Comerica (NYSE:CMA) released its earnings results on Wednesday, October 16th. The financial services provider reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.06, Briefing.com reports. The business had revenue of $842.00 million during the quarter, compared to the consensus estimate of $836.10 million. Comerica had a net margin of 32.11% and a return on equity of 16.82%. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.86 EPS.
CMA traded up $0.05 during trading hours on Friday, hitting $71.83. The stock had a trading volume of 960,275 shares, compared to its average volume of 1,874,532. The company’s fifty day simple moving average is $65.89 and its 200 day simple moving average is $68.62. Comerica has a 1 year low of $58.54 and a 1 year high of $88.96. The stock has a market cap of $10.26 billion, a PE ratio of 9.92, a price-to-earnings-growth ratio of 0.57 and a beta of 1.54. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.02.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 3.73%. The ex-dividend date of this dividend is Thursday, December 12th. Comerica’s dividend payout ratio (DPR) is currently 37.02%.
A number of equities analysts have issued reports on the company. Stephens restated a “hold” rating and set a $72.00 price target on shares of Comerica in a report on Wednesday, October 16th. UBS Group cut their price target on Comerica from $73.00 to $68.00 and set a “neutral” rating on the stock in a report on Monday, October 21st. Wedbush cut their price target on Comerica from $75.00 to $71.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. Argus cut Comerica from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, B. Riley cut their target price on Comerica from $73.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, October 4th. Seven analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $73.75.
In other Comerica news, Director Reginald M. Turner, Jr. sold 2,495 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $66.66, for a total value of $166,316.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.98% of the stock is owned by company insiders.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business 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 middle market businesses, multinational corporations, and governmental entities.
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