Early notable gainers among liquid option names on May 11th » 09:5505/1105/11/21
NLOK, WYNN, FCX, APD, CMA
Notable gainers among…
Notable gainers among liquid option names this morning include NortonLifeLock (NLOK) $22.71 +1.64, Wynn Resorts (WYNN) $128.78 +3.08, Freeport McMoRan (FCX) $43.72 +0.97, Air Products (APD) $299.32 +5.79, and Comerica (CMA) $79.19 +1.41.
Comerica upgraded to Buy from Hold at Truist » 07:0405/1105/11/21
Truist analyst Jennifer…
Truist analyst Jennifer Demba upgraded Comerica to Buy from Hold with a price target of $100, up from $72, as part of a broader research note covering regional and community banks. The analyst has a "move positive bias" on Comerica as one of the banks that is best positioned to benefit from higher Fed Fund, stating that the Fed will likely start raising rates to later than mid-2022 as the economy recovers with broader virus vaccinations and as more workers return to their offices.
|Over a week ago|
Comerica upgraded to Buy from Neutral at Citi » 06:4104/2904/29/21
Citi analyst Keith…
Citi analyst Keith Horowitz upgraded Comerica to Buy from Neutral with a price target of $90, up from $65. The company's loan pipeline is strong with guidance calling for "solid" average loan growth in the second half of 2021, Horowitz tells investors in a research note. Trends are helped by Comerica's :success in implementing loan floors and the ability to execute these floors speaks volumes for this franchise," says the analyst.
Comerica adds 10M shares to stock repurchase pact » 17:0404/2704/27/21
Comerica announced its…
Comerica announced its Board of Directors declared a quarterly cash dividend for common stock of 68c per share. The dividend is payable July 1 to shareholders of record at the close of business on June 15. The Board also declared a dividend of $1,406.25 per share on the Series A Non-Cumulative Perpetual Preferred Stock of Comerica Incorporated, payable July 1, to preferred stock shareholders of record at the close of business on June 15. In addition, the Board approved the authorization to repurchase up to an additional 10 million shares of Comerica Incorporated outstanding common stock. This authorization is in addition to the 4.9 million shares remaining at March 31 under the Board's prior authorizations for the share repurchase program. There is no expiration date for the share repurchase program. The timing and actual amount of share repurchases are subject to various factors, including the Corporation's earnings generation, capital needs to fund future loan growth and market conditions. Shares will be purchased occasionally in the open market, through privately negotiated transactions, utilizing Rule 10b5-1 plans or otherwise. The repurchased shares may be held as treasury stock or retired.
Comerica reports Q1 EPS $2.43, consensus $1.37 » 06:5304/2004/20/21
Reports Q1 net charge-off…
Reports Q1 net charge-off .03%. Reports Q1 CET1 capital ratio 11.09%. "The year is off to a strong start," said Curt Farmer, Comerica chairman, president and CEO. "We generated first quarter earnings of $2.43 per share, a 59 percent increase over the fourth quarter. A reduction in our credit reserve, and resulting negative provision, was due to improvements in the economic outlook, decreases in nonaccrual and criticized loans, as well as net charge-offs of only 3 basis points. We are hearing more optimism among our customers and our loan pipeline is strong. Deposits continue to set new records. Net interest income was impacted by $17 million in lease residual adjustments on an expiring legacy portfolio. Noninterest income increased 2 percent over our strong fourth quarter results with continued robust fee-generating activity, while expenses decreased 4 percent. With more confidence in the economic recovery and an estimated CET1 ratio of 11.09 percent, we plan to resume share repurchases in the second quarter. We expect to make significant strides towards our CET1 target of 10 percent with careful consideration given to earnings generation and capital needs to support future loan growth."
Jet data shows KeyCorp visited Comerica's home of Dallas, says Gordon Haskett » 09:5004/1904/19/21
Don Bilson, who heads…
Don Bilson, who heads event-driven research at Gordon Haskett, said in a note to investors that it is "getting harder to ignore the consolidation wave that is now rolling through the regional banking space." In that context, he noted that "a couple of other banks we have our eye on will be reporting tomorrow," specifically KeyBank (KEY) and Comerica (CMA). While stating that he has "always thought" Comerica "would be a nice pickup" for KeyBank to turn the latter into a national bank, Bilson added that "to be clear, we don't assign a very high probability to this happening." However, "just to hedge our bets," Bilson noted that jet tracking data shows that a KeyBank jet flew to Dallas last Wednesday, adding that data going back 18 months "has never seen KEY in Dallas before." Comerica's corporate headquarters is located in Dallas, Texas.
|Over a month ago|
Comerica price target raised to $74 from $63 at Jefferies » 08:5604/0904/09/21
Jefferies analyst Ken…
Jefferies analyst Ken Usdin raised the firm's price target on Comerica to $74 from $63 and keeps a Hold rating on the shares ahead of earnings reporting season for the banks. Deposit growth "will shine" for the group in Q1, helped by stimulus, and he would expect more reserve releases this quarter given the improving economic backdrop, Usdin tells investors in his sector preview note.
Comerica price target raised to $67 from $65 at Barclays » 05:3804/0704/07/21
Barclays analyst Jason…
Barclays analyst Jason Goldberg raised the firm's price target on Comerica to $67 from $65 and keeps an Underweight rating on the shares. In the near-term, a lower than previously expected loan loss provision should drive earnings higher, while a better than anticipated interest rate environment is "helpful for the outlook," Goldberg tells investors in a research note.
Comerica price target raised to $65 from $54 at Wells Fargo » 08:2504/0104/01/21
Wells Fargo analyst Mike…
Wells Fargo analyst Mike Mayo raised the firm's price target on Comerica to $65 from $54 and keeps an Underweight rating on the shares. The analyst cites better-than-expected economic growth, credit, rates, and efficiency.
Early notable gainers among liquid option names on March 30th » 09:5503/3003/30/21
MKC, DXC, DISCA, CMA, CFG
Notable gainers among…
Notable gainers among liquid option names this morning include McCormick (MKC) $93.83 +3.69, DXC Technology (DXC) $29.70 +1.16, Discovery (DISCA) $42.59 +1.36, Comerica (CMA) $70.70 +2.08, and Citizens Financial (CFG) $44.37 +1.00.