Comerica (NYSE:CMA) Releases Earnings Results, Beats Expectations By $0.16 EPS

Comerica (NYSE:CMA) announced its quarterly earnings data on Thursday. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16, RTT News reports. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $807.57 million. During the same quarter in the prior year, the firm posted $2.39 earnings per share.

Comerica Stock Up 1.8 %

Comerica stock traded up $0.90 during midday trading on Friday, hitting $51.56. 2,364,256 shares of the company were exchanged, compared to its average volume of 1,627,854. The company’s fifty day moving average price is $51.38 and its 200-day moving average price is $49.23. The company has a market cap of $6.83 billion, a PE ratio of 10.25 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.94. Comerica has a fifty-two week low of $28.40 and a fifty-two week high of $57.39.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.51%. The ex-dividend date of this dividend was Thursday, March 14th. Comerica’s payout ratio is currently 56.46%.

Analyst Ratings Changes

A number of research analysts have commented on CMA shares. Argus cut shares of Comerica from a “buy” rating to a “hold” rating in a research report on Monday, January 29th. Stephens reissued an “overweight” rating and set a $64.00 price target on shares of Comerica in a research report on Friday. Morgan Stanley increased their price target on shares of Comerica from $45.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Barclays raised their target price on shares of Comerica from $49.00 to $59.00 and gave the company an “underweight” rating in a report on Tuesday, January 2nd. Finally, Royal Bank of Canada raised their target price on shares of Comerica from $61.00 to $62.00 and gave the company an “outperform” rating in a report on Friday. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Comerica has an average rating of “Hold” and a consensus price target of $58.02.

Insider Buying and Selling at Comerica

In other news, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the sale, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the sale, the executive vice president now directly owns 8,314 shares in the company, valued at approximately $454,276.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $52.74, for a total value of $160,013.16. Following the sale, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in Comerica in the fourth quarter worth $26,000. Almanack Investment Partners LLC. bought a new stake in Comerica in the third quarter valued at approximately $38,000. Chilton Capital Management LLC bought a new position in shares of Comerica during the first quarter worth approximately $28,000. Money Concepts Capital Corp bought a new position in shares of Comerica during the fourth quarter worth approximately $50,000. Finally, Comerica Bank bought a new position in Comerica during the 2nd quarter worth $320,000. 80.74% 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 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, payment solutions, card services, 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.