FY2020 Earnings Estimate for Comerica Incorporated (CMA) Issued By Wedbush
Comerica Incorporated (NYSE:CMA) – Analysts at Wedbush cut their FY2020 earnings per share (EPS) estimates for shares of Comerica in a research note issued on Wednesday, March 27th. Wedbush analyst P. Winter now expects that the financial services provider will post earnings per share of $8.43 for the year, down from their previous forecast of $8.45. Wedbush currently has a “Neutral” rating and a $85.00 target price on the stock.
A number of other equities research analysts also recently weighed in on CMA. ValuEngine downgraded shares of Comerica from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 21st. B. Riley lowered their price objective on shares of Comerica from $87.00 to $80.00 and set a “neutral” rating for the company in a research report on Tuesday. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $92.00 price objective for the company in a research report on Tuesday, March 12th. Piper Jaffray Companies set a $106.00 price objective on shares of Comerica and gave the company a “buy” rating in a research report on Tuesday, December 4th. Finally, Morgan Stanley lowered their price objective on shares of Comerica from $98.00 to $96.00 and set an “overweight” rating for the company in a research report on Tuesday, January 8th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $93.80.
Comerica (NYSE:CMA) last issued its earnings results on Wednesday, January 16th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. Comerica had a net margin of 34.24% and a return on equity of 15.84%. The business had revenue of $864.00 million for the quarter, compared to analyst estimates of $863.43 million. During the same quarter in the prior year, the business posted $1.28 EPS. The company’s revenue for the quarter was up 4.1% on a year-over-year basis.
A number of hedge funds and other institutional investors have recently bought and sold shares of CMA. Allianz Asset Management GmbH grew its position in Comerica by 936.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 1,591,118 shares of the financial services provider’s stock worth $143,519,000 after purchasing an additional 1,437,542 shares during the last quarter. Norges Bank bought a new position in Comerica in the 4th quarter worth about $89,893,000. Two Sigma Advisers LP lifted its stake in shares of Comerica by 133.4% in the 4th quarter. Two Sigma Advisers LP now owns 1,848,949 shares of the financial services provider’s stock worth $127,004,000 after acquiring an additional 1,056,658 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Comerica by 47.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,727,000 shares of the financial services provider’s stock worth $245,975,000 after acquiring an additional 881,990 shares during the period. Finally, Vanguard Group Inc lifted its stake in shares of Comerica by 3.5% in the 3rd quarter. Vanguard Group Inc now owns 18,993,812 shares of the financial services provider’s stock worth $1,713,241,000 after acquiring an additional 634,716 shares during the period. Hedge funds and other institutional investors own 84.38% of the company’s stock.
In other Comerica news, EVP Megan D. Burkhart sold 7,443 shares of the company’s stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $87.55, for a total value of $651,634.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter William Guilfoile sold 2,922 shares of the company’s stock in a transaction dated Tuesday, January 29th. The stock was sold at an average price of $82.26, for a total transaction of $240,363.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,565 shares of company stock valued at $1,603,348. 0.98% of the stock is owned by insiders.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be given a $0.67 dividend. This is a boost from Comerica’s previous quarterly dividend of $0.60. The ex-dividend date is Thursday, March 14th. This represents a $2.68 annualized dividend and a yield of 3.67%. Comerica’s dividend payout ratio is 37.02%.
Comerica announced that its Board of Directors has authorized a share repurchase program on Tuesday, January 22nd that authorizes the company to repurchase 15,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
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.
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