Comerica (NYSE:CMA) Releases Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Comerica (NYSE:CMA) issued its quarterly earnings data on Thursday. The financial services provider reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.16, RTT News reports. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same quarter in the previous year, the firm earned $2.39 EPS.

Comerica Price Performance

Shares of NYSE:CMA traded up $0.90 on Friday, reaching $51.56. 2,364,256 shares of the company were exchanged, compared to its average volume of 1,627,854. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.26. Comerica has a 1-year low of $28.40 and a 1-year high of $57.39. The firm has a market cap of $6.83 billion, a price-to-earnings ratio of 10.25 and a beta of 1.27. The company has a 50-day moving average of $51.38 and a 200-day moving average of $49.23.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a dividend of $0.71 per share. The ex-dividend date was Thursday, March 14th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.51%. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Analyst Ratings Changes

CMA has been the subject of several recent analyst reports. Royal Bank of Canada boosted their price objective on shares of Comerica from $61.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday. Truist Financial boosted their price objective on shares of Comerica from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Argus downgraded shares of Comerica from a “buy” rating to a “hold” rating in a research report on Monday, January 29th. UBS Group reduced their price objective on shares of Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday. Finally, DA Davidson reiterated a “neutral” rating and issued a $56.00 price target on shares of Comerica in a research report on Wednesday, March 6th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Comerica currently has a consensus rating of “Hold” and a consensus price target of $58.02.

Insider Transactions at Comerica

In other news, EVP Wendy Bridges sold 3,034 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at approximately $920,840.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $454,276.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction dated 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 in the company, valued at $920,840.40. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP purchased a new position in shares of Comerica during the 4th quarter worth about $26,000. FIL Ltd lifted its holdings in shares of Comerica by 8.0% during the 4th quarter. FIL Ltd now owns 58,177 shares of the financial services provider’s stock worth $3,247,000 after acquiring an additional 4,334 shares during the period. Bluefin Capital Management LLC purchased a new position in shares of Comerica during the 4th quarter worth about $226,000. Sanibel Captiva Trust Company Inc. purchased a new position in shares of Comerica during the 4th quarter worth about $222,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Comerica by 2.8% during the 4th quarter. Public Employees Retirement System of Ohio now owns 55,103 shares of the financial services provider’s stock worth $3,075,000 after acquiring an additional 1,506 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

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.