Comerica Incorporated (NYSE:CMA) – Equities research analysts at B. Riley lowered their FY2021 earnings per share estimates for shares of Comerica in a report released on Wednesday, January 12th. B. Riley analyst S. Moss now forecasts that the financial services provider will earn $8.30 per share for the year, down from their previous estimate of $8.31. B. Riley also issued estimates for Comerica’s Q3 2022 earnings at $1.60 EPS, Q4 2022 earnings at $1.84 EPS, FY2022 earnings at $6.35 EPS, Q1 2023 earnings at $1.71 EPS, Q2 2023 earnings at $1.81 EPS, Q3 2023 earnings at $2.07 EPS, Q4 2023 earnings at $2.11 EPS and FY2023 earnings at $7.70 EPS.
Other analysts have also recently issued research reports about the stock. Jefferies Financial Group upped their target price on shares of Comerica from $75.00 to $86.00 and gave the company a “hold” rating in a research report on Monday, October 11th. Raymond James upped their target price on shares of Comerica from $94.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, October 21st. JPMorgan Chase & Co. upgraded shares of Comerica from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research report on Wednesday, December 15th. Compass Point upgraded shares of Comerica from a “sell” rating to a “neutral” rating and set a $87.00 target price for the company in a research report on Tuesday, December 21st. Finally, Truist Securities upped their target price on shares of Comerica from $83.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, October 21st. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $92.19.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, October 19th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.26. Comerica had a net margin of 38.31% and a return on equity of 15.22%. The firm had revenue of $755.00 million during the quarter, compared to analysts’ expectations of $733.42 million. During the same quarter in the previous year, the company posted $1.44 EPS.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, January 1st. Stockholders of record on Wednesday, December 15th were paid a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.69%. Comerica’s dividend payout ratio is 33.42%.
In other news, EVP Melinda A. Chausse sold 3,429 shares of the company’s stock in a transaction dated Wednesday, November 24th. The shares were sold at an average price of $90.98, for a total value of $311,970.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP James Harry Weber sold 2,454 shares of the company’s stock in a transaction dated Friday, October 22nd. The shares were sold at an average price of $88.50, for a total transaction of $217,179.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,066 shares of company stock valued at $1,588,810. Company insiders own 0.67% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC raised its holdings in Comerica by 51.9% in the 2nd quarter. Lazard Asset Management LLC now owns 395 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 135 shares during the period. Kings Point Capital Management bought a new position in Comerica in the 3rd quarter valued at about $32,000. Canton Hathaway LLC bought a new position in Comerica in the 3rd quarter valued at about $36,000. AGF Investments LLC bought a new position in Comerica in the 3rd quarter valued at about $40,000. Finally, Covington Capital Management raised its holdings in Comerica by 229.4% in the 2nd quarter. Covington Capital Management now owns 718 shares of the financial services provider’s stock valued at $51,000 after acquiring an additional 500 shares during the period. 79.32% of the stock is currently owned by hedge funds and other institutional investors.
Comerica, Inc engages in the provision of financial services. It operates through the following segments: Commercial Bank, Retail Bank, Wealth Management, Finance, and Other. The Commercial Bank segment is involved in middle market businesses, multinational corporations, and governmental entities by offering 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 services, and loan syndication services.
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