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Comerica (CMA) Beat on Q1 Earnings on High Revenues
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Have you been eager to see how Comerica Incorporated (CMA - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Texas-based money center bank’s earnings release this morning:
An Earnings Beat
Comerica came out with adjusted earnings per share of $1.02, beating the Zacks Consensus Estimate of $1.01. Higher revenues and lower non-interest expenses were primarily responsible for this earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Comerica depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained stable over the last 7 days.
However, Comerica has a decent earnings surprise history. Before posting earnings beat in Q4, the company delivered positive surprises in three of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 3.7% in the trailing four quarters.
Comerica posted revenues of $741 million, which surpassed the Zacks Consensus Estimate of $735.1 million. Also, it compared favorably with the year-ago number of $691 million.
Key Stats to Note:
Average total deposits: $57.8 billion in Q1, up 1.9% on a year-over-year basis.
Average total loans: $47.9 billion in Q1, down slightly on a year-over-year basis.
Provisions for credit losses: $16 million in Q1, down 89.2% on a year-over-year basis
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Comerica. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Comerica earnings report!
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Just released, today's 220 Zacks Rank #5 Strong Sells demand urgent attention. If any are lurking in your portfolio or Watch List, they should be removed immediately. These sinister companies because many appear to be sound investments. However, from 1988 through 2016, stocks from our Strong Sell list have actually performed 6X worse than the S&P 500.
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Comerica (CMA) Beat on Q1 Earnings on High Revenues
Have you been eager to see how Comerica Incorporated (CMA - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Texas-based money center bank’s earnings release this morning:
An Earnings Beat
Comerica came out with adjusted earnings per share of $1.02, beating the Zacks Consensus Estimate of $1.01. Higher revenues and lower non-interest expenses were primarily responsible for this earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Comerica depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained stable over the last 7 days.
However, Comerica has a decent earnings surprise history. Before posting earnings beat in Q4, the company delivered positive surprises in three of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 3.7% in the trailing four quarters.
Comerica Incorporated Price and EPS Surprise
Comerica Incorporated Price and EPS Surprise | Comerica Incorporated Quote
Revenue Came In Higher Than Expected
Comerica posted revenues of $741 million, which surpassed the Zacks Consensus Estimate of $735.1 million. Also, it compared favorably with the year-ago number of $691 million.
Key Stats to Note:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Comerica. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank stocks here.)
Check back later for our full write up on this Comerica earnings report!
Sell These Stocks. Now.
Just released, today's 220 Zacks Rank #5 Strong Sells demand urgent attention. If any are lurking in your portfolio or Watch List, they should be removed immediately. These sinister companies because many appear to be sound investments. However, from 1988 through 2016, stocks from our Strong Sell list have actually performed 6X worse than the S&P 500.
See today's Zacks "Strong Sells" absolutely free >>.