Tue, Nov. 10, 3:40 PM
Fri, Oct. 16, 8:33 AM
- Q3 net income of $136M or $0.74 per share vs. $154M and $0.82 one year ago.
- Net interest income of $422M vs. $414M, with NIM of 2.54% down 13 basis points.
- Provisions of $26M vs. $5M.
- Noninterest income of $264M vs. $215M
- Noninterest expense of $461M v. $397M
- CET 1 ratio of 10.58% up 18 basis points for the quarter.
- Average total loans up 4% Y/Y. Average total deposits up 7%.
- Net loan charge-offs of $23M vs. $3M a year ago. Net loan charge-offs as a percent of average loans of 0.19% up 16 basis points. NPLs of $369M up from $346M. Allowance for loan losses of $622M up from $492M.
- Q4 outlook: "Continued negative migration of loans related to energy is possible, which may be offset by lower exposure balances."
- Earnings call is underway.
- Previously: Comerica beats by $0.04, misses on revenue (Oct. 16)
- CMA flat premarket
Fri, Oct. 16, 6:43 AM
Thu, Oct. 15, 5:30 PM
Tue, Oct. 6, 9:48 AM
- Lower just modestly year-to-date, Comerica (NYSE:CMA) is lower by nearly 20% since late June, the stock being hit particularly hard thanks to concern over the bank's exposure to the roughed-up oil and gas sector.
- JPMorgan downgrades to Neutral from Overweight. The price target is cut to $45 from $57.
- The stock's lower by 0.4% today to $42.16.
Tue, Jul. 28, 3:03 PM
Fri, Jul. 17, 11:05 AM
- Q2 net income of $135M or $0.73 per share vs. $151M and $0.80 one year ago.
- Net interest income of $421M vs. $416M a year ago, with NIM of 2.65% down 13 basis points.
- Noninterest income of $261M vs. $220M. Noninterest expense of $436M vs. $404M.
- Average loans of $2.1B up 5% Y/Y. Average deposits of $408M up 1% from Q1.
- CET 1 ratio of 10.53% up 13 basis points.
- Net charge-offs of $18M or 0.15% of average loans vs. $8M and 0.07% in Q1. Management notes net charge-offs continue to be well below normal readings, and the increase is from unusually low levels. Provision for credit losses up $47M, mostly as a result of energy exposure. Reserve to total loans ratio rises to 1.24%.
- Previously: Comerica misses by $0.02, beats on revenue (July 17)
- CMA -5.3%
Fri, Jul. 17, 6:43 AM
Thu, Jul. 16, 6:41 PM
- A week after announcing CEO Kevin Kabat is retiring and will be replaced by COO Greg Carmichael, Fifth Third (NASDAQ:FITB) has named Lars C. Anderson, head of Comerica's (NYSE:CMA) Business Bank ops - his official title has been vice chairman - its next COO.
- Anderson will join Fifth Third on Aug. 3. As Comerica's Business Bank chief, he led over 20 business lines, including the company's U.S. and Middle Market banking ops.
Thu, Jul. 16, 5:30 PM
Mon, Jul. 6, 1:31 PM
- It was a rough start to the year for the financial sector, but at about the mid-point of 2015, the XLF is ahead 9.7%, easily outpacing the S&P 500's 1.8% rise.
- Calling U.S. Treasury yields "considerably more resilient" today than in 2012 thanks to the strength of the economy, Erika Najarian and team don't expect the Greek crisis to impact the 10-year yield or the timing of the first Fed rate hike.
- The bottom line, says Najarian, is to expect continued rotation into the financial names, with solid loan performance in Q2 a catalyst on top of the improved interest rate picture.
- Najarian and team are sticking with their Buy-list of rate-sensitive names: JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), Comerica (NYSE:CMA), KeyCorp (NYSE:KEY), Regions Financial (NYSE:RF), SVB Financial (NASDAQ:SIVB), East West Bancorp (NASDAQ:EWBC), and Texas Capital Bancshares (NASDAQ:TCBI).
- ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ
Fri, Jun. 26, 10:08 AM
- Calling Comerica (CMA +0.4%) the "most asset-sensitive regional bank" in its coverage universe, Wunderlich - headed into the Fed rate hikes - reiterates its Buy rating and boosts the price target to $60 from $55.
- Zions Bancorp (ZION +0.9%) is the best-performer in the regional sector in early action after Credit Suisse upgrades to Outperform with $38 price target.
- Previously: Zions Bancorp +6.6% after announcing corporate restructuring (June 2)
Wed, May 20, 9:49 AM
- Alongside an earlier-reported downgrade of SunTrust, Baird also cuts Fifth Third Bancorp (FITB -0.7%) - to Neutral from Outperform - and Comerica (CMA -0.4%) to Underperform from Neutral.
- On FITB, Baird cites a now-balanced risk-reward on the shares. As for CMA, the team says its 2016 earnings estimates are below consensus, thanks to lower expected net interest margin and loan growth forecasts.
- Previously: SunTrust lower after a pair of downgrades (May 20)
Fri, Apr. 17, 9:00 AM
- Q1 net income of $134M or $0.73 per share vs. $139M and $0.73 one year ago.
- Net interest income of $413M vs. $410M a year ago, with NIM slipping to 2.64% from 2.77%.
- Adjusted noninterest income of $212M vs. $208M a year ago. Adjusted noninterest expense of $416M vs. $406M.
- Provision for credit losses of $14M vs. $9M a year ago. "our energy portfolio continues to perform well, with only modest negative credit migration. However, in light of the fact that oil and gas prices remain depressed, we expect that our criticized loans may increase from current very low levels as the year progresses.
- Energy-related loans included about $3.6B of outstanding loans in the bank's energy business line along with another $750M in loans in other lines of businesses to companies with a sizable portion of revenue related to energy. Total loans at the bank of $48.15B.
- CET1 ratio of 10.43%.
- Previously: Comerica EPS in-line, beats on revenue (April 17)
- CMA flat premarket
Fri, Apr. 17, 6:43 AM
Thu, Apr. 16, 5:30 PM
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