Q2 2017 EPS Estimates for Comerica Incorporated Increased by Wedbush (NYSE:CMA)
Comerica Incorporated (NYSE:CMA) – Equities research analysts at Wedbush raised their Q2 2017 earnings estimates for shares of Comerica in a research note issued on Sunday. Wedbush analyst P. Winter now forecasts that the financial services provider will post earnings of $1.12 per share for the quarter, up from their previous estimate of $1.10.
CMA has been the topic of a number of other research reports. Jefferies Group LLC reissued a “buy” rating and set a $81.00 price objective on shares of Comerica in a report on Friday, May 5th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $72.00 target price on shares of Comerica in a report on Wednesday, April 5th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $78.00 target price on shares of Comerica in a report on Tuesday, April 4th. Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a report on Tuesday, March 21st. Finally, BidaskClub lowered Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Comerica has an average rating of “Hold” and a consensus price target of $65.06.
Comerica (NYSE CMA) opened at 74.89 on Tuesday. Comerica has a 1-year low of $41.04 and a 1-year high of $75.34. The firm has a market cap of $13.25 billion, a P/E ratio of 21.70 and a beta of 1.48. The stock’s 50 day moving average price is $70.73 and its 200 day moving average price is $69.82.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, April 18th. The financial services provider reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.10. Comerica had a return on equity of 8.45% and a net margin of 20.42%. The company had revenue of $741 million during the quarter, compared to the consensus estimate of $735.06 million. During the same quarter last year, the company earned $0.34 earnings per share.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. TrimTabs Asset Management LLC purchased a new position in shares of Comerica during the first quarter worth approximately $111,000. Oppenheimer Asset Management Inc. bought a new position in shares of Comerica during the first quarter valued at about $127,000. Point72 Asia Hong Kong Ltd raised its position in shares of Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock valued at $137,000 after buying an additional 323 shares in the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its position in shares of Comerica by 0.3% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,307 shares of the financial services provider’s stock valued at $159,000 after buying an additional 8 shares in the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of Comerica by 3.3% in the first quarter. Pacer Advisors Inc. now owns 3,282 shares of the financial services provider’s stock valued at $225,000 after buying an additional 104 shares in the last quarter. Institutional investors own 83.15% of the company’s stock.
In other news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the stock in a transaction on Monday, May 1st. The stock was sold at an average price of $70.94, for a total value of $5,930,584.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.
The company also recently declared a quarterly dividend, which was paid on Saturday, July 1st. Stockholders of record on Thursday, June 15th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.39%. This is a boost from Comerica’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Tuesday, June 13th. Comerica’s dividend payout ratio is presently 30.15%.
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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