Zacks: Brokerages Anticipate Comerica Incorporated (NYSE:CMA) Will Announce Earnings of $1.71 Per Share

Equities research analysts expect Comerica Incorporated (NYSE:CMAGet Rating) to report $1.71 earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Seven analysts have made estimates for Comerica’s earnings, with estimates ranging from $1.56 to $1.80. Comerica posted earnings of $2.32 per share in the same quarter last year, which would suggest a negative year over year growth rate of 26.3%. The firm is expected to announce its next earnings report before the market opens on Monday, January 1st.

According to Zacks, analysts expect that Comerica will report full year earnings of $7.38 per share for the current fiscal year, with EPS estimates ranging from $6.60 to $8.06. For the next financial year, analysts anticipate that the firm will report earnings of $9.45 per share, with EPS estimates ranging from $8.10 to $10.53. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that cover Comerica.

Comerica (NYSE:CMAGet Rating) last released its earnings results on Wednesday, April 20th. The financial services provider reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.01). The firm had revenue of $700.00 million for the quarter, compared to the consensus estimate of $725.36 million. Comerica had a return on equity of 13.85% and a net margin of 33.48%. During the same period in the prior year, the business earned $2.43 EPS.

Several research firms have recently weighed in on CMA. Piper Sandler raised Comerica from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $90.00 to $94.00 in a research report on Monday, May 2nd. B. Riley decreased their price target on Comerica from $95.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, April 21st. Wolfe Research cut their price objective on Comerica from $124.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, May 26th. Robert W. Baird raised Comerica from a “neutral” rating to an “outperform” rating and set a $85.00 target price on the stock in a research report on Friday, May 20th. Finally, Raymond James lowered Comerica from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 21st. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Comerica has a consensus rating of “Hold” and an average price target of $100.29.

In related news, EVP Wendy Bridges sold 1,100 shares of the stock in a transaction that occurred on Thursday, March 3rd. The stock was sold at an average price of $93.78, for a total transaction of $103,158.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.76% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. NorthCrest Asset Manangement LLC increased its position in Comerica by 0.3% in the first quarter. NorthCrest Asset Manangement LLC now owns 39,096 shares of the financial services provider’s stock worth $3,535,000 after buying an additional 125 shares during the last quarter. AdvisorNet Financial Inc increased its position in Comerica by 3.2% in the fourth quarter. AdvisorNet Financial Inc now owns 4,180 shares of the financial services provider’s stock worth $364,000 after buying an additional 129 shares during the last quarter. Intersect Capital LLC increased its position in Comerica by 1.9% in the first quarter. Intersect Capital LLC now owns 7,376 shares of the financial services provider’s stock worth $667,000 after buying an additional 140 shares during the last quarter. Bailard Inc. increased its position in Comerica by 3.6% in the fourth quarter. Bailard Inc. now owns 4,156 shares of the financial services provider’s stock worth $362,000 after buying an additional 146 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Comerica by 3.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,105 shares of the financial services provider’s stock worth $357,000 after buying an additional 147 shares during the last quarter. 80.14% of the stock is owned by institutional investors.

NYSE CMA traded down $1.95 on Wednesday, hitting $81.26. 16,194 shares of the company were exchanged, compared to its average volume of 1,341,595. The company’s 50 day moving average price is $84.33 and its 200-day moving average price is $88.86. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $10.63 billion, a P/E ratio of 11.22, a price-to-earnings-growth ratio of 1.81 and a beta of 1.33. Comerica has a twelve month low of $63.07 and a twelve month high of $102.09.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th will be paid a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Tuesday, June 14th. Comerica’s dividend payout ratio (DPR) is presently 37.52%.

Comerica Company Profile (Get Rating)

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 and Estimates for Comerica (NYSE:CMA)

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