DA Davidson Equities Analysts Boost Earnings Estimates for Comerica Incorporated (CMA)
Comerica Incorporated (NYSE:CMA) – Research analysts at DA Davidson raised their Q1 2018 earnings per share (EPS) estimates for Comerica in a research report issued on Wednesday. DA Davidson analyst G. Tenner now anticipates that the financial services provider will earn $1.52 per share for the quarter, up from their prior forecast of $1.30. DA Davidson has a “Hold” rating and a $100.00 price target on the stock. DA Davidson also issued estimates for Comerica’s Q3 2018 earnings at $1.59 EPS and FY2019 earnings at $7.16 EPS.
CMA has been the topic of a number of other reports. Piper Jaffray Companies upgraded Comerica to a “buy” rating and set a $98.00 price target on the stock in a report on Friday, December 8th. Morgan Stanley restated an “equal weight” rating and issued a $90.00 price target on shares of Comerica in a report on Wednesday, December 13th. Deutsche Bank boosted their price target on Comerica from $80.00 to $82.00 and gave the company a “hold” rating in a report on Wednesday, November 8th. SunTrust Banks restated a “hold” rating and issued a $86.00 price target on shares of Comerica in a report on Tuesday, January 9th. Finally, Wedbush boosted their price target on Comerica from $91.00 to $97.00 and gave the company a “neutral” rating in a report on Wednesday. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $92.37.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.03. The company had revenue of $830.00 million for the quarter, compared to analyst estimates of $819.30 million. Comerica had a return on equity of 10.94% and a net margin of 22.47%. During the same period in the previous year, the company posted $0.92 earnings per share.
The business also recently announced a quarterly dividend, which was paid on Monday, January 1st. Investors of record on Friday, December 15th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $1.20 annualized dividend and a yield of 1.28%. Comerica’s payout ratio is presently 29.06%.
In related news, EVP Christine M. Moore sold 3,200 shares of the company’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $75.07, for a total transaction of $240,224.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael T. Ritchie sold 4,596 shares of the company’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $75.08, for a total value of $345,067.68. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CMA. AXA raised its stake in Comerica by 1.0% in the second quarter. AXA now owns 20,600 shares of the financial services provider’s stock valued at $1,509,000 after buying an additional 200 shares during the period. Norinchukin Bank The raised its stake in Comerica by 13.1% in the second quarter. Norinchukin Bank The now owns 6,987 shares of the financial services provider’s stock valued at $512,000 after buying an additional 807 shares during the period. BlackRock Inc. raised its stake in Comerica by 0.5% in the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock valued at $829,069,000 after buying an additional 51,426 shares during the period. Amalgamated Bank raised its stake in Comerica by 62.6% in the second quarter. Amalgamated Bank now owns 19,854 shares of the financial services provider’s stock valued at $1,454,000 after buying an additional 7,643 shares during the period. Finally, BlueMountain Capital Management LLC raised its stake in Comerica by 423.8% in the second quarter. BlueMountain Capital Management LLC now owns 6,590 shares of the financial services provider’s stock valued at $483,000 after buying an additional 5,332 shares during the period. Institutional investors and hedge funds own 81.95% of the company’s stock.
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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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