Comerica Incorporated (CMA) Expected to Announce Quarterly Sales of $852.72 Million
Equities research analysts expect Comerica Incorporated (NYSE:CMA) to report $852.72 million in sales for the current quarter, according to Zacks. Nine analysts have issued estimates for Comerica’s earnings. The lowest sales estimate is $844.00 million and the highest is $860.00 million. Comerica posted sales of $821.00 million during the same quarter last year, which would indicate a positive year over year growth rate of 3.9%. The business is expected to announce its next earnings results before the market opens on Tuesday, October 16th.
According to Zacks, analysts expect that Comerica will report full year sales of $3.36 billion for the current year, with estimates ranging from $3.35 billion to $3.37 billion. For the next fiscal year, analysts expect that the firm will post sales of $3.55 billion, with estimates ranging from $3.49 billion to $3.60 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Comerica.
Comerica (NYSE:CMA) last issued its earnings results on Tuesday, July 17th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.26. Comerica had a net margin of 27.28% and a return on equity of 13.14%. The company had revenue of $838.00 million during the quarter, compared to analysts’ expectations of $833.59 million. During the same period last year, the company posted $1.13 earnings per share. The firm’s quarterly revenue was up 8.0% compared to the same quarter last year.
Comerica stock traded down $1.07 during mid-day trading on Monday, reaching $84.73. The company had a trading volume of 3,012,180 shares, compared to its average volume of 1,586,775. Comerica has a 1 year low of $74.16 and a 1 year high of $102.66. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.69. The stock has a market cap of $15.46 billion, a PE ratio of 17.91, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 14th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.83%. This is a boost from Comerica’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, September 13th. Comerica’s dividend payout ratio (DPR) is 50.74%.
In other news, EVP Christine M. Moore sold 4,800 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $98.41, for a total transaction of $472,368.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.83% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. TCW Group Inc. boosted its holdings in shares of Comerica by 1.3% in the 2nd quarter. TCW Group Inc. now owns 42,412 shares of the financial services provider’s stock valued at $3,856,000 after purchasing an additional 536 shares during the last quarter. Sigma Planning Corp boosted its holdings in shares of Comerica by 14.2% in the 2nd quarter. Sigma Planning Corp now owns 4,569 shares of the financial services provider’s stock valued at $415,000 after purchasing an additional 569 shares during the last quarter. Point72 Asia Hong Kong Ltd boosted its holdings in shares of Comerica by 47.1% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,855 shares of the financial services provider’s stock valued at $178,000 after purchasing an additional 594 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. boosted its holdings in shares of Comerica by 4.7% in the 2nd quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 13,264 shares of the financial services provider’s stock valued at $1,206,000 after purchasing an additional 600 shares during the last quarter. Finally, Atlantic Trust Group LLC boosted its holdings in shares of Comerica by 0.7% in the 1st quarter. Atlantic Trust Group LLC now owns 105,079 shares of the financial services provider’s stock valued at $10,080,000 after purchasing an additional 693 shares during the last quarter. 81.32% of the stock is owned by hedge funds and other institutional investors.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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