Comerica Incorporated (NYSE:CMA) – Investment analysts at SunTrust Banks lowered their Q2 2020 earnings estimates for shares of Comerica in a note issued to investors on Wednesday, March 13th. SunTrust Banks analyst J. Demba now forecasts that the financial services provider will post earnings per share of $2.20 for the quarter, down from their previous estimate of $2.21. SunTrust Banks also issued estimates for Comerica’s Q3 2020 earnings at $2.25 EPS.
CMA has been the topic of several other research reports. ValuEngine lowered Comerica from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 13th. Morgan Stanley lowered their price target on Comerica from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 11th. Macquarie lowered Comerica from a “neutral” rating to an “underperform” rating in a research report on Tuesday, November 27th. Piper Jaffray Companies set a $106.00 price target on Comerica and gave the stock a “buy” rating in a research report on Tuesday, December 4th. Finally, KeyCorp lowered Comerica from an “outperform” rating to a “market perform” rating in a research report on Wednesday, December 12th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $94.95.
Comerica (NYSE:CMA) last released its earnings results on Wednesday, January 16th. The financial services provider reported $1.95 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.87 by $0.08. The firm had revenue of $864.00 million for the quarter, compared to analysts’ expectations of $863.43 million. Comerica had a return on equity of 15.84% and a net margin of 34.24%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.28 EPS.
Hedge funds and other institutional investors have recently modified their holdings of the business. Allianz Asset Management GmbH lifted its position in shares of Comerica by 936.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,591,118 shares of the financial services provider’s stock valued at $143,519,000 after acquiring an additional 1,437,542 shares during the period. Norges Bank bought a new stake in shares of Comerica during the 4th quarter valued at $89,893,000. Two Sigma Advisers LP lifted its position in shares of Comerica by 133.4% during the 4th quarter. Two Sigma Advisers LP now owns 1,848,949 shares of the financial services provider’s stock valued at $127,004,000 after acquiring an additional 1,056,658 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Comerica by 47.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,727,000 shares of the financial services provider’s stock valued at $245,975,000 after acquiring an additional 881,990 shares during the period. Finally, Vanguard Group Inc lifted its position in shares of Comerica by 3.5% during the 3rd quarter. Vanguard Group Inc now owns 18,993,812 shares of the financial services provider’s stock valued at $1,713,241,000 after acquiring an additional 634,716 shares during the period. 83.20% of the stock is currently owned by hedge funds and other institutional investors.
In other Comerica news, EVP Megan D. Burkhart sold 7,443 shares of the company’s 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Paul R. Obermeyer sold 8,200 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $86.75, for a total value of $711,350.00. The disclosure for this sale can be found here. Insiders have sold a total of 18,565 shares of company stock worth $1,603,348 over the last three months. 0.83% of the stock is owned by insiders.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be issued a dividend of $0.67 per share. The ex-dividend date of this dividend is Thursday, March 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.60. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.26%. Comerica’s payout ratio is presently 33.15%.
Comerica announced that its board has authorized a share repurchase plan on Tuesday, January 22nd that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
Comerica Company Profile
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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