Comerica Incorporated (NYSE:CMA) – Equities research analysts at Jefferies Group issued their Q4 2017 earnings per share estimates for Comerica in a research report issued on Tuesday. Jefferies Group analyst K. Usdin anticipates that the financial services provider will earn $1.23 per share for the quarter. Jefferies Group currently has a “Buy” rating and a $81.00 target price on the stock.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.06 by $0.07. The firm had revenue of $776.00 million for the quarter, compared to analyst estimates of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. Comerica’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.58 earnings per share.
Other equities research analysts have also issued research reports about the stock. FBR & Co set a $79.00 target price on shares of Comerica and gave the company a “buy” rating in a research note on Tuesday, July 18th. Stephens restated a “buy” rating and issued a $80.00 target price on shares of Comerica in a research note on Tuesday, July 18th. BidaskClub lowered shares of Comerica from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Keefe, Bruyette & Woods restated a “buy” rating and issued a $78.00 target price on shares of Comerica in a research note on Friday, June 16th. Finally, Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a research note on Thursday, August 3rd. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $76.32.
Comerica declared that its board has approved a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $605.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Shareholders of record on Friday, September 15th were given a $0.30 dividend. This is a boost from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date was Thursday, September 14th. This represents a $1.20 annualized dividend and a yield of 1.58%. Comerica’s dividend payout ratio is 30.00%.
In other Comerica news, insider Paul R. Obermeyer sold 20,321 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total value of $1,427,347.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,249 shares of company stock valued at $3,095,383. 1.10% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Exane Derivatives bought a new position in Comerica in the 2nd quarter worth about $125,000. Oppenheimer Asset Management Inc. bought a new position in Comerica in the 1st quarter worth about $127,000. Point72 Asia Hong Kong Ltd grew its position in Comerica by 19.3% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock worth $137,000 after purchasing an additional 323 shares during the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its position in Comerica by 0.3% in the 2nd 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 purchasing an additional 8 shares during the last quarter. Finally, Smithfield Trust Co. grew its position in Comerica by 2,446.0% in the 2nd quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock worth $186,000 after purchasing an additional 2,446 shares during the last quarter. Hedge funds and other institutional investors own 82.46% 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.
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