Comerica (NYSE:CMA) Posts Earnings Results, Beats Estimates By $0.16 EPS

Comerica (NYSE:CMA) released its quarterly earnings results on Thursday. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16, RTT News reports. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $807.57 million. During the same period in the previous year, the business posted $2.39 earnings per share.

Comerica Trading Up 1.8 %

Shares of CMA traded up $0.90 during mid-day trading on Friday, reaching $51.56. 2,364,256 shares of the company were exchanged, compared to its average volume of 1,627,854. Comerica has a 52 week low of $28.40 and a 52 week high of $57.39. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95. The stock has a market capitalization of $6.83 billion, a PE ratio of 10.25 and a beta of 1.27. The business has a 50 day simple moving average of $51.38 and a two-hundred day simple moving average of $49.23.

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 given 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 5.51%. Comerica’s dividend payout ratio is presently 56.46%.

Insider Transactions at Comerica

In related news, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was 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 owns 17,460 shares of the company’s stock, valued at $920,840.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the sale, the executive vice president now owns 8,314 shares of the company’s stock, valued at $454,276.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the sale, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at approximately $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Comerica

Hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in Comerica in the fourth quarter valued at approximately $26,000. Chilton Capital Management LLC acquired a new stake in Comerica in the first quarter valued at approximately $28,000. Almanack Investment Partners LLC. purchased a new position in shares of Comerica during the third quarter valued at approximately $38,000. Parkside Financial Bank & Trust boosted its position in shares of Comerica by 25.1% during the second quarter. Parkside Financial Bank & Trust now owns 1,150 shares of the financial services provider’s stock valued at $49,000 after buying an additional 231 shares during the last quarter. Finally, Money Concepts Capital Corp purchased a new position in shares of Comerica during the fourth quarter valued at approximately $50,000. Institutional investors and hedge funds own 80.74% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on CMA shares. Truist Financial boosted their price objective on Comerica from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Piper Sandler boosted their price objective on Comerica from $53.00 to $54.00 and gave the stock a “neutral” rating in a report on Friday. Barclays boosted their price objective on Comerica from $49.00 to $59.00 and gave the stock an “underweight” rating in a report on Tuesday, January 2nd. Jefferies Financial Group dropped their price objective on Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, April 8th. Finally, Keefe, Bruyette & Woods decreased their target price on Comerica from $60.00 to $58.00 and set a “market perform” rating for the company in a research report on Monday, January 22nd. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $58.02.

About Comerica

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.