Analysts Anticipate Comerica Incorporated (CMA) Will Post Quarterly Sales of $808.55 Million
Brokerages forecast that Comerica Incorporated (NYSE:CMA) will post sales of $808.55 million for the current quarter, Zacks reports. Eight analysts have provided estimates for Comerica’s earnings. The highest sales estimate is $813.20 million and the lowest is $797.00 million. Comerica posted sales of $722.00 million in the same quarter last year, which suggests a positive year-over-year growth rate of 12%. The firm is scheduled to issue its next earnings report on Tuesday, October 17th.
On average, analysts expect that Comerica will report full-year sales of $808.55 million for the current financial year, with estimates ranging from $3.13 billion to $3.16 billion. For the next fiscal year, analysts anticipate that the company will post sales of $3.40 billion per share, with estimates ranging from $3.36 billion to $3.43 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Comerica.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The business had revenue of $776 million for the quarter, compared to analyst estimates of $777.08 million. During the same quarter in the previous year, the firm posted $0.58 earnings per share. Comerica’s revenue was up 8.8% compared to the same quarter last year.
Several brokerages have issued reports on CMA. FBR & Co upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price objective on the stock in a research report on Friday, June 9th. Zacks Investment Research upgraded Comerica from a “hold” rating to a “strong-buy” rating and set a $78.00 price objective on the stock in a research report on Friday, April 21st. Deutsche Bank AG increased their price objective on Comerica to $74.00 and gave the stock a “hold” rating in a research report on Wednesday, April 19th. Morgan Stanley increased their price objective on Comerica from $70.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 6th. Finally, Barclays PLC reiterated an “underweight” rating and set a $72.00 price objective (up previously from $69.00) on shares of Comerica in a research report on Saturday, April 22nd. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $71.71.
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A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Comerica by 3,094.6% in the first quarter. BlackRock Inc. now owns 11,268,474 shares of the financial services provider’s stock valued at $772,796,000 after buying an additional 10,915,741 shares during the period. Ameriprise Financial Inc. raised its stake in Comerica by 1,159.7% in the first quarter. Ameriprise Financial Inc. now owns 1,892,008 shares of the financial services provider’s stock valued at $129,759,000 after buying an additional 1,741,818 shares during the period. AQR Capital Management LLC raised its stake in Comerica by 140.5% in the first quarter. AQR Capital Management LLC now owns 2,072,665 shares of the financial services provider’s stock valued at $142,143,000 after buying an additional 1,210,749 shares during the period. Janus Capital Management LLC raised its stake in Comerica by 153.1% in 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. Finally, Vanguard Group Inc. raised its stake in Comerica by 6.7% in 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. 84.29% of the stock is currently owned by institutional investors and hedge funds.
Comerica (NYSE CMA) opened at 70.21 on Friday. The company’s 50-day moving average is $73.06 and its 200-day moving average is $70.82. Comerica has a 12 month low of $45.14 and a 12 month high of $75.72. The company has a market cap of $12.35 billion, a price-to-earnings ratio of 17.53 and a beta of 1.47.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be paid a $0.30 dividend. The ex-dividend date is 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 1.71%. Comerica’s dividend payout ratio (DPR) is 26.00%.
Comerica announced that its board has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $605.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
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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