 896 shares during the last quarter. Institutional investors own 81.36% of the company’s stock.
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.
Further Reading: Earnings Per Share
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