Q1 2019 EPS Estimates for Comerica Incorporated (CMA) Increased by Analyst
Comerica Incorporated (NYSE:CMA) – Wedbush upped their Q1 2019 earnings per share estimates for shares of Comerica in a research report issued to clients and investors on Tuesday, September 11th. Wedbush analyst P. Winter now forecasts that the financial services provider will post earnings per share of $1.85 for the quarter, up from their previous estimate of $1.82. Wedbush currently has a “Buy” rating and a $112.00 target price on the stock. Wedbush also issued estimates for Comerica’s Q2 2019 earnings at $1.96 EPS, Q3 2019 earnings at $2.03 EPS, Q4 2019 earnings at $2.09 EPS, FY2019 earnings at $7.93 EPS and FY2020 earnings at $8.69 EPS.
Other analysts have also issued reports about the stock. Bank of America set a $109.00 target price on shares of Comerica and gave the company a “buy” rating in a research note on Wednesday, July 25th. B. Riley boosted their target price on shares of Comerica from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. Stephens reissued a “buy” rating and set a $108.00 target price on shares of Comerica in a research note on Tuesday, July 24th. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $103.00 target price for the company in a research note on Wednesday, July 18th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $108.00 target price (up from $106.00) on shares of Comerica in a research note on Tuesday, July 17th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and sixteen have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $99.72.
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. The firm had revenue of $838.00 million during the quarter, compared to analyst estimates of $833.59 million. Comerica had a net margin of 27.28% and a return on equity of 13.14%. The business’s revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.13 earnings per share.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be paid a $0.60 dividend. The ex-dividend date is Thursday, September 13th. This is a positive change from Comerica’s previous quarterly dividend of $0.34. This represents a $2.40 dividend on an annualized basis and a yield of 2.58%. Comerica’s dividend payout ratio is 28.75%.
In related news, EVP Christine M. Moore sold 4,800 shares of the company’s stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $98.41, for a total value of $472,368.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.83% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. First Republic Investment Management Inc. raised its holdings in Comerica by 8.7% in the first quarter. First Republic Investment Management Inc. now owns 6,581 shares of the financial services provider’s stock worth $631,000 after purchasing an additional 528 shares in the last quarter. Tredje AP fonden raised its holdings in Comerica by 8.4% in the first quarter. Tredje AP fonden now owns 6,830 shares of the financial services provider’s stock worth $657,000 after purchasing an additional 530 shares in the last quarter. TCW Group Inc. raised its holdings in Comerica by 1.3% in the second quarter. TCW Group Inc. now owns 42,412 shares of the financial services provider’s stock worth $3,856,000 after purchasing an additional 536 shares in the last quarter. IFP Advisors Inc raised its holdings in Comerica by 37.8% in the first quarter. IFP Advisors Inc now owns 1,982 shares of the financial services provider’s stock worth $190,000 after purchasing an additional 544 shares in the last quarter. Finally, Sigma Planning Corp raised its holdings in Comerica by 14.2% in the second quarter. Sigma Planning Corp now owns 4,569 shares of the financial services provider’s stock worth $415,000 after purchasing an additional 569 shares in the last quarter. 81.30% of the stock is owned by institutional investors.
Comerica Company Profile
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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