Comerica Incorporated (CMA) to Post FY2017 Earnings of $4.67 Per Share, FBR & Co Forecasts
Comerica Incorporated (NYSE:CMA) – Research analysts at FBR & Co issued their FY2017 earnings estimates for shares of Comerica in a note issued to investors on Tuesday. FBR & Co analyst S. Moss expects that the financial services provider will earn $4.67 per share for the year. FBR & Co has a “Buy” rating and a $84.00 price objective on the stock. FBR & Co also issued estimates for Comerica’s Q4 2017 earnings at $1.22 EPS, Q1 2018 earnings at $1.34 EPS, Q2 2018 earnings at $1.37 EPS, Q3 2018 earnings at $1.43 EPS, Q4 2018 earnings at $1.46 EPS, FY2018 earnings at $5.60 EPS, Q1 2019 earnings at $1.52 EPS, Q2 2019 earnings at $1.54 EPS and FY2019 earnings at $6.30 EPS.
Other analysts also recently issued research reports about the company. Instinet reissued a “neutral” rating and issued a $71.00 price objective (up previously from $68.00) on shares of Comerica in a research note on Wednesday, July 12th. Barclays PLC reissued an “underweight” rating and issued a $76.00 price objective (up previously from $72.00) on shares of Comerica in a research note on Wednesday, July 12th. Morgan Stanley reissued an “equal weight” rating and issued a $75.00 price objective (up previously from $71.00) on shares of Comerica in a research note on Thursday, July 6th. BidaskClub downgraded Comerica from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Finally, Stephens reissued a “buy” rating and issued a $80.00 price objective on shares of Comerica in a research note on Tuesday, July 18th. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $77.00.
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Shares of Comerica (NYSE CMA) opened at 79.07 on Friday. Comerica has a 12-month low of $49.81 and a 12-month high of $79.20. The firm has a market cap of $13.73 billion, a price-to-earnings ratio of 17.91 and a beta of 1.51. The firm has a 50-day moving average price of $73.05 and a 200 day moving average price of $71.53.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ 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 in the prior year, the company earned $0.84 earnings per share.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of 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 in the last quarter. BlackRock Inc. grew its holdings in shares of Comerica by 0.5% during the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock valued at $829,069,000 after buying an additional 51,426 shares in the last quarter. State Street Corp grew its holdings in shares of 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 in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Comerica by 22.3% during the second quarter. JPMorgan Chase & Co. now owns 5,040,167 shares of the financial services provider’s stock valued at $369,142,000 after buying an additional 919,333 shares in the last quarter. Finally, TIAA CREF Investment Management LLC grew its holdings in shares of Comerica by 1.6% during the second quarter. TIAA CREF Investment Management LLC now owns 2,204,216 shares of the financial services provider’s stock valued at $161,437,000 after buying an additional 34,144 shares in the last quarter. Institutional investors and hedge funds own 82.45% of the company’s stock.
In other news, insider Paul R. Obermeyer sold 20,321 shares of Comerica stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total transaction of $1,427,347.04. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Judith S. Love sold 21,000 shares of Comerica 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 disclosure for this sale can be found here. Insiders have sold 44,249 shares of company stock worth $3,095,383 in the last quarter. 1.10% of the stock is currently owned by corporate insiders.
Comerica declared that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that allows the company to buyback $605.00 million in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Stockholders of record on Friday, September 15th were issued a dividend of $0.30 per share. This is an increase from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.52%. Comerica’s payout ratio is currently 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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