Comerica (CMA) Hits New 12-Month High on Earnings Beat

Comerica Incorporated (NYSE:CMA) shares hit a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $93.94 and last traded at $93.04, with a volume of 1623500 shares traded. The stock had previously closed at $92.52.

The financial services provider reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.03. The business had revenue of $830.00 million for the quarter, compared to the consensus estimate of $819.30 million. Comerica had a return on equity of 10.35% and a net margin of 24.87%. During the same quarter last year, the business posted $0.92 earnings per share.

The company also recently announced a quarterly dividend, which was paid on Monday, January 1st. Stockholders of record on Friday, December 15th were given a $0.30 dividend. The ex-dividend date was Thursday, December 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.27%. Comerica’s dividend payout ratio (DPR) is presently 27.21%.

CMA has been the topic of several research reports. Nomura raised their target price on Comerica from $74.00 to $86.00 and gave the company a “neutral” rating in a research report on Monday, October 23rd. Keefe, Bruyette & Woods restated a “buy” rating and issued a $101.00 target price on shares of Comerica in a research report on Friday, December 22nd. Morgan Stanley restated an “equal weight” rating and issued a $79.00 target price (up previously from $76.00) on shares of Comerica in a research report on Wednesday, October 4th. Zacks Investment Research upgraded Comerica from a “hold” rating to a “buy” rating and set a $95.00 target price on the stock in a research report on Monday, December 11th. Finally, Macquarie upgraded Comerica from a “neutral” rating to an “outperform” rating and set a $90.00 target price on the stock in a research report on Friday, November 17th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $92.37.

In other Comerica news, insider Michael T. Ritchie sold 4,596 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $75.08, for a total transaction of $345,067.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christine M. Moore sold 3,200 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $75.07, for a total value of $240,224.00. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

A number of hedge funds have recently bought and sold shares of CMA. AXA increased its stake in Comerica by 1.0% during the second quarter. AXA now owns 20,600 shares of the financial services provider’s stock worth $1,509,000 after acquiring an additional 200 shares during the last quarter. Norinchukin Bank The increased its stake in Comerica by 13.1% during the second quarter. Norinchukin Bank The now owns 6,987 shares of the financial services provider’s stock worth $512,000 after acquiring an additional 807 shares during the last quarter. BlackRock Inc. increased its stake in Comerica by 0.5% during the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock worth $829,069,000 after acquiring an additional 51,426 shares during the last quarter. Amalgamated Bank increased its stake in Comerica by 62.6% during the second quarter. Amalgamated Bank now owns 19,854 shares of the financial services provider’s stock worth $1,454,000 after acquiring an additional 7,643 shares during the last quarter. Finally, BlueMountain Capital Management LLC increased its stake in Comerica by 423.8% during the second quarter. BlueMountain Capital Management LLC now owns 6,590 shares of the financial services provider’s stock worth $483,000 after acquiring an additional 5,332 shares during the last quarter. 81.95% of the stock is owned by institutional investors.

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.58. The company has a market cap of $16,480.00, a P/E ratio of 21.49, a PEG ratio of 1.65 and a beta of 1.50.

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Comerica Company Profile

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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