Comerica Incorporated (NYSE:CMA) – Research analysts at Wedbush boosted their Q1 2019 earnings per share (EPS) estimates for Comerica in a research report issued to clients and investors on Wednesday, March 13th. Wedbush analyst P. Winter now anticipates that the financial services provider will earn $1.93 per share for the quarter, up from their prior forecast of $1.92. Wedbush currently has a “Neutral” rating and a $85.00 price objective on the stock. Wedbush also issued estimates for Comerica’s Q3 2019 earnings at $2.05 EPS, Q4 2019 earnings at $2.06 EPS, FY2019 earnings at $8.07 EPS and FY2020 earnings at $8.45 EPS.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $864.00 million for the quarter, compared to the consensus estimate of $863.43 million. Comerica had a net margin of 34.24% and a return on equity of 15.84%. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.28 earnings per share.
Shares of Comerica stock opened at $82.27 on Friday. The stock has a market cap of $13.11 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 0.51 and a beta of 1.45. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.03 and a current ratio of 1.03. Comerica has a 12-month low of $63.69 and a 12-month high of $101.05.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be paid a $0.67 dividend. This is an increase from Comerica’s previous quarterly dividend of $0.60. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend is Thursday, March 14th. Comerica’s dividend payout ratio (DPR) is presently 33.15%.
Comerica declared that its Board of Directors has initiated a share repurchase plan on Tuesday, January 22nd that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
In other news, insider Peter William Guilfoile sold 2,922 shares of the firm’s stock in a transaction that occurred on Tuesday, January 29th. The shares were sold at an average price of $82.26, for a total value of $240,363.72. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Paul R. Obermeyer sold 8,200 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $86.75, for a total transaction of $711,350.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,565 shares of company stock worth $1,603,348. 0.83% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC raised its holdings in Comerica by 7.3% in the 4th quarter. Parallel Advisors LLC now owns 2,292 shares of the financial services provider’s stock valued at $157,000 after buying an additional 155 shares during the last quarter. Simmons Bank raised its holdings in Comerica by 1.3% in the 4th quarter. Simmons Bank now owns 13,283 shares of the financial services provider’s stock valued at $913,000 after buying an additional 165 shares during the last quarter. Pier 88 Investment Partners LLC raised its holdings in Comerica by 56.7% in the 4th quarter. Pier 88 Investment Partners LLC now owns 470 shares of the financial services provider’s stock valued at $32,000 after buying an additional 170 shares during the last quarter. Moody National Bank Trust Division raised its holdings in Comerica by 0.9% in the 4th quarter. Moody National Bank Trust Division now owns 22,198 shares of the financial services provider’s stock valued at $1,524,000 after buying an additional 198 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in Comerica by 3.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 6,321 shares of the financial services provider’s stock valued at $434,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 83.20% of the company’s stock.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business 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 middle market businesses, multinational corporations, and governmental entities.
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