Comerica (NYSE:CMA) posted its quarterly earnings results on Wednesday. The financial services provider reported $1.94 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.01 by ($0.07), Morningstar.com reports. Comerica had a net margin of 33.29% and a return on equity of 16.92%. The company had revenue of $853.00 million for the quarter, compared to the consensus estimate of $859.09 million. During the same period in the prior year, the firm posted $1.87 EPS. The business’s revenue was up 1.8% on a year-over-year basis.
Shares of NYSE:CMA opened at $70.67 on Friday. The company has a market capitalization of $10.69 billion, a P/E ratio of 9.76, a price-to-earnings-growth ratio of 1.26 and a beta of 1.44. Comerica has a 52 week low of $63.69 and a 52 week high of $100.64. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.90. The business has a 50 day simple moving average of $70.93.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date was Thursday, June 13th. Comerica’s dividend payout ratio (DPR) is 37.02%.
In related news, EVP Christine M. Moore sold 3,200 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $73.49, for a total value of $235,168.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.98% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Trust Department MB Financial Bank N A increased its position in shares of Comerica by 64.3% during the first quarter. Trust Department MB Financial Bank N A now owns 345 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 135 shares in the last quarter. Liberty Wealth Management LLC acquired a new position in shares of Comerica during the fourth quarter worth $26,000. CWM LLC increased its position in shares of Comerica by 247.5% during the first quarter. CWM LLC now owns 424 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 302 shares in the last quarter. Zions Bancorporation N.A. acquired a new position in shares of Comerica during the first quarter worth $35,000. Finally, Executive Wealth Management LLC acquired a new position in shares of Comerica during the fourth quarter worth $36,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently weighed in on the stock. Raymond James downgraded shares of First Midwest Bancorp to a “hold” rating in a research note on Monday, July 8th. Piper Jaffray Companies set a $29.00 price target on shares of Bausch Health Companies and gave the company a “buy” rating in a research note on Tuesday, June 11th. B. Riley set a $75.00 price target on shares of Comerica and gave the company a “hold” rating in a research note on Thursday, July 11th. Goldman Sachs Group downgraded shares of LATAM Airlines Group from a “neutral” rating to a “sell” rating and lifted their price target for the company from $9.20 to $9.30 in a research note on Tuesday, July 2nd. Finally, Citigroup raised shares of Infosys from a “neutral” rating to a “buy” rating in a research note on Friday, July 12th. Six investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $86.33.
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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