Q3 2016 Earnings Forecast for Comerica Inc. Issued By FBR & Co (CMA)
Comerica Inc. (NYSE:CMA) – Stock analysts at FBR & Co decreased their Q3 2016 earnings estimates for Comerica in a research report issued to clients and investors on Tuesday. FBR & Co analyst B. Ramsey now anticipates that the firm will earn $0.77 per share for the quarter, down from their prior estimate of $0.80. FBR & Co currently has a “Market Perform” rating and a $50.00 target price on the stock. FBR & Co also issued estimates for Comerica’s FY2016 earnings at $2.70 EPS and FY2017 earnings at $3.70 EPS.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.69 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%.
CMA has been the subject of a number of other reports. Nomura reaffirmed a “hold” rating on shares of Comerica in a research report on Saturday, July 9th. Barclays PLC reaffirmed a “sell” rating on shares of Comerica in a research report on Saturday, July 9th. Leerink Swann reaffirmed a “buy” rating on shares of Comerica in a research report on Sunday, July 17th. Zacks Investment Research raised Comerica from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, RBC Capital Markets reaffirmed an “outperform” rating and set a $49.00 price objective (up from $46.00) on shares of Comerica in a research report on Wednesday, July 20th. Two equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $45.04.
Comerica (NYSE:CMA) opened at 48.40 on Friday. The stock has a market capitalization of $8.42 billion, a PE ratio of 21.02 and a beta of 1.36. The company’s 50-day moving average price is $47.25 and its 200 day moving average price is $44.18. Comerica has a 12 month low of $30.48 and a 12 month high of $49.75.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Comerica during the second quarter valued at approximately $58,616,000. Adage Capital Partners GP L.L.C. raised its position in Comerica by 440.7% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,678,296 shares of the financial services provider’s stock valued at $63,557,000 after buying an additional 1,367,896 shares during the period. Teachers Advisors Inc. raised its position in Comerica by 70.1% in the second quarter. Teachers Advisors Inc. now owns 1,649,833 shares of the financial services provider’s stock valued at $67,858,000 after buying an additional 679,830 shares during the period. Emerald Acquisition Ltd. bought a new position in Comerica during the second quarter valued at approximately $27,375,000. Finally, Bank of New York Mellon Corp raised its position in Comerica by 39.7% in the second quarter. Bank of New York Mellon Corp now owns 2,278,685 shares of the financial services provider’s stock valued at $93,722,000 after buying an additional 647,477 shares during the period. 84.59% of the stock is currently owned by institutional investors.
In other Comerica 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 value of $105,707.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.60% of the stock is owned by company insiders.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were given a $0.23 dividend. The ex-dividend date was Tuesday, September 13th. This is a positive change from Comerica’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 1.90%. Comerica’s dividend payout ratio (DPR) is 38.82%.
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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