Zacks: Analysts Anticipate Comerica Incorporated (CMA) Will Post Quarterly Sales of $863.25 Million

Equities research analysts expect that Comerica Incorporated (NYSE:CMA) will post sales of $863.25 million for the current quarter, according to Zacks Investment Research. Nine analysts have provided estimates for Comerica’s earnings. The highest sales estimate is $867.00 million and the lowest is $860.00 million. Comerica reported sales of $830.00 million in the same quarter last year, which indicates a positive year-over-year growth rate of 4%. The company is scheduled to issue its next quarterly earnings results before the market opens on Wednesday, January 16th.

According to Zacks, analysts expect that Comerica will report full-year sales of $3.33 billion for the current year, with estimates ranging from $3.32 billion to $3.35 billion. For the next year, analysts forecast that the business will report sales of $3.51 billion, with estimates ranging from $3.47 billion to $3.57 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Comerica.

Comerica (NYSE:CMA) last issued its earnings results on Tuesday, October 16th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.05. The company had revenue of $833.00 million during the quarter, compared to the consensus estimate of $852.72 million. Comerica had a net margin of 29.54% and a return on equity of 14.41%. During the same quarter in the prior year, the firm posted $1.26 EPS.

Several research analysts recently weighed in on CMA shares. Morgan Stanley raised shares of Comerica from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $101.00 to $106.00 in a report on Monday, November 12th. BMO Capital Markets decreased their price target on shares of Comerica from $108.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 17th. SunTrust Banks decreased their price target on shares of Comerica to $91.00 and set a “hold” rating on the stock in a research note on Wednesday, October 17th. Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating in a research note on Tuesday, September 25th. Finally, Citigroup upgraded shares of Comerica from a “sell” rating to a “neutral” rating in a research note on Friday, November 2nd. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $101.26.

Shares of Comerica stock opened at $78.37 on Friday. The firm has a market capitalization of $12.78 billion, a P/E ratio of 16.57, a PEG ratio of 0.56 and a beta of 1.39. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.82. Comerica has a fifty-two week low of $77.33 and a fifty-two week high of $102.66.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Friday, December 14th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Thursday, December 13th. Comerica’s dividend payout ratio is 50.74%.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised 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 buying an additional 634,716 shares in the last quarter. Millennium Management LLC raised its position in shares of Comerica by 31.7% during 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 buying an additional 1,204,882 shares in the last quarter. Neuberger Berman Group LLC raised its position in shares of Comerica by 2.3% during the 3rd quarter. Neuberger Berman Group LLC now owns 4,229,064 shares of the financial services provider’s stock valued at $381,464,000 after buying an additional 94,875 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Comerica by 11.7% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 3,553,649 shares of the financial services provider’s stock valued at $320,539,000 after buying an additional 371,809 shares in the last quarter. Finally, Bank of New York Mellon Corp raised 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 buying an additional 881,990 shares in the last quarter. Hedge funds and other institutional investors own 87.54% of the company’s stock.

About Comerica

Comerica, Inc engages in the provision of financial services. It operates through the following segments: Business Bank, Retail Bank, Wealth Management, Finance, and Other. The Business Bank segment involves in the middle market businesses, multinational corporations, and governmental entities by offering 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.

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