Comerica (NYSE:CMA) Issues Quarterly Earnings Results

Comerica (NYSE:CMA) announced its earnings results on Thursday. The financial services provider reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.16, RTT News reports. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $807.57 million. During the same period last year, the business posted $2.39 EPS.

Comerica Stock Performance

Comerica stock opened at $51.58 on Friday. The stock has a fifty day moving average price of $51.38 and a 200 day moving average price of $49.23. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.26. Comerica has a 52 week low of $28.40 and a 52 week high of $57.39. The firm has a market capitalization of $6.83 billion, a P/E ratio of 10.25 and a beta of 1.27.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.51%. The ex-dividend date of this dividend was Thursday, March 14th. Comerica’s dividend payout ratio is currently 56.46%.

Insiders Place Their Bets

In other news, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the transaction, the executive vice president now directly owns 8,314 shares in the company, valued at approximately $454,276.96. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Wendy Bridges sold 3,034 shares of the company’s stock in a transaction on 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 sale, 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 filing with the SEC, which can be accessed through the SEC website. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $54.64, for a total value of $88,298.24. Following the completion of the transaction, the executive vice president now directly owns 8,314 shares in the company, valued at $454,276.96. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Comerica

Large investors have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC grew its position in Comerica by 12.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,262 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 247 shares in the last quarter. Advisory Services Network LLC increased its stake in Comerica by 38.1% during the 1st quarter. Advisory Services Network LLC now owns 2,697 shares of the financial services provider’s stock worth $117,000 after buying an additional 744 shares during the period. Parkside Financial Bank & Trust lifted its holdings in Comerica by 49.3% in the 1st quarter. Parkside Financial Bank & Trust now owns 1,200 shares of the financial services provider’s stock worth $109,000 after buying an additional 396 shares in the last quarter. Covestor Ltd boosted its position in Comerica by 28.7% in the 1st quarter. Covestor Ltd now owns 1,147 shares of the financial services provider’s stock valued at $104,000 after buying an additional 256 shares during the last quarter. Finally, Horizon Investments LLC grew its stake in shares of Comerica by 9.9% during the second quarter. Horizon Investments LLC now owns 2,458 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 221 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Analysts Set New Price Targets

CMA has been the topic of several analyst reports. Royal Bank of Canada lifted their target price on shares of Comerica from $61.00 to $62.00 and gave the company an “outperform” rating in a report on Friday. Keefe, Bruyette & Woods cut their target price on Comerica from $60.00 to $58.00 and set a “market perform” rating for the company in a research note on Monday, January 22nd. Morgan Stanley increased their price objective on Comerica from $45.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Raymond James lowered shares of Comerica from an “outperform” rating to a “market perform” rating in a research report on Monday, January 22nd. Finally, Jefferies Financial Group cut their price target on shares of Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, April 8th. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Comerica currently has an average rating of “Hold” and a consensus target price of $58.02.

Comerica Company Profile

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.