Comerica Incorporated (NYSE:CMA) – Investment analysts at Jefferies Group lifted their Q3 2017 earnings estimates for shares of Comerica in a research note issued on Monday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will earn $1.23 per share for the quarter, up from their previous estimate of $1.19. Jefferies Group currently has a “Buy” rating and a $81.00 target price on the stock. Jefferies Group also issued estimates for Comerica’s Q1 2018 earnings at $1.27 EPS, Q2 2018 earnings at $1.33 EPS, Q3 2018 earnings at $1.37 EPS and Q4 2018 earnings at $1.43 EPS.
CMA has been the topic of a number of other research reports. Citigroup Inc. reiterated a “sell” rating and set a $69.00 target price (up previously from $65.00) on shares of Comerica in a research note on Monday. Instinet reiterated a “neutral” rating and set a $74.00 target price (up previously from $71.00) on shares of Comerica in a research note on Saturday, September 30th. SunTrust Banks, Inc. reiterated a “hold” rating and set a $80.00 target price on shares of Comerica in a research note on Wednesday, October 4th. Morgan Stanley reiterated an “equal weight” rating and set a $79.00 target price (up previously from $76.00) on shares of Comerica in a research note on Wednesday, October 4th. Finally, Barclays PLC reiterated an “underweight” rating and set a $76.00 target price (up previously from $72.00) on shares of Comerica in a research note on Wednesday, July 12th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company’s stock. Comerica has an average rating of “Hold” and a consensus price target of $76.32.
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Shares of Comerica (NYSE CMA) opened at 76.95 on Wednesday. The company has a market capitalization of $13.54 billion, a PE ratio of 19.22 and a beta of 1.51. The stock’s 50 day moving average price is $71.46 and its 200-day moving average price is $71.10. Comerica has a 52-week low of $47.12 and a 52-week high of $77.95.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.07. The company had revenue of $776.00 million for the quarter, compared to the consensus estimate of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.58 EPS.
Comerica declared that its board has approved a share buyback program on Wednesday, June 28th that authorizes the company to buyback $605.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Sunday, October 1st. Shareholders of record on Friday, September 15th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Thursday, September 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is 30.00%.
In other Comerica news, insider Judith S. Love sold 21,000 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total transaction of $1,464,540.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul R. Obermeyer sold 20,321 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total value of $1,427,347.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,249 shares of company stock worth $3,095,383. Corporate insiders own 1.10% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Exane Derivatives bought a new position in Comerica during the 2nd quarter worth $125,000. Oppenheimer Asset Management Inc. bought a new position in Comerica during the 1st quarter worth $127,000. Point72 Asia Hong Kong Ltd increased its stake in Comerica by 19.3% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock worth $137,000 after acquiring an additional 323 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in Comerica by 0.3% during the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock worth $169,000 after acquiring an additional 8 shares during the period. Finally, Smithfield Trust Co. increased its stake in Comerica by 2,446.0% during the 2nd quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock worth $186,000 after acquiring an additional 2,446 shares during the period. Hedge funds and other institutional investors own 82.46% of the company’s stock.
Comerica Company Profile
Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering 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.
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