Comerica (NYSE:CMA) Announces Earnings Results, Beats Expectations By $0.71 EPS

Comerica (NYSE:CMA) issued its quarterly earnings results on Tuesday. The financial services provider reported $2.32 EPS for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.71, MarketWatch Earnings reports. Comerica had a return on equity of 11.74% and a net margin of 29.86%. During the same quarter last year, the company earned $0.80 EPS.

CMA stock traded down $1.30 during mid-day trading on Thursday, hitting $67.09. 38,271 shares of the stock were exchanged, compared to its average volume of 1,175,981. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.93 and a quick ratio of 0.93. The firm’s fifty day simple moving average is $73.28. Comerica has a 12 month low of $35.76 and a 12 month high of $79.86. The company has a market cap of $9.37 billion, a PE ratio of 10.89, a price-to-earnings-growth ratio of 0.34 and a beta of 1.60.

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

In related news, EVP Jay K. Oberg sold 4,000 shares of the business’s stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $74.61, for a total transaction of $298,440.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP James Harry Weber sold 3,800 shares of the company’s stock in a transaction that occurred on Thursday, April 29th. The stock was sold at an average price of $75.00, for a total value of $285,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,600 shares of company stock valued at $642,176. Corporate insiders own 0.67% of the company’s stock.

Comerica announced that its Board of Directors has initiated a stock buyback program on Tuesday, April 27th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

CMA has been the subject of a number of recent research reports. Citigroup initiated coverage on Comerica in a research report on Friday, July 16th. They issued a “buy” rating and a $67.50 target price for the company. Compass Point raised their target price on Comerica from $62.00 to $65.00 and gave the stock a “sell” rating in a research report on Tuesday, May 18th. Morgan Stanley raised their target price on Comerica from $73.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 29th. Odeon Capital Group cut Comerica from a “buy” rating to a “hold” rating in a research report on Monday. Finally, DA Davidson upgraded Comerica from a “neutral” rating to a “buy” rating in a research report on Tuesday, March 30th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company. Comerica currently has a consensus rating of “Hold” and an average price target of $69.79.

Comerica Company Profile

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.

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Earnings History for Comerica (NYSE:CMA)

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