Zacks: Analysts Anticipate Comerica Incorporated (NYSE:CMA) Will Announce Quarterly Sales of $729.38 Million

Brokerages predict that Comerica Incorporated (NYSE:CMA) will announce sales of $729.38 million for the current quarter, Zacks reports. Seven analysts have provided estimates for Comerica’s earnings, with the lowest sales estimate coming in at $723.00 million and the highest estimate coming in at $742.00 million. Comerica reported sales of $710.00 million during the same quarter last year, which indicates a positive year over year growth rate of 2.7%. The firm is expected to issue its next earnings results on Tuesday, October 19th.

According to Zacks, analysts expect that Comerica will report full year sales of $2.89 billion for the current financial year, with estimates ranging from $2.85 billion to $2.92 billion. For the next year, analysts forecast that the firm will post sales of $2.87 billion, with estimates ranging from $2.79 billion to $2.95 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Comerica.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, July 20th. The financial services provider reported $2.32 EPS for the quarter, topping the consensus estimate of $1.61 by $0.71. Comerica had a net margin of 29.86% and a return on equity of 11.74%. During the same quarter last year, the business earned $0.80 earnings per share.

CMA has been the subject of several research analyst reports. Barclays upped their price target on shares of Comerica from $74.00 to $77.00 and gave the stock an “underweight” rating in a research report on Thursday. Morgan Stanley increased their price objective on shares of Comerica from $73.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 29th. TheStreet raised shares of Comerica from a “c+” rating to a “b” rating in a research report on Tuesday, April 20th. Compass Point increased their price objective on shares of Comerica from $62.00 to $65.00 and gave the stock a “sell” rating in a research report on Tuesday, May 18th. Finally, Odeon Capital Group lowered shares of Comerica from a “buy” rating to a “hold” rating in a research report on Monday. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. Comerica has an average rating of “Hold” and an average target price of $70.96.

CMA stock traded down $1.02 on Monday, hitting $67.37. 5,819 shares of the company were exchanged, compared to its average volume of 1,175,981. Comerica has a twelve month low of $35.76 and a twelve month high of $79.86. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.93 and a quick ratio of 0.93. The company has a fifty day simple moving average of $73.28. The firm has a market cap of $9.41 billion, a PE ratio of 11.05, a price-to-earnings-growth ratio of 0.34 and a beta of 1.60.

Comerica announced that its Board of Directors has approved a stock buyback plan on Tuesday, April 27th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

The business also recently announced a quarterly dividend, which was paid on Thursday, July 1st. Investors of record on Tuesday, June 15th were given a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date of this dividend was Monday, June 14th. Comerica’s dividend payout ratio (DPR) is currently 83.18%.

In related news, EVP James Harry Weber sold 3,800 shares of the company’s stock in a transaction dated Thursday, April 29th. The shares were sold at an average price of $75.00, for a total transaction of $285,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Jay K. Oberg sold 4,000 shares of the company’s stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $74.61, for a total transaction of $298,440.00. The disclosure for this sale can be found here. Insiders sold a total of 8,600 shares of company stock worth $642,176 in the last 90 days. 0.67% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Los Angeles Capital Management LLC increased its stake in shares of Comerica by 213.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 170,583 shares of the financial services provider’s stock valued at $9,529,000 after acquiring an additional 116,150 shares during the last quarter. FIL Ltd boosted its position in Comerica by 55.3% during the 4th quarter. FIL Ltd now owns 6,369 shares of the financial services provider’s stock worth $356,000 after acquiring an additional 2,267 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in Comerica by 8.3% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 10,534 shares of the financial services provider’s stock worth $588,000 after acquiring an additional 809 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Comerica in the 4th quarter valued at approximately $190,000. Finally, Cibc World Markets Corp boosted its holdings in shares of Comerica by 14.4% in the 4th quarter. Cibc World Markets Corp now owns 55,897 shares of the financial services provider’s stock valued at $3,122,000 after buying an additional 7,051 shares during the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial 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 for small and middle market businesses, multinational corporations, and governmental entities.

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