Comerica Incorporated (NYSE:CMA) – Stock analysts at Jefferies Group upped their Q3 2017 earnings per share estimates for Comerica in a research note issued to investors on Monday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will post earnings of $1.23 per share for the quarter, up from their previous forecast of $1.19. Jefferies Group currently has a “Buy” rating and a $81.00 price target on the stock. Jefferies Group also issued estimates for Comerica’s Q1 2018 earnings at $1.27 EPS, Q2 2018 earnings at $1.33 EPS, Q3 2018 earnings at $1.37 EPS and Q4 2018 earnings at $1.43 EPS.
CMA has been the subject of a number of other research reports. Piper Jaffray Companies reaffirmed a “hold” rating and set a $76.00 price objective on shares of Comerica in a research report on Friday, July 28th. BidaskClub downgraded shares of Comerica from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Zacks Investment Research downgraded shares of Comerica from a “buy” rating to a “hold” rating in a research report on Wednesday, August 23rd. Stephens reaffirmed a “buy” rating and set a $80.00 price objective on shares of Comerica in a research report on Tuesday, July 18th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $82.00 price objective on shares of Comerica in a research report on Friday, September 8th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company. Comerica has a consensus rating of “Hold” and a consensus target price of $76.32.
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Comerica (NYSE:CMA) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The business had revenue of $776.00 million during the quarter, compared to the consensus estimate of $777.08 million. During the same quarter in the prior year, the firm earned $0.58 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year.
Several large investors have recently modified their holdings of CMA. Exane Derivatives acquired a new stake in shares of Comerica in the 2nd quarter worth approximately $125,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Comerica in the 1st quarter worth approximately $127,000. Point72 Asia Hong Kong Ltd lifted its stake in shares of 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 acquiring an additional 323 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC lifted its stake in shares of 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 acquiring an additional 8 shares during the period. Finally, Smithfield Trust Co. lifted its stake in shares of 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 acquiring an additional 2,446 shares during the period. 82.46% of the stock is owned by institutional investors.
In other news, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $203,496.00. The disclosure for this sale can be found here. Insiders have sold a total of 44,249 shares of company stock valued at $3,095,383 over the last three months. 1.10% of the stock is currently owned by company insiders.
The company also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Shareholders of record on Friday, September 15th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.58%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date was Thursday, September 14th. Comerica’s payout ratio is presently 30.00%.
Comerica announced that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $605.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
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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