Zacks: Brokerages expect Comerica Incorporated (NYSE: CMA) to post quarterly sales of $786.03 million
Wall Street brokers predict that Comerica Incorporated (NYSE:CMA – Get a rating) will announce revenue of $786.03 million for the current quarter, Zacks reports. Seven analysts provided Comerica earnings estimates. The highest sales estimate is $802.00 million and the lowest is $772.00 million. Comerica reported sales of $749.00 million in the same quarter last year, indicating a positive year-over-year growth rate of 4.9%. The company is expected to release its next quarterly results before the market opens on Monday, January 1.
On average, analysts expect Comerica to report annual sales of $3.25 billion for the current fiscal year, with estimates ranging from $3.11 billion to $3.32 billion. For the next fiscal year, analysts expect the company to post sales of $3.75 billion, with estimates ranging from $3.54 billion to $3.89 billion. Zacks Investment Research sales averages are an average based on a survey of research companies that cover Comerica.
Comerica (NYSE: CMA – Get a rating) last released its quarterly earnings data on Wednesday, April 20. The financial services provider reported earnings per share of $1.37 for the quarter, missing the consensus estimate of $1.38 per ($0.01). Comerica had a net margin of 33.48% and a return on equity of 13.85%. The company posted revenue of $700.00 million for the quarter, compared to analysts’ expectations of $725.36 million. In the same period a year earlier, the company earned earnings per share of $2.43.
CMA has been the subject of a number of recent analyst reports. Raymond James downgraded Comerica shares from an “outperforming” rating to a “market performing” rating in a Thursday, April 21 research report. B. Riley lowered his price target on Comerica shares from $95.00 to $90.00 and set a “neutral” rating for the company in a Thursday, April 21 research report. Robert W. Baird upgraded Comerica shares from a “neutral” rating to an “outperforming” rating and set a price target of $85.00 for the company in a Friday, May 20 research report. StockNews.com downgraded Comerica shares from a “hold” rating to a “sell” rating in a Friday, May 27 research report. Finally, Royal Bank of Canada lowered its price target on Comerica shares from $114.00 to $110.00 and set an “outperform” rating for the company in a Thursday, April 21 research report. Three research analysts gave the stock a sell rating, seven gave the stock a hold rating and twelve gave the stock a buy rating. Based on data from MarketBeat, Comerica currently has a consensus rating of “Hold” and a consensus target price of $100.29.
Several institutional investors and hedge funds have recently changed their positions in the company. Concord Wealth Partners increased its stake in Comerica by 191.8% in the 4th quarter. Concord Wealth Partners now owns 286 shares of the financial services provider worth $25,000 after buying an additional 188 shares during the period. Quent Capital LLC increased its stake in Comerica by 292.3% in the 1st quarter. Quent Capital LLC now owns 306 shares of the financial services provider worth $28,000 after purchasing an additional 228 shares during the period. Tcwp LLC bought a new position in Comerica during Q1 worth approximately $30,000. Hexagon Capital Partners LLC bought a new position in Comerica during Q4 worth approximately $35,000. Finally, Rather & Kittrell Inc. bought a new position in Comerica during Q4 worth approximately $42,000. 80.14% of the shares are currently held by institutional investors and hedge funds.
CMA shares opened at $82.63 on Friday. Comerica has a 12-month low of $63.07 and a 12-month high of $102.09. The stock has a market capitalization of $10.80 billion, a P/E ratio of 11.40, a P/E/G ratio of 1.82 and a beta of 1.33. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt ratio of 0.40. The company has a 50-day simple moving average of $83.85 and a two-hundred-day simple moving average of $88.76.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 1. Shareholders of record on Wednesday, June 15 will receive a dividend of $0.68. This represents an annualized dividend of $2.72 and a dividend yield of 3.29%. The ex-dividend date is Tuesday, June 14. Comerica’s dividend payout ratio is currently 37.52%.
About Comerica (Get a rating)
Comerica Incorporated, through its subsidiaries, offers various financial products and services. It operates through commercial banking, retail banking, wealth management and finance segments. The Commercial Banking 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, management services foreign exchange and loan syndication services for small and medium market businesses. , multinational corporations and government entities.
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