Comerica Incorporated (CMA) to Post FY2018 Earnings of $4.86 Per Share, SunTrust Banks Forecasts
Comerica Incorporated (NYSE:CMA) – SunTrust Banks increased their FY2018 earnings per share estimates for Comerica in a research note issued to investors on Wednesday. SunTrust Banks analyst J. Demba now anticipates that the financial services provider will post earnings per share of $4.86 for the year, up from their prior forecast of $4.84.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, April 18th. The financial services provider reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.10. The business had revenue of $741 million for the quarter, compared to the consensus estimate of $735.06 million. Comerica had a net margin of 16.00% and a return on equity of 6.92%. During the same period last year, the firm posted $0.34 earnings per share. TRADEMARK VIOLATION WARNING: “Comerica Incorporated (CMA) to Post FY2018 Earnings of $4.86 Per Share, SunTrust Banks Forecasts” was posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this news story on another website, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright law. The legal version of this news story can be read at https://www.thecerbatgem.com/2017/04/21/comerica-incorporated-cma-to-post-fy2018-earnings-of-4-86-per-share-suntrust-banks-forecasts.html.
CMA has been the subject of several other reports. Zacks Investment Research lowered shares of Comerica from a “buy” rating to a “hold” rating in a research note on Monday, February 20th. Robert W. Baird lowered shares of Comerica from an “outperform” rating to a “neutral” rating in a research note on Tuesday, January 31st. Sandler O’Neill lowered shares of Comerica from a “buy” rating to a “hold” rating in a research note on Tuesday, January 31st. FBR & Co reaffirmed a “market perform” rating on shares of Comerica in a research note on Tuesday, January 17th. Finally, Barclays PLC lifted their price objective on shares of Comerica from $49.00 to $69.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 3rd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $58.47.
Shares of Comerica (NYSE:CMA) traded down 0.48% during midday trading on Friday, reaching $68.88. 2,436,094 shares of the company were exchanged. Comerica has a 12-month low of $36.82 and a 12-month high of $75.00. The company has a 50 day moving average price of $69.24 and a 200-day moving average price of $64.47. The stock has a market capitalization of $12.11 billion, a P/E ratio of 25.70 and a beta of 1.43.
Several hedge funds have recently added to or reduced their stakes in CMA. Retirement Systems of Alabama increased its position in shares of Comerica by 1.2% in the first quarter. Retirement Systems of Alabama now owns 85,008 shares of the financial services provider’s stock worth $5,830,000 after buying an additional 972 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in shares of Comerica during the first quarter worth approximately $1,167,000. DnB Asset Management AS increased its position in shares of Comerica by 4.7% in the first quarter. DnB Asset Management AS now owns 80,211 shares of the financial services provider’s stock worth $5,501,000 after buying an additional 3,600 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Comerica during the first quarter worth approximately $774,000. Finally, Skylands Capital LLC purchased a new position in shares of Comerica during the first quarter worth approximately $2,342,000. Hedge funds and other institutional investors own 81.74% of the company’s stock.
In related news, EVP Muneera S. Carr sold 1,368 shares of Comerica stock in a transaction dated Wednesday, January 25th. The stock was sold at an average price of $69.13, for a total value of $94,569.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David E. Duprey sold 59,000 shares of Comerica stock in a transaction dated Tuesday, January 31st. The shares were sold at an average price of $67.82, for a total value of $4,001,380.00. The disclosure for this sale can be found here. Insiders sold 104,403 shares of company stock valued at $7,075,034 over the last 90 days. 1.60% of the stock is currently owned by corporate insiders.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, April 1st. Investors of record on Wednesday, March 15th were issued a $0.23 dividend. The ex-dividend date of this dividend was Monday, March 13th. This represents a $0.92 annualized dividend and a dividend yield of 1.33%. Comerica’s payout ratio is currently 34.33%.
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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