Analysts forecast that Comerica Incorporated (NYSE:CMA) will announce sales of $718.73 million for the current fiscal quarter, Zacks reports. Seven analysts have issued estimates for Comerica’s earnings, with the highest sales estimate coming in at $727.00 million and the lowest estimate coming in at $707.13 million. Comerica posted sales of $718.00 million during the same quarter last year, which would indicate a positive year over year growth rate of 0.1%. The business is expected to announce its next quarterly earnings results before the market opens on Wednesday, July 21st.
On average, analysts expect that Comerica will report full-year sales of $2.87 billion for the current financial year, with estimates ranging from $2.83 billion to $2.91 billion. For the next year, analysts anticipate that the firm will report sales of $2.87 billion, with estimates ranging from $2.79 billion to $2.95 billion. Zacks’ sales averages are a mean average based on a survey of analysts that cover Comerica.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Monday, April 19th. The financial services provider reported $2.43 EPS for the quarter, beating the consensus estimate of $1.37 by $1.06. Comerica had a net margin of 29.86% and a return on equity of 11.74%. The business had revenue of $713.00 million during the quarter, compared to the consensus estimate of $722.96 million. During the same period in the previous year, the business earned ($0.46) earnings per share.
CMA stock traded up $0.22 during trading on Tuesday, reaching $73.97. 71,874 shares of the company were exchanged, compared to its average volume of 1,462,602. The company has a market capitalization of $10.33 billion, a P/E ratio of 12.01, a price-to-earnings-growth ratio of 0.42 and a beta of 1.62. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.93 and a quick ratio of 0.93. The business’s 50-day moving average is $74.84. Comerica has a twelve month low of $32.93 and a twelve month high of $79.86.
Comerica declared that its board has authorized a share repurchase plan on Tuesday, April 27th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 1st. Investors of record on Tuesday, June 15th will be paid a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date is Monday, June 14th. Comerica’s dividend payout ratio is currently 83.18%.
In other news, EVP James Harry Weber sold 3,800 shares of the stock in a transaction dated Thursday, April 29th. The shares were sold at an average price of $75.00, for a total value of $285,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jay K. Oberg sold 4,000 shares of the firm’s stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $74.61, for a total transaction of $298,440.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,600 shares of company stock worth $642,176. Company insiders own 0.67% of the company’s stock.
A number of institutional investors have recently made changes to their positions in CMA. Principal Financial Group Inc. boosted its stake in Comerica by 1,280.5% during the fourth quarter. Principal Financial Group Inc. now owns 4,222,423 shares of the financial services provider’s stock worth $235,864,000 after buying an additional 3,916,561 shares during the last quarter. Factorial Partners LLC boosted its holdings in Comerica by 6,812.7% in the 1st quarter. Factorial Partners LLC now owns 2,087,634 shares of the financial services provider’s stock valued at $29,100,000 after purchasing an additional 2,057,434 shares during the last quarter. Norges Bank purchased a new stake in shares of Comerica in the 4th quarter valued at approximately $88,964,000. Victory Capital Management Inc. increased its holdings in shares of Comerica by 1,892.6% during the 1st quarter. Victory Capital Management Inc. now owns 1,062,293 shares of the financial services provider’s stock worth $76,209,000 after buying an additional 1,008,980 shares during the last quarter. Finally, BlackRock Inc. raised its position in shares of Comerica by 5.7% during the 1st quarter. BlackRock Inc. now owns 12,459,702 shares of the financial services provider’s stock valued at $893,859,000 after buying an additional 673,248 shares during the period. Hedge funds and other institutional investors own 79.90% of the company’s stock.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers 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 small and middle market businesses, multinational corporations, and governmental entities.
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