Comerica Incorporated (NYSE:CMA) – Investment analysts at Wedbush dropped their Q2 2020 earnings estimates for shares of Comerica in a report released on Monday, June 29th. Wedbush analyst P. Winter now expects that the financial services provider will post earnings of $0.22 per share for the quarter, down from their previous forecast of $0.39. Wedbush has a “Outperform” rating and a $54.00 price objective on the stock. Wedbush also issued estimates for Comerica’s Q3 2020 earnings at $0.47 EPS, Q4 2020 earnings at $0.54 EPS, FY2020 earnings at $0.77 EPS, Q2 2021 earnings at $0.71 EPS, Q4 2021 earnings at $1.00 EPS and FY2021 earnings at $3.16 EPS.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, April 21st. The financial services provider reported ($0.46) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.95 by ($1.41). Comerica had a net margin of 21.37% and a return on equity of 10.77%. The company had revenue of $750.00 million for the quarter, compared to analyst estimates of $752.26 million. During the same period in the previous year, the business posted $2.11 EPS.
CMA stock opened at $37.01 on Wednesday. The stock has a market capitalization of $5.15 billion, a PE ratio of 7.04, a price-to-earnings-growth ratio of 17.18 and a beta of 1.82. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.02 and a quick ratio of 1.02. The company has a 50 day moving average price of $37.12 and a 200 day moving average price of $47.84. Comerica has a fifty-two week low of $24.28 and a fifty-two week high of $74.11.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in shares of Comerica by 35.2% during the first quarter. Bank of New York Mellon Corp now owns 2,464,608 shares of the financial services provider’s stock worth $72,312,000 after buying an additional 641,377 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Comerica by 3.6% in the 1st quarter. Geode Capital Management LLC now owns 2,366,825 shares of the financial services provider’s stock worth $69,313,000 after buying an additional 81,828 shares during the period. Ceredex Value Advisors LLC grew its holdings in Comerica by 136.8% in the first quarter. Ceredex Value Advisors LLC now owns 2,279,150 shares of the financial services provider’s stock worth $68,297,000 after purchasing an additional 1,316,600 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Comerica by 54.3% during the fourth quarter. AQR Capital Management LLC now owns 2,133,900 shares of the financial services provider’s stock valued at $153,022,000 after purchasing an additional 750,836 shares during the last quarter. Finally, Panagora Asset Management Inc. boosted its position in shares of Comerica by 14.7% in the 4th quarter. Panagora Asset Management Inc. now owns 1,682,552 shares of the financial services provider’s stock worth $120,723,000 after purchasing an additional 216,060 shares in the last quarter. 80.73% of the stock is currently owned by institutional investors.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be given a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 7.35%. The ex-dividend date of this dividend is Friday, June 12th. Comerica’s dividend payout ratio is currently 34.83%.
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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