Comerica (NYSE:CMA) Posts Quarterly Earnings Results, Beats Estimates By $0.71 EPS

Comerica (NYSE:CMA) posted its quarterly earnings results on Tuesday. The financial services provider reported $2.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.71, MarketWatch Earnings reports. Comerica had a return on equity of 11.74% and a net margin of 29.86%. During the same period last year, the company posted $0.80 EPS.

Shares of NYSE:CMA traded down $1.24 during midday trading on Thursday, reaching $67.15. The company had a trading volume of 24,547 shares, compared to its average volume of 1,175,981. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.93 and a current ratio of 0.93. The company’s 50 day moving average is $73.28. The firm has a market capitalization of $9.37 billion, a PE ratio of 10.82, a PEG ratio of 0.34 and a beta of 1.60. Comerica has a 1-year low of $35.76 and a 1-year high of $79.86.

The business also recently announced a quarterly dividend, which was paid on Thursday, July 1st. Investors of record on Tuesday, June 15th were given a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date was Monday, June 14th. Comerica’s dividend payout ratio is currently 83.18%.

Several brokerages recently commented on CMA. Truist dropped their price objective on Comerica from $100.00 to $83.00 and set a “buy” rating on the stock in a research note on Thursday. Barclays raised their price objective on Comerica from $74.00 to $77.00 and gave the stock an “underweight” rating in a research note on Thursday. Compass Point raised their price objective on Comerica from $62.00 to $65.00 and gave the stock a “sell” rating in a research note on Tuesday, May 18th. Citigroup began coverage on Comerica in a research note on Friday, July 16th. They set a “buy” rating and a $67.50 price objective on the stock. Finally, DA Davidson raised Comerica from a “neutral” rating to a “buy” rating in a research note on Tuesday, March 30th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $69.79.

Comerica announced that its board has initiated a share repurchase plan on Tuesday, April 27th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

In related news, CAO Mauricio A. Ortiz sold 800 shares of Comerica stock in a transaction dated Tuesday, May 4th. The stock was sold at an average price of $73.42, for a total transaction of $58,736.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jay K. Oberg sold 4,000 shares of Comerica stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $74.61, for a total value of $298,440.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,600 shares of company stock worth $642,176. 0.67% of the stock is owned by company insiders.

Comerica Company Profile

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It 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, 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.

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Earnings History for Comerica (NYSE:CMA)

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