Comerica Incorporated (NYSE:CMA) – Piper Jaffray Companies dropped their Q4 2019 EPS estimates for Comerica in a report released on Wednesday, July 17th. Piper Jaffray Companies analyst B. Rabatin now forecasts that the financial services provider will post earnings of $2.01 per share for the quarter, down from their previous forecast of $2.03. Piper Jaffray Companies currently has a “Buy” rating and a $91.00 target price on the stock. Piper Jaffray Companies also issued estimates for Comerica’s Q1 2020 earnings at $1.96 EPS, Q2 2020 earnings at $1.99 EPS, Q3 2020 earnings at $2.09 EPS, Q4 2020 earnings at $2.15 EPS and FY2020 earnings at $8.19 EPS.
CMA has been the topic of a number of other reports. Citigroup upgraded shares of Infosys from a “neutral” rating to a “buy” rating in a research note on Friday, July 12th. Goldman Sachs Group cut shares of LATAM Airlines Group from a “neutral” rating to a “sell” rating and increased their price target for the company from $9.20 to $9.30 in a research report on Tuesday, July 2nd. DA Davidson dropped their target price on shares of Comerica to $75.00 and set a “neutral” rating for the company in a research report on Thursday. Raymond James cut shares of First Midwest Bancorp to a “hold” rating in a research report on Monday, July 8th. Finally, Bank of America set a $97.00 price target on shares of Merck & Co., Inc. and gave the stock a “buy” rating in a research note on Thursday, July 11th. Six equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the stock. Comerica currently has an average rating of “Hold” and an average target price of $86.33.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.07). The business had revenue of $853.00 million for the quarter, compared to analyst estimates of $859.09 million. Comerica had a return on equity of 16.92% and a net margin of 33.29%. Comerica’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.87 EPS.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Trust Department MB Financial Bank N A increased its stake in Comerica by 64.3% during the first quarter. Trust Department MB Financial Bank N A now owns 345 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 135 shares during the last quarter. Liberty Wealth Management LLC bought a new position in Comerica during the 4th quarter worth approximately $26,000. CWM LLC lifted its holdings in Comerica by 247.5% during the 1st quarter. CWM LLC now owns 424 shares of the financial services provider’s stock worth $31,000 after buying an additional 302 shares during the last quarter. Zions Bancorporation N.A. bought a new stake in shares of Comerica in the 1st quarter worth approximately $35,000. Finally, Executive Wealth Management LLC bought a new stake in shares of Comerica in the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.
In other Comerica news, EVP Christine M. Moore sold 3,200 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $73.49, for a total value of $235,168.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.98% of the company’s stock.
The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend was Thursday, June 13th. Comerica’s payout ratio is currently 37.02%.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers 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 middle market businesses, multinational corporations, and governmental entities.
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