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Comerica (CMA) Moves 13.7% Higher: Will This Strength Last?
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Comerica Incorporated (CMA - Free Report) shares rallied 13.7% in the last trading session to close at $80.2. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.5% gain over the past four weeks.
Comerica's strong price increase is primarily driven by the announcement that Fifth Third Bancorp is acquiring it in a $10.9 billion all-stock deal.
This buyout deal will bring together two banking franchises to create the ninth-largest U.S. bank with nearly $288 billion in assets, $224 billion in deposits, and $174 billion in loans. The combined entity will operate in 17 of the 20 fastest-growing markets in the country, including key regions in the Southeast, Texas and California, while reinforcing its leadership in the Midwest.
This company is expected to post quarterly earnings of $1.27 per share in its upcoming report, which represents a year-over-year change of -7.3%. Revenues are expected to be $845.01 million, up 4.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Comerica, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on CMA going forward to see if this recent jump can turn into more strength down the road.
Comerica belongs to the Zacks Banks - Major Regional industry. Another stock from the same industry, Northern Trust Corporation (NTRS - Free Report) , closed the last trading session 0.1% lower at $132.21. Over the past month, NTRS has returned 4%.
Northern Trust's consensus EPS estimate for the upcoming report has changed +0.3% over the past month to $2.23. Compared to the company's year-ago EPS, this represents a change of +13.8%. Northern Trust currently boasts a Zacks Rank of #3 (Hold).
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Comerica (CMA) Moves 13.7% Higher: Will This Strength Last?
Comerica Incorporated (CMA - Free Report) shares rallied 13.7% in the last trading session to close at $80.2. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.5% gain over the past four weeks.
Comerica's strong price increase is primarily driven by the announcement that Fifth Third Bancorp is acquiring it in a $10.9 billion all-stock deal.
This buyout deal will bring together two banking franchises to create the ninth-largest U.S. bank with nearly $288 billion in assets, $224 billion in deposits, and $174 billion in loans. The combined entity will operate in 17 of the 20 fastest-growing markets in the country, including key regions in the Southeast, Texas and California, while reinforcing its leadership in the Midwest.
This company is expected to post quarterly earnings of $1.27 per share in its upcoming report, which represents a year-over-year change of -7.3%. Revenues are expected to be $845.01 million, up 4.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Comerica, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on CMA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Comerica belongs to the Zacks Banks - Major Regional industry. Another stock from the same industry, Northern Trust Corporation (NTRS - Free Report) , closed the last trading session 0.1% lower at $132.21. Over the past month, NTRS has returned 4%.
Northern Trust's consensus EPS estimate for the upcoming report has changed +0.3% over the past month to $2.23. Compared to the company's year-ago EPS, this represents a change of +13.8%. Northern Trust currently boasts a Zacks Rank of #3 (Hold).