Comerica (NYSE:CMA) Shares Gap Up Following Better-Than-Expected Earnings

Comerica Incorporated (NYSE:CMA)’s share price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $49.82, but opened at $51.55. Comerica shares last traded at $50.91, with a volume of 330,007 shares traded.

The financial services provider reported $1.29 EPS for the quarter, topping the consensus estimate of $1.12 by $0.17. Comerica had a net margin of 16.71% and a return on equity of 19.41%. During the same period last year, the firm posted $2.39 earnings per share.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.59%. Comerica’s payout ratio is 44.10%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CMA shares. Raymond James lowered Comerica from an “outperform” rating to a “market perform” rating in a report on Monday, January 22nd. Truist Financial raised their price target on Comerica from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Jefferies Financial Group cut their price target on shares of Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Barclays increased their price objective on Comerica from $49.00 to $59.00 and gave the company an “underweight” rating in a research note on Tuesday, January 2nd. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Comerica in a research report on Wednesday, March 6th. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $57.67.

Insider Activity

In related news, EVP Wendy Bridges sold 3,034 shares of Comerica stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the completion of the transaction, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at approximately $920,840.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the sale, the executive vice president now directly owns 17,460 shares in the company, valued at $920,840.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the sale, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Comerica by 4.2% during the 4th quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock valued at $941,968,000 after purchasing an additional 676,959 shares in the last quarter. BlackRock Inc. boosted its stake in Comerica by 9.4% in the 1st quarter. BlackRock Inc. now owns 13,313,998 shares of the financial services provider’s stock worth $578,094,000 after purchasing an additional 1,145,951 shares during the period. State Street Corp raised its stake in shares of Comerica by 3.9% in the 3rd quarter. State Street Corp now owns 7,675,947 shares of the financial services provider’s stock valued at $550,764,000 after purchasing an additional 284,884 shares during the period. First Trust Advisors LP boosted its position in shares of Comerica by 1,192.2% during the first quarter. First Trust Advisors LP now owns 3,878,506 shares of the financial services provider’s stock worth $168,405,000 after buying an additional 3,578,355 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Comerica by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,343,131 shares of the financial services provider’s stock worth $186,580,000 after acquiring an additional 48,526 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Stock Up 2.0 %

The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.03. The firm’s 50 day simple moving average is $51.39 and its 200-day simple moving average is $49.14. The stock has a market capitalization of $6.74 billion, a price-to-earnings ratio of 7.74 and a beta of 1.27.

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.