Comerica Incorporated (NYSE:CMA) – Equities researchers at Wedbush raised their Q1 2019 earnings per share (EPS) estimates for shares of Comerica in a research report issued on Tuesday, October 16th. Wedbush analyst P. Winter now expects that the financial services provider will post earnings of $1.87 per share for the quarter, up from their prior forecast of $1.85. Wedbush has a “Buy” rating and a $112.00 price target on the stock. Wedbush also issued estimates for Comerica’s Q2 2019 earnings at $2.00 EPS, Q3 2019 earnings at $2.05 EPS and Q4 2019 earnings at $2.10 EPS.
Several other research firms have also issued reports on CMA. Morgan Stanley raised their price target on shares of Comerica from $108.00 to $111.00 and gave the stock an “equal weight” rating in a report on Thursday, July 26th. Royal Bank of Canada raised their price target on shares of Comerica to $100.00 and gave the stock an “outperform” rating in a report on Wednesday. Zacks Investment Research lowered shares of Comerica from a “buy” rating to a “hold” rating in a report on Wednesday, June 27th. B. Riley set a $107.00 price target on shares of Comerica and gave the stock a “buy” rating in a report on Monday, October 15th. Finally, SunTrust Banks lowered their price target on shares of Comerica to $91.00 and set a “hold” rating for the company in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the company’s stock. Comerica has an average rating of “Hold” and a consensus price target of $100.58.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the 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 firm had revenue of $833.00 million during the quarter, compared to analyst estimates of $852.72 million. During the same quarter last year, the business earned $1.26 EPS.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC grew its position in Comerica by 31.7% in the 2nd quarter. Millennium Management LLC now owns 5,002,782 shares of the financial services provider’s stock valued at $454,853,000 after purchasing an additional 1,204,882 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd grew its position in Comerica by 160.4% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,302,681 shares of the financial services provider’s stock valued at $207,701,000 after purchasing an additional 1,418,316 shares during the period. Janus Henderson Group PLC grew its position in Comerica by 61.5% in the 2nd quarter. Janus Henderson Group PLC now owns 1,291,777 shares of the financial services provider’s stock valued at $117,449,000 after purchasing an additional 491,843 shares during the period. FMR LLC grew its position in Comerica by 31.5% in the 2nd quarter. FMR LLC now owns 1,074,432 shares of the financial services provider’s stock valued at $97,687,000 after purchasing an additional 257,581 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in Comerica by 0.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,059,199 shares of the financial services provider’s stock valued at $96,303,000 after purchasing an additional 4,136 shares during the period. 81.36% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Christine M. Moore sold 4,800 shares of Comerica stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $98.41, for a total value of $472,368.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.83% of the company’s stock.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 14th were given a dividend of $0.60 per share. This is an increase from Comerica’s previous quarterly dividend of $0.34. The ex-dividend date was Thursday, September 13th. This represents a $2.40 annualized dividend and a dividend yield of 2.84%. Comerica’s dividend payout ratio (DPR) is 50.74%.
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.
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