Comerica Incorporated (NYSE:CMA) - Stock analysts at B. Riley raised their Q2 2021 earnings estimates for shares of Comerica in a report issued on Sunday, May 2nd. B. Riley analyst S. Moss now anticipates that the financial services provider will post earnings of $1.77 per share for the quarter, up from their previous forecast of $1.43. B. Riley currently has a "Neutral" rating on the stock. B. Riley also issued estimates for Comerica's Q3 2021 earnings at $1.75 EPS, Q4 2021 earnings at $1.68 EPS and FY2021 earnings at $7.65 EPS. Comerica (NYSE:CMA) last issued its quarterly earnings data on Monday, April 19th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.37 by $1.06. Comerica had a net margin of 16.17% and a return on equity of 7.12%. During the same quarter in the previous year, the company earned ($0.46) earnings per share.
Several other equities research analysts also recently issued reports on the company. Stephens increased their target price on Comerica from $74.00 to $82.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 30th. Wells Fargo & Company boosted their target price on Comerica from $54.00 to $65.00 and gave the stock an "underweight" rating in a research report on Thursday, April 1st. Robert W. Baird lowered Comerica from an "outperform" rating to a "neutral" rating and set a $60.00 price target for the company. in a research note on Wednesday, January 13th. Royal Bank of Canada reissued a "buy" rating and issued a $70.00 price target on shares of Comerica in a research note on Wednesday, January 20th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded Comerica from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $65.00 to $90.00 in a research note on Wednesday. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. Comerica has a consensus rating of "Hold" and an average target price of $64.14.
Shares of NYSE CMA opened at $78.06 on Wednesday. The stock has a fifty day simple moving average of $71.17 and a two-hundred day simple moving average of $60.89. Comerica has a 1-year low of $27.84 and a 1-year high of $78.61. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.77. The firm has a market cap of $10.90 billion, a price-to-earnings ratio of 21.50 and a beta of 1.67.
A number of large investors have recently added to or reduced their stakes in the business. Arizona State Retirement System raised its stake in Comerica by 0.4% in the 1st quarter. Arizona State Retirement System now owns 40,489 shares of the financial services provider's stock worth $2,905,000 after acquiring an additional 167 shares during the last quarter. Sigma Planning Corp increased its stake in shares of Comerica by 3.6% in the first quarter. Sigma Planning Corp now owns 6,395 shares of the financial services provider's stock worth $459,000 after acquiring an additional 220 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Comerica by 14.8% during the first quarter. Alliancebernstein L.P. now owns 2,365,537 shares of the financial services provider's stock worth $169,704,000 after purchasing an additional 305,333 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in Comerica by 8.2% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 25,955 shares of the financial services provider's stock valued at $1,862,000 after purchasing an additional 1,965 shares during the period. Finally, Standard Life Aberdeen plc boosted its holdings in Comerica by 2.5% in the first quarter. Standard Life Aberdeen plc now owns 62,202 shares of the financial services provider's stock valued at $4,463,000 after purchasing an additional 1,535 shares during the last quarter. 78.17% of the stock is currently owned by institutional investors.
In other news, EVP James Harry Weber sold 3,800 shares of Comerica stock in a transaction that occurred on Thursday, April 29th. The shares were sold at an average price of $75.00, for a total value of $285,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mauricio A. Ortiz sold 800 shares of the stock in a transaction dated Tuesday, May 4th. The shares were sold at an average price of $73.42, for a total value of $58,736.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,600 shares of company stock worth $848,186. Insiders own 0.55% of the company's stock.
Comerica declared that its Board of Directors has initiated a stock buyback plan on Tuesday, April 27th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 1st. Stockholders of record on Tuesday, June 15th will be given a $0.68 dividend. The ex-dividend date is Monday, June 14th. This represents a $2.72 annualized dividend and a dividend yield of 3.48%. Comerica's payout ratio is presently 34.83%.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It 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, 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.
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