Shares of Comerica Incorporated (CMA - Free Report) crafted a new 52-week high, touching $44.03 at the end of the trading session on Nov 5. The closing price of this financial services provider represents a solid year-to-date return of 41.6%. The trading volume for the session was 2.58 million shares.
Despite hitting its 52-week high, this Zacks Rank #2 (Buy) stock has plenty of upside left, given its strong estimate revisions over the last 30 days and expected long-term earnings growth of 6.8%.
Impressive third-quarter 2013 results – including a positive earnings surprise of 9.86% and top-line growth – as well as a strong capital position were the primary growth drivers for Comerica.
On Oct 16, Comerica reported its third-quarter 2013 earnings of 78 cents per share, outpacing the Zacks Consensus Estimate by 9.86%. Moreover, results surpassed the prior-year quarter earnings by 27.9%.
A year-over-year increase of 8.6% in non-interest revenue, 7.1% fall in non-interest expenses and a rise in deposits and loans were the tailwinds for the quarter. Moreover, the company’s capital ratios depict its strong position. However, a 3.5% fall in net interest revenue acted as the headwind for the quarter.
Further, Comerica has now delivered positive earnings surprises in the last 4 quarters with an average beat of 7.68%.
Estimate Revisions Show Potency
Over the last 30 days, 18 out of 21 estimates for 2013 have been revised upward for Comerica, lifting the Zacks Consensus Estimate by 3.5% to $2.97 per share. For 2014, 14 out of 21 estimates moved north, helping the Zacks Consensus Estimate advance 1.7% to $2.95 per share.
Other better performing banks include BankUnited, Inc. (BKU - Free Report) , KeyCorp (KEY - Free Report) and Huntington Bancshares Inc. (HBAN - Free Report) . All 3 companies carry a Zacks Rank #2.