Comerica Incorporated (CMA) Forecasted to Post FY2017 Earnings of $4.89 Per Share
Comerica Incorporated (NYSE:CMA) – Equities researchers at DA Davidson increased their FY2017 earnings estimates for Comerica in a note issued to investors on Tuesday. DA Davidson analyst G. Tenner now anticipates that the financial services provider will post earnings per share of $4.89 for the year, up from their prior estimate of $4.83. DA Davidson has a “Hold” rating and a $81.00 price objective on the stock. DA Davidson also issued estimates for Comerica’s Q4 2017 earnings at $1.27 EPS and FY2018 earnings at $5.42 EPS.
A number of other equities research analysts have also recently issued reports on the stock. Robert W. Baird reissued a “hold” rating and set a $74.00 target price on shares of Comerica in a report on Friday. FBR & Co reissued a “buy” rating and set a $84.00 target price (up previously from $79.00) on shares of Comerica in a report on Tuesday. Piper Jaffray Companies reissued a “buy” rating on shares of Comerica in a report on Tuesday. Citigroup Inc. reissued a “sell” rating and set a $69.00 target price (up previously from $65.00) on shares of Comerica in a report on Monday, October 9th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $79.00 target price (up previously from $76.00) on shares of Comerica in a report on Wednesday, October 4th. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $77.00.
Shares of Comerica (NYSE CMA) traded up 1.97% during trading on Friday, hitting $79.01. The stock had a trading volume of 908,714 shares. The company’s 50 day moving average price is $72.74 and its 200 day moving average price is $71.45. The company has a market capitalization of $13.72 billion, a price-to-earnings ratio of 17.90 and a beta of 1.51. Comerica has a 52 week low of $47.88 and a 52 week high of $79.20.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.23 by $0.03. The company had revenue of $821.00 million for the quarter, compared to analyst estimates of $812.83 million. Comerica had a return on equity of 10.35% and a net margin of 24.87%. During the same quarter last year, the company earned $0.84 earnings per share.
A number of large investors have recently made changes to their positions in CMA. Janus Henderson Group PLC grew its position in Comerica by 12,425.0% in the second quarter. Janus Henderson Group PLC now owns 2,064,363 shares of the financial services provider’s stock worth $151,194,000 after acquiring an additional 2,047,881 shares in the last quarter. Janus Capital Management LLC boosted its position in Comerica by 153.1% during the first quarter. Janus Capital Management LLC now owns 1,911,788 shares of the financial services provider’s stock valued at $131,111,000 after buying an additional 1,156,304 shares during the period. Vanguard Group Inc. boosted its position in Comerica by 6.7% during the second quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock valued at $1,330,147,000 after buying an additional 1,142,275 shares during the period. State Street Corp boosted its position in Comerica by 11.3% during the second quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock valued at $731,672,000 after buying an additional 1,010,965 shares during the period. Finally, Voya Investment Management LLC boosted its position in Comerica by 132.7% during the second quarter. Voya Investment Management LLC now owns 1,692,458 shares of the financial services provider’s stock valued at $123,956,000 after buying an additional 965,041 shares during the period. Institutional investors own 82.45% of the company’s stock.
In related news, insider Judith S. Love sold 21,000 shares of the company’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total value of $1,464,540.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The disclosure for this sale can be found here. Insiders sold 44,249 shares of company stock valued at $3,095,383 over the last quarter. 1.10% of the stock is owned by company insiders.
Comerica announced that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $605.00 million in shares. This buyback authorization allows the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 15th were given a $0.30 dividend. 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. This represents a $1.20 annualized dividend and a yield of 1.55%. Comerica’s payout ratio is 27.15%.
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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