Comerica (NYSE:CMA) Releases Quarterly Earnings Results, Beats Expectations By $0.19 EPS

Comerica (NYSE:CMA - Get Free Report) issued its earnings results on Friday. The financial services provider reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.19, Zacks reports. The business had revenue of $849.00 million during the quarter, compared to the consensus estimate of $844.39 million. Comerica had a return on equity of 11.59% and a net margin of 14.89%. During the same period in the previous year, the company posted $1.49 earnings per share.

Comerica Trading Up 4.7%

CMA stock traded up $2.96 during trading on Friday, hitting $65.38. 4,791,315 shares of the company traded hands, compared to its average volume of 1,990,229. The firm has a market capitalization of $8.59 billion, a PE ratio of 12.52 and a beta of 0.92. Comerica has a 1 year low of $48.12 and a 1 year high of $73.45. The company has a 50-day moving average of $59.00 and a 200-day moving average of $59.57. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.96 and a current ratio of 0.96.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, June 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.34%. Comerica's dividend payout ratio (DPR) is presently 53.69%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CMA. Evercore ISI downgraded Comerica from an "in-line" rating to an "underperform" rating and decreased their price objective for the company from $65.00 to $50.00 in a report on Tuesday, April 22nd. Piper Sandler boosted their price objective on Comerica from $57.00 to $60.00 and gave the company a "neutral" rating in a report on Wednesday, June 11th. Raymond James Financial reiterated a "market perform" rating on shares of Comerica in a report on Tuesday, July 8th. Robert W. Baird decreased their price target on Comerica from $80.00 to $75.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Finally, Citigroup upped their price target on Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Six analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Comerica has an average rating of "Hold" and a consensus price target of $62.35.

Institutional Investors Weigh In On Comerica

Institutional investors and hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Comerica by 60.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,755 shares of the financial services provider's stock valued at $2,761,000 after buying an additional 17,552 shares during the last quarter. Empowered Funds LLC increased its stake in Comerica by 12.6% in the 1st quarter. Empowered Funds LLC now owns 6,464 shares of the financial services provider's stock worth $382,000 after buying an additional 724 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Comerica by 41.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 176 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company's stock.

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.