Brokerages forecast that Comerica Incorporated (NYSE:CMA) will report $1.77 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Comerica’s earnings, with the lowest EPS estimate coming in at $1.72 and the highest estimate coming in at $1.83. Comerica reported earnings of $1.26 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 40.5%. The business is expected to issue its next earnings report before the market opens on Tuesday, October 16th.

On average, analysts expect that Comerica will report full year earnings of $7.07 per share for the current fiscal year, with EPS estimates ranging from $6.94 to $7.16. For the next year, analysts expect that the company will post earnings of $7.96 per share, with EPS estimates ranging from $7.65 to $8.39. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Comerica.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.64 by $0.26. The firm had revenue of $838.00 million for the quarter, compared to analysts’ expectations of $833.59 million. Comerica had a return on equity of 13.14% and a net margin of 27.28%. Comerica’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.13 earnings per share.

CMA has been the topic of a number of research reports. Bank of America set a $109.00 price target on Comerica and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Morgan Stanley dropped their price target on Comerica from $111.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Wells Fargo & Co increased their price target on Comerica from $96.00 to $100.00 and gave the stock a “market perform” rating in a research report on Thursday, June 14th. Zacks Investment Research cut Comerica from a “buy” rating to a “hold” rating in a research report on Wednesday, June 6th. Finally, Evercore ISI upgraded Comerica from an “in-line” rating to an “outperform” rating in a research report on Wednesday, July 18th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $100.29.

Shares of Comerica stock traded up $1.47 on Wednesday, reaching $93.86. 1,323,800 shares of the company were exchanged, compared to its average volume of 1,591,503. 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 capitalization of $15.97 billion, a price-to-earnings ratio of 19.84, a PEG ratio of 0.58 and a beta of 1.38. Comerica has a 1-year low of $70.84 and a 1-year high of $102.66.

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 issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.56%. This is a positive change from Comerica’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 13th. Comerica’s dividend payout ratio is 50.74%.

In related news, EVP Christine M. Moore sold 4,800 shares of the stock in a transaction that occurred on Thursday, August 2nd. The stock was sold at an average price of $98.41, for a total value of $472,368.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.83% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Millennium Management LLC boosted its stake in Comerica by 31.7% during the 2nd quarter. Millennium Management LLC now owns 5,002,782 shares of the financial services provider’s stock valued at $454,853,000 after purchasing an additional 1,204,882 shares in the last quarter. Integrated Investment Consultants LLC boosted its stake in Comerica by 26,511.7% during the 2nd quarter. Integrated Investment Consultants LLC now owns 986,494 shares of the financial services provider’s stock valued at $1,319,000 after purchasing an additional 982,787 shares in the last quarter. Westfield Capital Management Co. LP bought a new position in Comerica during the 1st quarter valued at $64,795,000. Janus Henderson Group PLC boosted its stake in Comerica by 61.5% during the 2nd quarter. Janus Henderson Group PLC now owns 1,291,777 shares of the financial services provider’s stock valued at $117,449,000 after purchasing an additional 491,843 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in Comerica by 3.3% during the 1st quarter. BlackRock Inc. now owns 12,276,183 shares of the financial services provider’s stock valued at $1,177,655,000 after purchasing an additional 393,237 shares in the last quarter. 81.28% of the stock is owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Comerica (NYSE:CMA)

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