Comerica Inc. (CMA) Trading 3.5% Higher on Earnings Beat
Shares of Comerica Inc. (NYSE:CMA) traded up 3.5% during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $52.04 and last traded at $51.79, with a volume of 2,456,998 shares traded. The stock had previously closed at $50.05.
The financial services provider reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.11. Comerica had a return on equity of 6.03% and a net margin of 14.69%. During the same quarter in the prior year, the business posted $0.74 earnings per share.
The firm also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Thursday, September 15th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.84%. This is an increase from Comerica’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Tuesday, September 13th. Comerica’s dividend payout ratio is presently 38.82%.
Several research analysts have recently weighed in on the company. Royal Bank Of Canada upped their target price on Comerica from $49.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday. FBR & Co upped their target price on Comerica from $50.00 to $52.00 and gave the stock a “mkt perform” rating in a research note on Wednesday. Zacks Investment Research raised Comerica from a “sell” rating to a “hold” rating in a research note on Thursday, October 13th. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of Comerica in a research note on Wednesday, October 12th. Finally, Deutsche Bank AG increased their price objective on Comerica from $45.00 to $52.00 and gave the company a “hold” rating in a research note on Tuesday, October 11th. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $45.42.
In other news, insider Paul R. Obermeyer sold 2,302 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $45.92, for a total transaction of $105,707.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.60% of the company’s stock.
Several large investors have recently modified their holdings of the company. Global X Management Co. LLC raised its stake in shares of 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 valued at $118,000 after buying an additional 1,611 shares during the period. Pacer Advisors Inc. raised its stake in shares of Comerica by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,966 shares of the financial services provider’s stock valued at $122,000 after buying an additional 244 shares during the period. Tredje AP fonden raised its stake in shares of Comerica by 733.9% in the second quarter. Tredje AP fonden now owns 4,920 shares of the financial services provider’s stock valued at $202,000 after buying an additional 4,330 shares during the period. American National Registered Investment Advisor Inc. acquired a new stake in shares of Comerica during the second quarter valued at $206,000. Finally, Trust Co acquired a new stake in shares of Comerica during the second quarter valued at $209,000. 84.59% of the stock is currently owned by institutional investors and hedge funds.
The firm has a 50 day moving average of $47.36 and a 200 day moving average of $44.43. The firm has a market cap of $9.00 billion, a price-to-earnings ratio of 22.48 and a beta of 1.36.
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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