Comerica Incorporated (NYSE:CMA) posted its quarterly earnings results on Tuesday. The financial services provider reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.10. The company had revenue of $741 million during the quarter, compared to the consensus estimate of $735.06 million. Comerica had a return on equity of 6.92% and a net margin of 16.00%. During the same quarter in the prior year, the company earned $0.34 EPS.
Shares of Comerica (NYSE:CMA) traded up 1.08% during trading on Friday, reaching $68.36. The company’s stock had a trading volume of 1,993,172 shares. Comerica has a 12-month low of $36.82 and a 12-month high of $75.00. The company has a 50 day moving average of $69.39 and a 200-day moving average of $67.47. The stock has a market cap of $12.10 billion, a price-to-earnings ratio of 19.81 and a beta of 1.43.
The business also recently declared a quarterly dividend, which will be paid on Saturday, July 1st. Shareholders of record on Thursday, June 15th will be paid a $0.26 dividend. This is a boost from Comerica’s previous quarterly dividend of $0.23. This represents a $1.04 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date is Tuesday, June 13th. Comerica’s payout ratio is 34.33%.
In related news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $70.94, for a total value of $5,930,584.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Advisors LLC boosted its position in Comerica by 1.3% in the third quarter. BlackRock Advisors LLC now owns 174,414 shares of the financial services provider’s stock worth $8,253,000 after buying an additional 2,266 shares in the last quarter. Tudor Investment Corp Et Al raised its stake in shares of Comerica by 36.1% in the fourth quarter. Tudor Investment Corp Et Al now owns 28,155 shares of the financial services provider’s stock worth $1,918,000 after buying an additional 7,464 shares during the last quarter. EJF Capital LLC purchased a new stake in shares of Comerica during the third quarter worth about $28,392,000. Two Sigma Advisers LP raised its stake in shares of Comerica by 1,260.9% in the third quarter. Two Sigma Advisers LP now owns 674,194 shares of the financial services provider’s stock worth $31,903,000 after buying an additional 624,655 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of Comerica by 1.5% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 358,994 shares of the financial services provider’s stock worth $16,988,000 after buying an additional 5,168 shares during the last quarter. Hedge funds and other institutional investors own 81.74% of the company’s stock.
Several research firms have recently weighed in on CMA. Keefe, Bruyette & Woods set a $71.00 price target on Comerica and gave the stock a “buy” rating in a research note on Saturday, March 25th. Jefferies Group LLC restated a “buy” rating and issued a $81.00 target price on shares of Comerica in a research note on Monday. FBR & Co restated a “market perform” rating and issued a $74.00 target price on shares of Comerica in a research note on Wednesday, April 19th. Barclays PLC restated an “underweight” rating and issued a $72.00 target price (up previously from $69.00) on shares of Comerica in a research note on Saturday, April 22nd. Finally, Deutsche Bank AG raised their target price on Comerica to $74.00 and gave the stock a “hold” rating in a research note on Wednesday, April 19th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Comerica currently has a consensus rating of “Hold” and a consensus price target of $58.65.
Comerica Company Profile
Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering 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.
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