Comerica Incorporated (NYSE:CMA) – Stock analysts at Piper Jaffray Companies raised their Q1 2019 earnings per share (EPS) estimates for Comerica in a research note issued on Monday, March 11th. Piper Jaffray Companies analyst B. Rabatin now expects that the financial services provider will earn $2.00 per share for the quarter, up from their prior forecast of $1.99. Piper Jaffray Companies has a “Buy” rating and a $106.00 price objective on the stock. Piper Jaffray Companies also issued estimates for Comerica’s Q4 2019 earnings at $2.07 EPS, FY2019 earnings at $8.03 EPS, Q2 2020 earnings at $2.11 EPS, Q3 2020 earnings at $2.19 EPS and FY2020 earnings at $8.64 EPS.
Other equities research analysts have also issued reports about the stock. Goldman Sachs Group lowered shares of Comerica from a “conviction-buy” rating to a “buy” rating in a research note on Monday, January 7th. Argus started coverage on shares of Comerica in a research note on Thursday, January 3rd. They set a “buy” rating and a $88.00 target price for the company. Stephens reiterated a “buy” rating and set a $85.00 target price on shares of Comerica in a research note on Wednesday, December 19th. Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research note on Tuesday. Finally, KeyCorp lowered shares of Comerica from an “outperform” rating to a “market perform” rating in a research note on Wednesday, December 12th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $94.95.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Comerica had a net margin of 34.24% and a return on equity of 15.84%. The company had revenue of $864.00 million during the quarter, compared to analyst estimates of $863.43 million. During the same period in the previous year, the business earned $1.28 EPS. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be given a dividend of $0.67 per share. This is an increase from Comerica’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.26%. Comerica’s payout ratio is presently 33.15%.
Comerica declared that its Board of Directors has authorized a stock repurchase program on Tuesday, January 22nd that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
In other news, insider Paul R. Obermeyer sold 8,200 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $86.75, for a total transaction of $711,350.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter William Guilfoile sold 2,922 shares of the business’s stock in a transaction on Tuesday, January 29th. The shares were sold at an average price of $82.26, for a total transaction of $240,363.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,565 shares of company stock valued at $1,603,348. Insiders own 0.83% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Highwater Wealth Management LLC bought a new stake in shares of Comerica during the 4th quarter valued at $32,000. Oppenheimer Asset Management Inc. bought a new position in Comerica in the 4th quarter worth $25,000. Arcadia Investment Management Corp MI bought a new position in Comerica in the 4th quarter worth $25,000. Claybrook Capital LLC bought a new position in Comerica in the 4th quarter worth $29,000. Finally, Pier 88 Investment Partners LLC boosted 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 worth $32,000 after buying an additional 170 shares during the period. 83.20% of the stock is owned by hedge funds and other institutional investors.
Comerica Company Profile
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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