Comerica Incorporated (NYSE:CMA) – Analysts at DA Davidson lowered their FY2020 earnings per share estimates for shares of Comerica in a note issued to investors on Wednesday, January 22nd. DA Davidson analyst G. Tenner now forecasts that the financial services provider will post earnings of $6.91 per share for the year, down from their prior forecast of $7.30. DA Davidson has a “Average” rating and a $69.00 price objective on the stock. DA Davidson also issued estimates for Comerica’s FY2021 earnings at $7.30 EPS.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.85 EPS for the quarter, topping the consensus estimate of $1.74 by $0.11. Comerica had a net margin of 31.33% and a return on equity of 16.20%. The company had revenue of $810.00 million during the quarter, compared to analysts’ expectations of $801.73 million. During the same quarter in the previous year, the company earned $1.88 EPS.
Several other equities research analysts have also recently commented on the stock. Wells Fargo & Co cut shares of Comerica from an “equal weight” rating to an “underweight” rating and set a $71.00 price target for the company. in a research report on Monday, January 6th. BMO Capital Markets lowered their price target on shares of Comerica from $72.00 to $70.00 and set a “market perform” rating for the company in a research report on Wednesday. B. Riley reiterated a “hold” rating and set a $75.00 price target on shares of Comerica in a research report on Tuesday. ValuEngine upgraded shares of Comerica from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Finally, Piper Jaffray Companies cut shares of Comerica from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $74.50 to $72.50 in a research report on Thursday, October 17th. Six research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and one has assigned a buy rating to the company. Comerica currently has an average rating of “Hold” and a consensus target price of $72.97.
Shares of NYSE:CMA opened at $64.73 on Thursday. Comerica has a one year low of $58.54 and a one year high of $88.96. The company has a 50 day moving average of $70.21 and a 200-day moving average of $67.52. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $9.51 billion, a price-to-earnings ratio of 8.24, a P/E/G ratio of 0.64 and a beta of 1.56.
A number of institutional investors and hedge funds have recently made changes to their positions in CMA. Nuveen Asset Management LLC lifted its stake in Comerica by 9,489.4% in the second quarter. Nuveen Asset Management LLC now owns 1,601,235 shares of the financial services provider’s stock valued at $116,313,000 after buying an additional 1,584,537 shares in the last quarter. Schroder Investment Management Group lifted its stake in Comerica by 36.3% in the second quarter. Schroder Investment Management Group now owns 1,003,892 shares of the financial services provider’s stock valued at $72,923,000 after buying an additional 267,400 shares in the last quarter. BlackRock Inc. lifted its stake in Comerica by 2.1% in the second quarter. BlackRock Inc. now owns 11,709,951 shares of the financial services provider’s stock valued at $850,609,000 after buying an additional 243,799 shares in the last quarter. UBS Group AG lifted its stake in Comerica by 51.8% in the second quarter. UBS Group AG now owns 552,878 shares of the financial services provider’s stock valued at $40,161,000 after buying an additional 188,619 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. lifted its stake in Comerica by 22.2% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 1,026,418 shares of the financial services provider’s stock valued at $76,744,000 after buying an additional 186,317 shares in the last quarter. 82.69% of the stock is currently owned by hedge funds and other institutional investors.
In other Comerica news, Director Reginald M. Turner, Jr. sold 2,495 shares of Comerica stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $66.66, for a total value of $166,316.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Peter William Guilfoile sold 6,959 shares of Comerica stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $71.45, for a total transaction of $497,220.55. The disclosure for this sale can be found here. 0.98% of the stock is currently owned by insiders.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were issued a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date of this dividend was Thursday, December 12th. Comerica’s dividend payout ratio is currently 34.31%.
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.