Comerica (NYSE:CMA) Shares Gap Up on Earnings Beat

Comerica Incorporated (NYSE:CMA) shares gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $49.82, but opened at $51.55. Comerica shares last traded at $50.91, with a volume of 330,007 shares changing hands.

The financial services provider reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.17. Comerica had a net margin of 16.71% and a return on equity of 19.41%. During the same quarter last year, the firm earned $2.39 EPS.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a $0.71 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $2.84 annualized dividend and a yield of 5.61%. Comerica’s payout ratio is 44.10%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CMA. Raymond James lowered shares of Comerica from an “outperform” rating to a “market perform” rating in a report on Monday, January 22nd. Bank Of America (Bofa) boosted their target price on shares of Comerica from $52.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, January 18th. Stephens reiterated an “overweight” rating and issued a $64.00 target price on shares of Comerica in a report on Wednesday, March 6th. The Goldman Sachs Group upgraded shares of Comerica from a “neutral” rating to a “buy” rating and set a $70.50 target price on the stock in a report on Thursday, January 4th. Finally, Jefferies Financial Group decreased their target price on shares of Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 8th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Comerica has an average rating of “Hold” and an average target price of $57.67.

Insider Buying and Selling

In related news, EVP Cassandra M. Mckinney sold 1,616 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the sale, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.64, for a total value of $88,298.24. Following the sale, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Wendy Bridges sold 3,034 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction 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 $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is owned by insiders.

Institutional Investors Weigh In On Comerica

A number of large investors have recently modified their holdings of the company. Spire Wealth Management boosted its stake in Comerica by 95.9% during the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 235 shares during the period. Quarry LP acquired a new stake in Comerica during the 4th quarter worth $26,000. Chilton Capital Management LLC acquired a new stake in Comerica during the 1st quarter worth $28,000. Fortitude Family Office LLC acquired a new stake in Comerica during the 4th quarter worth $36,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in Comerica during the 4th quarter worth $36,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

Comerica Stock Performance

The stock has a market cap of $6.71 billion, a price-to-earnings ratio of 7.87 and a beta of 1.27. The stock’s 50 day moving average is $51.38 and its two-hundred day moving average is $49.15. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.03.

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.