Comerica Incorporated to Post Q3 2018 Earnings of $1.74 Per Share, B. Riley Forecasts (CMA)

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Comerica Incorporated (NYSE:CMA) – Research analysts at B. Riley reduced their Q3 2018 EPS estimates for Comerica in a report issued on Monday, October 15th, Zacks Investment Research reports. B. Riley analyst S. Moss now anticipates that the financial services provider will earn $1.74 per share for the quarter, down from their prior estimate of $1.83. B. Riley currently has a “Buy” rating and a $107.00 target price on the stock. B. Riley also issued estimates for Comerica’s Q4 2018 earnings at $1.90 EPS, FY2018 earnings at $7.07 EPS, Q1 2019 earnings at $1.85 EPS, Q2 2019 earnings at $1.99 EPS, Q3 2019 earnings at $2.16 EPS, Q4 2019 earnings at $2.17 EPS, FY2019 earnings at $8.15 EPS, Q1 2020 earnings at $2.06 EPS, Q2 2020 earnings at $2.23 EPS, Q3 2020 earnings at $2.35 EPS and FY2020 earnings at $9.00 EPS.

Comerica (NYSE:CMA) last posted its earnings results on Tuesday, October 16th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.81 by $0.05. Comerica had a net margin of 29.54% and a return on equity of 14.41%. The business had revenue of $833.00 million for the quarter, compared to analyst estimates of $852.72 million. During the same period last year, the business posted $1.26 EPS.

Other research analysts have also issued reports about the stock. Morgan Stanley raised their target price on shares of Comerica from $108.00 to $111.00 and gave the company an “equal weight” rating in a research note on Thursday, July 26th. Royal Bank of Canada restated a “buy” rating and issued a $108.00 price target (up from $106.00) on shares of Comerica in a research report on Tuesday, July 17th. Vining Sparks restated a “buy” rating and issued a $107.00 price target on shares of Comerica in a research report on Tuesday, October 9th. Citigroup raised their price target on shares of Comerica from $84.00 to $88.00 and gave the stock a “sell” rating in a research report on Friday, July 20th. Finally, Wedbush raised their price target on shares of Comerica from $111.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Comerica presently has a consensus rating of “Hold” and a consensus price target of $101.50.

NYSE:CMA traded up $0.18 during midday trading on Wednesday, reaching $84.69. The stock had a trading volume of 3,201,805 shares, compared to its average volume of 2,339,242. Comerica has a 1-year low of $74.16 and a 1-year high of $102.66. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $13.51 billion, a PE ratio of 17.90, a PEG ratio of 0.59 and a beta of 1.39.

A number of hedge funds have recently made changes to their positions in the stock. Millennium Management LLC lifted its holdings in Comerica by 31.7% during the 2nd quarter. Millennium Management LLC now owns 5,002,782 shares of the financial services provider’s stock valued at $454,853,000 after purchasing an additional 1,204,882 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Comerica by 47.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,727,000 shares of the financial services provider’s stock valued at $245,975,000 after purchasing an additional 881,990 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd lifted its holdings in Comerica by 160.4% during the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,302,681 shares of the financial services provider’s stock valued at $207,701,000 after purchasing an additional 1,418,316 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Comerica by 20.5% during the 3rd quarter. Janus Henderson Group PLC now owns 1,556,210 shares of the financial services provider’s stock valued at $140,370,000 after purchasing an additional 264,433 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Comerica by 5.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,120,976 shares of the financial services provider’s stock valued at $101,112,000 after purchasing an additional 61,777 shares during the last quarter. 82.32% of the stock is owned by hedge funds and other institutional investors.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 1st. Investors of record on Friday, December 14th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.83%. The ex-dividend date is Thursday, December 13th. Comerica’s dividend payout ratio is currently 50.74%.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.

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