Jefferies Group Analysts Reduce Earnings Estimates for Comerica Inc. (CMA)
Comerica Inc. (NYSE:CMA) – Stock analysts at Jefferies Group decreased their FY2016 earnings per share (EPS) estimates for Comerica in a note issued to investors on Tuesday. Jefferies Group analyst K. Usdin now forecasts that the brokerage will post earnings per share of $2.75 for the year, down from their previous forecast of $2.76. Jefferies Group also issued estimates for Comerica’s Q4 2016 earnings at $0.86 EPS and FY2017 earnings at $3.60 EPS.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.58 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%.
Other research analysts have also issued research reports about the stock. Wedbush started coverage on shares of Comerica in a research note on Thursday, October 6th. They set a “neutral” rating and a $49.00 price objective for the company. Compass Point boosted their price objective on shares of Comerica from $40.00 to $44.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 20th. Zacks Investment Research upgraded shares of Comerica from a “sell” rating to a “hold” rating in a research note on Thursday, June 30th. FBR & Co boosted their price objective on shares of Comerica from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 20th. Finally, Nomura reiterated a “hold” rating on shares of Comerica in a research note on Saturday, July 9th. Two investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and eight have given a buy rating to the company. Comerica has an average rating of “Hold” and an average target price of $45.04.
Shares of Comerica (NYSE:CMA) opened at 48.40 on Friday. The stock’s 50 day moving average is $47.25 and its 200-day moving average is $44.18. The stock has a market cap of $8.42 billion, a PE ratio of 21.02 and a beta of 1.36. Comerica has a 12-month low of $30.48 and a 12-month high of $49.75.
Institutional investors have recently bought and sold shares of the company. Global X Management Co. LLC boosted its position in Comerica by 128.8% in the second quarter. Global X Management Co. LLC now owns 2,862 shares of the financial services provider’s stock worth $118,000 after buying an additional 1,611 shares in the last quarter. Pacer Advisors Inc. boosted its position in Comerica by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,966 shares of the financial services provider’s stock worth $122,000 after buying an additional 244 shares in the last quarter. Tredje AP fonden boosted its position in Comerica by 733.9% in the second quarter. Tredje AP fonden now owns 4,920 shares of the financial services provider’s stock worth $202,000 after buying an additional 4,330 shares in the last quarter. American National Registered Investment Advisor Inc. bought a new position in Comerica during the second quarter worth $206,000. Finally, Dillon & Associates Inc. bought a new position in Comerica during the second quarter worth $211,000. Institutional investors own 84.59% of the company’s stock.
In other Comerica news, insider Paul R. Obermeyer sold 2,302 shares of the company’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $45.92, for a total transaction of $105,707.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.60% of the company’s stock.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, September 13th. This is a boost from Comerica’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 1.90%. Comerica’s dividend payout ratio is currently 38.82%.
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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