Comerica (NYSE:CMA) Announces Quarterly Earnings Results

Comerica (NYSE:CMA) issued its quarterly earnings data on Tuesday. The financial services provider reported $2.32 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.71, MarketWatch Earnings reports. Comerica had a net margin of 29.86% and a return on equity of 11.74%. During the same period in the previous year, the business posted $0.80 earnings per share.

NYSE:CMA traded down $1.31 during mid-day trading on Thursday, hitting $67.08. 6,408 shares of the company’s stock were exchanged, compared to its average volume of 1,175,981. The stock’s 50 day moving average is $73.28. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.93 and a quick ratio of 0.93. Comerica has a fifty-two week low of $35.76 and a fifty-two week high of $79.86. The company has a market cap of $9.37 billion, a price-to-earnings ratio of 10.94, a P/E/G ratio of 0.34 and a beta of 1.60.

The business also recently declared a quarterly dividend, which was paid on Thursday, July 1st. Investors of record on Tuesday, June 15th were issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 4.05%. The ex-dividend date was Monday, June 14th. Comerica’s dividend payout ratio (DPR) is presently 83.18%.

Comerica announced that its board has approved a stock repurchase program on Tuesday, April 27th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Several analysts have weighed in on the stock. TheStreet upgraded shares of Comerica from a “c+” rating to a “b” rating in a research note on Tuesday, April 20th. upgraded shares of Comerica from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $65.00 to $90.00 in a research note on Thursday, April 29th. DA Davidson raised shares of Comerica from a “neutral” rating to a “buy” rating in a report on Tuesday, March 30th. Citigroup started coverage on shares of Comerica in a report on Friday, July 16th. They issued a “buy” rating and a $67.50 target price on the stock. Finally, Compass Point raised their target price on shares of Comerica from $62.00 to $65.00 and gave the company a “sell” rating in a report on Tuesday, May 18th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $70.01.

In related news, CAO Mauricio A. Ortiz sold 800 shares of Comerica stock in a transaction that occurred on Tuesday, May 4th. The shares were sold at an average price of $73.42, for a total transaction of $58,736.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jay K. Oberg sold 4,000 shares of Comerica stock in a transaction that occurred on Monday, May 3rd. The stock was sold at an average price of $74.61, for a total transaction of $298,440.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,600 shares of company stock worth $642,176. 0.67% of the stock is owned by corporate insiders.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It 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, 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.

Further Reading: Special Dividends

Earnings History for Comerica (NYSE:CMA)

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