Have you been eager to see how Comerica Incorporated (CMA - Free Report) performed in Q3 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 earnings per share of $1.96, which easily surpassed the Zacks Consensus Estimate of $1.91. Also, the figure is up 5.4% from the prior-year quarter on higher fee income.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Comerica depicted pessimism prior to the earnings release. The Zacks Consensus Estimate has been revised downward over the last seven days.
However, Comerica has an impressive earnings surprise history. Further, the company delivered positive surprises in three of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 2.63% in the trailing four quarters.
Comerica Incorporated Price and EPS Surprise
Revenue Came In Better Than Expected
Comerica posted revenues of $842 million, which outpaced the Zacks Consensus Estimate of $831.3 million. Also, it compared favorably with the year-ago number of $833 million.
Key Stats to Note:
- Average deposits: $55.7 billion, up 1.3% on a sequential basis.
- Average loans: $50.9 billion, up 4.7% on a sequential basis.
- Provisions came in at $35 million compared with nil provisions in the year-ago quarter.
- Comerica returned $467 million to shareholders through shares repurchase and dividends
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #5 (Strong Sell) 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!
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