Comerica (CMA) Projected to Post Earnings on Wednesday

Comerica (NYSE:CMA) will likely be releasing its earnings data before the market opens on Wednesday, January 22nd. Analysts expect the company to announce earnings of $1.25 per share and revenue of $839,440.00 billion for the quarter.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. During the same quarter last year, the company earned $1.84 earnings per share. On average, analysts expect Comerica to post $5 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Comerica Stock Up 3.1 %

Shares of CMA traded up $1.98 during mid-day trading on Wednesday, hitting $65.00. 1,788,294 shares of the company traded hands, compared to its average volume of 1,620,850. The company has a market capitalization of $8.55 billion, a PE ratio of 16.25 and a beta of 1.26. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The business has a 50 day moving average of $66.38 and a 200 day moving average of $60.23. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45.

Comerica declared that its board has initiated a share buyback program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.37%. Comerica’s payout ratio is 71.00%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the transaction, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at $1,021,821.60. This trade represents a 31.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the sale, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at $600,885.90. This represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,456 shares of company stock valued at $977,287. Company insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $52.00 to $75.00 in a research report on Tuesday, September 24th. Stephens increased their price objective on Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Piper Sandler raised their price objective on Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Evercore ISI upped their target price on Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $67.14.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.