$1.21 Earnings Per Share Expected for Comerica Incorporated (CMA) This Quarter
Analysts expect that Comerica Incorporated (NYSE:CMA) will post $1.21 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have made estimates for Comerica’s earnings, with the lowest EPS estimate coming in at $1.16 and the highest estimate coming in at $1.30. Comerica posted earnings of $0.92 per share during the same quarter last year, which would indicate a positive year over year growth rate of 31.5%. The company is scheduled to announce its next quarterly earnings results on Tuesday, January 16th.
According to Zacks, analysts expect that Comerica will report full year earnings of $4.71 per share for the current year, with EPS estimates ranging from $4.66 to $4.84. For the next year, analysts anticipate that the company will post earnings of $5.32 per share, with EPS estimates ranging from $5.13 to $5.60. Zacks’ EPS calculations are a mean average based on a survey of sell-side research analysts that cover Comerica.
Comerica (NYSE:CMA) last issued its earnings results on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.03. Comerica had a return on equity of 10.35% and a net margin of 24.87%. The business had revenue of $821.00 million during the quarter, compared to analyst estimates of $812.83 million. During the same period in the previous year, the company posted $0.84 EPS.
A number of brokerages recently commented on CMA. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $76.00 target price on shares of Comerica in a research report on Friday, July 28th. BidaskClub lowered Comerica from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Deutsche Bank AG boosted their target price on Comerica from $80.00 to $82.00 and gave the company a “hold” rating in a research report on Wednesday, November 8th. Zacks Investment Research lowered Comerica from a “buy” rating to a “hold” rating in a research report on Wednesday, August 23rd. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $82.00 target price on shares of Comerica in a research report on Friday, September 8th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $78.00.
Shares of Comerica (CMA) traded down $0.46 during trading on Monday, reaching $78.42. The company had a trading volume of 1,201,777 shares, compared to its average volume of 1,705,545. Comerica has a twelve month low of $59.15 and a twelve month high of $80.25. The company has a market cap of $13,688.85, a price-to-earnings ratio of 17.77, a price-to-earnings-growth ratio of 1.80 and a beta of 1.50. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.00 and a quick ratio of 1.00.
Comerica declared that its board has approved a stock repurchase plan on Tuesday, July 25th that permits the company to repurchase 5,000,000 outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.20 annualized dividend and a yield of 1.53%. Comerica’s payout ratio is 27.15%.
In related news, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $69.50, for a total value of $203,496.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Paul R. Obermeyer sold 20,321 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total value of $1,427,347.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,045 shares of company stock worth $3,680,675. 1.10% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of the business. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC lifted its position in shares of Comerica by 0.3% during the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock worth $169,000 after acquiring an additional 8 shares in the last quarter. National Planning Corp lifted its position in shares of Comerica by 0.4% during the second quarter. National Planning Corp now owns 5,763 shares of the financial services provider’s stock worth $429,000 after acquiring an additional 21 shares in the last quarter. Contravisory Investment Management Inc. lifted its position in shares of Comerica by 0.7% during the second quarter. Contravisory Investment Management Inc. now owns 3,588 shares of the financial services provider’s stock worth $263,000 after acquiring an additional 25 shares in the last quarter. Veritable L.P. lifted its position in shares of Comerica by 0.3% during the second quarter. Veritable L.P. now owns 10,844 shares of the financial services provider’s stock worth $794,000 after acquiring an additional 32 shares in the last quarter. Finally, Cadence Capital Management LLC lifted its position in shares of Comerica by 0.8% during the second quarter. Cadence Capital Management LLC now owns 7,039 shares of the financial services provider’s stock worth $516,000 after acquiring an additional 58 shares in the last quarter. Hedge funds and other institutional investors own 82.34% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Comerica Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.