Comerica Incorporated (NYSE:CMA) – Investment analysts at B. Riley reduced their Q4 2019 earnings estimates for Comerica in a research report issued to clients and investors on Thursday, July 11th. B. Riley analyst S. Moss now expects that the financial services provider will earn $1.81 per share for the quarter, down from their prior estimate of $2.09. B. Riley currently has a “Hold” rating and a $75.00 price objective on the stock. B. Riley also issued estimates for Comerica’s Q1 2020 earnings at $1.74 EPS, Q2 2020 earnings at $1.91 EPS, Q3 2020 earnings at $1.95 EPS and Q4 2020 earnings at $1.99 EPS.
A number of other brokerages have also weighed in on CMA. Goldman Sachs Group lowered shares of LATAM Airlines Group from a “neutral” rating to a “sell” rating and boosted their price objective for the company from $9.20 to $9.30 in a report on Tuesday, July 2nd. Bank of America set a $97.00 price target on shares of Merck & Co., Inc. and gave the company a “buy” rating in a report on Thursday. Citigroup raised shares of Infosys from a “neutral” rating to a “buy” rating in a report on Friday. Zacks Investment Research lowered shares of Granite Point Mortgage Trust from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. Finally, Raymond James lowered shares of First Midwest Bancorp to a “hold” rating in a report on Monday, July 8th. Six analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $87.05.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.15. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $852.88 million. Comerica had a net margin of 34.75% and a return on equity of 16.95%. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.59 earnings per share.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were given a $0.67 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.68%. Comerica’s dividend payout ratio (DPR) is currently 37.02%.
In other Comerica news, EVP Christine M. Moore sold 3,200 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $73.49, for a total value of $235,168.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.98% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Claybrook Capital LLC acquired a new position in shares of Comerica in the fourth quarter worth about $29,000. Hancock Whitney Corp raised its position in shares of Comerica by 43.6% during the 1st quarter. Hancock Whitney Corp now owns 132,341 shares of the financial services provider’s stock worth $9,703,000 after purchasing an additional 40,168 shares during the last quarter. TrimTabs Asset Management LLC raised its position in shares of Comerica by 5.0% during the 1st quarter. TrimTabs Asset Management LLC now owns 12,951 shares of the financial services provider’s stock worth $950,000 after purchasing an additional 616 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Comerica by 49.8% during the 1st quarter. State of Alaska Department of Revenue now owns 64,016 shares of the financial services provider’s stock worth $4,691,000 after purchasing an additional 21,275 shares during the last quarter. Finally, MUFG Securities EMEA plc acquired a new position in shares of Comerica during the 4th quarter worth about $34,383,000. Institutional investors and hedge funds own 83.43% of the company’s stock.
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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