Wall Street analysts expect Comerica Incorporated (NYSE:CMA) to post earnings of $1.54 per share for the current fiscal quarter, according to Zacks. Seven analysts have provided estimates for Comerica’s earnings, with the lowest EPS estimate coming in at $1.39 and the highest estimate coming in at $1.72. Comerica posted earnings of $1.44 per share in the same quarter last year, which suggests a positive year over year growth rate of 6.9%. The company is scheduled to announce its next quarterly earnings results on Tuesday, October 19th.
According to Zacks, analysts expect that Comerica will report full year earnings of $7.14 per share for the current year, with EPS estimates ranging from $6.50 to $7.59. For the next financial year, analysts expect that the business will report earnings of $5.37 per share, with EPS estimates ranging from $4.65 to $5.78. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research analysts that follow Comerica.
Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, July 20th. The financial services provider reported $2.32 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.71. Comerica had a return on equity of 11.74% and a net margin of 29.86%. During the same period last year, the business earned $0.80 earnings per share.
In related news, EVP James Harry Weber sold 3,800 shares of the business’s stock in a transaction that occurred on Thursday, April 29th. The stock was sold at an average price of $75.00, for a total value of $285,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jay K. Oberg sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, May 3rd. The shares were 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. Insiders have sold a total of 8,600 shares of company stock valued at $642,176 in the last ninety days. Insiders own 0.67% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of Comerica by 5.7% during the first quarter. BlackRock Inc. now owns 12,459,702 shares of the financial services provider’s stock valued at $893,859,000 after purchasing an additional 673,248 shares in the last quarter. Truist Financial Corp raised its stake in shares of Comerica by 29.0% in the fourth quarter. Truist Financial Corp now owns 72,231 shares of the financial services provider’s stock worth $4,035,000 after buying an additional 16,232 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Comerica by 1,863.5% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 66,838 shares of the financial services provider’s stock worth $4,795,000 after purchasing an additional 63,434 shares in the last quarter. Blair William & Co. IL grew its position in shares of Comerica by 18.4% during the first quarter. Blair William & Co. IL now owns 7,349 shares of the financial services provider’s stock worth $527,000 after purchasing an additional 1,144 shares in the last quarter. Finally, Ballentine Partners LLC purchased a new position in Comerica during the 1st quarter valued at approximately $227,000. 78.38% of the stock is currently owned by hedge funds and other institutional investors.
Comerica stock traded down $1.02 during midday trading on Friday, reaching $67.37. The company’s stock had a trading volume of 5,819 shares, compared to its average volume of 1,175,981. Comerica has a fifty-two week low of $35.76 and a fifty-two week high of $79.86. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.37. The stock has a market cap of $9.41 billion, a P/E ratio of 11.05, a P/E/G ratio of 0.34 and a beta of 1.60. The stock’s 50-day moving average is $73.28.
The firm also recently announced a quarterly dividend, which was paid on Thursday, July 1st. Stockholders of record on Tuesday, June 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 4.04%. The ex-dividend date of this dividend was Monday, June 14th. Comerica’s payout ratio is 83.18%.
Comerica announced that its Board of Directors has authorized a stock repurchase program on Tuesday, April 27th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.
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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