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Have you been eager to see how Comerica Incorporated (CMA - Free Report) performed in Q2 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:
Earnings Improve Y/Y
Comerica came out with adjusted earnings per share of $1.90, up from the prior-year quarter adjusted figure of $1.15 on high interest income and lower expenses. Including certain non-recurring items, earnings came in at $1.87. The Zacks Consensus Estimate stands at $1.62.
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 seven days.
However, Comerica has an impressive earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises in all the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 5.2% in the trailing four quarters.
Comerica posted revenues of $838 million, which surpassed the Zacks Consensus Estimate of $831.9 million. Also, it compared favorably with the year-ago number of $776 million.
Key Stats to Note:
Average total deposits: $55.8 billion in Q2, down 2.3% on a year-over-year basis.
Average total loans: $49.2 billion in Q2, up 1% on a year-over-year basis.
Benefit to provisions for credit losses of $29 million recorded due to decline in total criticized loans.
Comerica returned $227 million to shareholders through shares repurchase and dividends
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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And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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Comerica (CMA) Q2 Earnings Improve Y/Y, Expenses Decline
Have you been eager to see how Comerica Incorporated (CMA - Free Report) performed in Q2 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:
Earnings Improve Y/Y
Comerica came out with adjusted earnings per share of $1.90, up from the prior-year quarter adjusted figure of $1.15 on high interest income and lower expenses. Including certain non-recurring items, earnings came in at $1.87. The Zacks Consensus Estimate stands at $1.62.
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 seven days.
However, Comerica has an impressive earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises in all the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 5.2% in the trailing four quarters.
Comerica Incorporated Price and EPS Surprise
Comerica Incorporated Price and EPS Surprise | Comerica Incorporated Quote
Revenue Came In More Than Expected
Comerica posted revenues of $838 million, which surpassed the Zacks Consensus Estimate of $831.9 million. Also, it compared favorably with the year-ago number of $776 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 (Strong Buy) stocks here.
Check back later for our full write up on this Comerica earnings report!
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>