Comerica Incorporated (NYSE:CMA) – Equities researchers at Wedbush upped their Q1 2019 earnings estimates for shares of Comerica in a report issued on Wednesday, March 13th. Wedbush analyst P. Winter now anticipates that the financial services provider will post earnings per share of $1.93 for the quarter, up from their previous estimate of $1.92. Wedbush has a “Neutral” rating and a $85.00 price target on the stock. Wedbush also issued estimates for Comerica’s Q3 2019 earnings at $2.05 EPS, Q4 2019 earnings at $2.06 EPS, FY2019 earnings at $8.07 EPS and FY2020 earnings at $8.45 EPS.
A number of other equities analysts have also commented on CMA. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $92.00 price target on the stock in a research report on Tuesday. B. Riley lowered shares of Comerica from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $107.00 to $84.00 in a research report on Monday, December 10th. ValuEngine raised shares of Comerica from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 2nd. Macquarie lowered shares of Comerica from a “neutral” rating to an “underperform” rating in a research report on Tuesday, November 27th. Finally, Piper Jaffray Companies set a $106.00 price target on shares of Comerica and gave the stock a “buy” rating in a research report on Tuesday, December 4th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $94.95.
Comerica (NYSE:CMA) last released its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Comerica had a net margin of 34.24% and a return on equity of 15.84%. The business had revenue of $864.00 million for the quarter, compared to analyst estimates of $863.43 million. During the same period last year, the firm earned $1.28 earnings per share. Comerica’s revenue for the quarter was up 4.1% compared to the same quarter last year.
Several institutional investors and hedge funds have recently bought and sold shares of CMA. Robeco Institutional Asset Management B.V. boosted its stake in shares of Comerica by 28.3% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 251,641 shares of the financial services provider’s stock valued at $22,729,000 after purchasing an additional 55,445 shares in the last quarter. Stratos Wealth Partners LTD. acquired a new stake in shares of Comerica in the 3rd quarter valued at approximately $163,000. Janney Montgomery Scott LLC acquired a new stake in shares of Comerica in the 3rd quarter valued at approximately $1,099,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Comerica by 3.4% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 648,219 shares of the financial services provider’s stock valued at $58,469,000 after purchasing an additional 21,515 shares in the last quarter. Finally, Toronto Dominion Bank boosted its stake in shares of Comerica by 0.8% in the 3rd quarter. Toronto Dominion Bank now owns 111,458 shares of the financial services provider’s stock valued at $10,051,000 after purchasing an additional 841 shares in the last quarter. Institutional investors own 83.20% of the company’s stock.
In other Comerica news, insider Peter William Guilfoile sold 2,922 shares of the stock in a transaction dated Tuesday, January 29th. The shares were sold at an average price of $82.26, for a total transaction of $240,363.72. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul R. Obermeyer sold 8,200 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $86.75, for a total transaction of $711,350.00. The disclosure for this sale can be found here. Insiders have sold 18,565 shares of company stock worth $1,603,348 over the last quarter. Corporate insiders own 0.83% of the company’s stock.
Comerica announced that its board has authorized a share repurchase plan on Tuesday, January 22nd that authorizes the company to repurchase 15,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be paid a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 3.26%. This is an increase from Comerica’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, March 14th. Comerica’s dividend payout ratio is presently 33.15%.
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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