Comerica Inc. (CMA) - NYSE
  • Fri, May 20, 12:11 PM
    • "The days of negative provisioning are pretty much dead," says D.A. Davidson's Kevin Reevey. "Now, they're going to have to take provisioning expense and build up reserves based on loan growth."
    • Total bank loan loss reserves were north of $250B in Q1 2010, before falling to about $24B at the end of last year. Amid the energy crash, they edged higher in Q1. Naturally, those lenders with the most exposure to energy posted some of the largest reserve increases in Q1. "It wasn't just the levels that [oil] went to, it was the speed at which prices dropped," says Peter Guilfoile, chief credit officer at one of those banks - Comerica (NYSE:CMA). Colorado-based National Bank Holdings (NYSE:NBHC) posted the largest Q/Q increase in reserves-to-loans, jumping 39 basis points to 1.43%.
    • Meanwhile, there were plenty of other banks which actually saw declines in that ratio, notably Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), and U.S. Bancorp (NYSE:USB). These and other lenders in that bucket can thank denominator of that ratio growing quickly enough to offset reserve builds.
    • Source: SNL Financial's Zach Fox and Venkatesh Iyer
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    | Fri, May 20, 12:11 PM | 15 Comments
  • Thu, May 19, 9:43 AM
    • Following the major bounce in Comerica (CMA +0.7%) from February's lows, Goldman gives in on its Sell rating, upgrading to Neutral. The price target is lifted to $49 from $42. The current price is $44.95.
    | Thu, May 19, 9:43 AM | 1 Comment
  • Mon, May 9, 9:56 AM
    • Catching upgrades to Outperform from Neutral at Raymond James today are BOK Financial (BOKF -0.6%), Comerica (CMA), and Hancock Holdings (HBHC +1.4%).
    • Boosted to Strong Buy are Zions Bancorp (ZION -0.3%), Texas Capital (TCBI +0.7%), and Midsouth Bancorp (MSL +1.1%).
    • Prosperity Bancorp (PB +0.8%) gets a two-notch upgrade to Outperform from Underperform.
    • The group has already put in a strong rally off the lows, with each higher by anywhere from about 10-30% over the past three months, but down by about 7-30% on a year-over-year basis.
    | Mon, May 9, 9:56 AM | 2 Comments
  • Thu, May 5, 2:31 PM
    • EVP and General Auditor David Duprey has been named to succeed Comerica (CMA -0.1%) CFO Karen Parkhill who is exiting the bank to take the same post with Medtronic.
    • Her departure is of particular interest given the bank just embarked on a strategic review of its operations. CLSA's Mike Mayo: "One of the presumed heads of their so-called major restructuring is gone, right after they assured shareholders there was a sense of urgency ... "Karen Parkhill has a sense of urgency -- a sense of urgency to leave."
    • Terry McEvoy from Stephens suggests Parkhill's departure is another sign a quick sale is unlikely, as she stood to receive a $9M payout under a change of control. Her total compensation in 2015 was $2M.
    | Thu, May 5, 2:31 PM
  • Wed, May 4, 10:32 AM
    • Medtronic (MDT -0.2%) appoints Karen Parkhill as EVP and CFO effective June 30, succeeding Gary Ellis who will continue to lead the Global Operations, Information Technology and Facilities & Real Estate functions.
    • Ms. Parkhill joins the firm from Comerica (CMA -1.5%) where she was Vice Chairman and CFO.
    | Wed, May 4, 10:32 AM
  • Fri, Apr. 29, 2:39 PM
    | Fri, Apr. 29, 2:39 PM
  • Tue, Apr. 26, 4:00 PM
    • Activists are pushing for changes at the underperforming bank, and CEO Ralph Babb - speaking at the company's annual meeting today - says management is "looking at all alternatives," with a sale "one of the elements on the table."
    • Comerica (CMA +3.3%) today also boosted its quarterly dividend by 4.8% to $0.22 per share.
    • Related: Comerica's (NYSE:CMA) CEO Ralph Babb on Q1 2016 Results - Earnings Call Transcript (April 19)
    | Tue, Apr. 26, 4:00 PM | 2 Comments
  • Tue, Apr. 26, 3:04 PM
    • Comerica (NYSE:CMA) declares $0.22/share quarterly dividend, 4.8% increase from prior dividend of $0.21.
    • Forward yield 1.96%
    • Payable July 1; for shareholders of record June 15; ex-div June 13.
    | Tue, Apr. 26, 3:04 PM
  • Fri, Apr. 22, 12:36 PM
    • Comerica (CMA +3.9%) for too long has failed to earn acceptable returns, needs to cut costs dramatically, and explore whether a sale is the best option, a number of typically publicity-shy investors tell the WSJ.
    • There's also activist fund Hudson Capital, which prefers to do its work behind the scenes, letting it be known its belief that a sale should be considered.
    • Toss in CLSA bank analyst Mike Mayo, who upgraded the stock a month ago after fielding calls from investors about forcing a sale. He's urging shareholders to speak out at the bank's annual meeting next week.
    • “I know that we must earn our right to remain independent every day,” said CEO Ralph Babb on this week's earnings call.
    • Previously: Comerica on the move on rumor of sale (April 22)
    • Now read: Comerica's (NYSE:CMA) CEO Ralph Babb on Q1 2016 Results - Earnings Call Transcript (April 19)
    | Fri, Apr. 22, 12:36 PM
  • Fri, Apr. 22, 11:48 AM
    • A number of sizable Comerica (CMA +2.4%) owners are urging for the bank to be sold, according to Dow Jones.
    | Fri, Apr. 22, 11:48 AM | 1 Comment
  • Thu, Apr. 21, 9:57 AM
    • Three months after giving Comerica (CMA +0.2%) a two-notch downgrade to Underperform, Bank of America upgrades the stock to Neutral.
    • The BofA team looked brilliant for about a month as the oil crash punished Comerica particularly hard, but the stock is up nearly 33% since Feb. 11 and is now in the green for the year.
    • Now read: Comerica's (NYSE:CMA) CEO Ralph Babb on Q1 2016 Results - Earnings Call Transcript (April 19)
    | Thu, Apr. 21, 9:57 AM
  • Tue, Apr. 19, 7:34 AM
    • Q1 net income of $60M or $0.34 per share vs. $134M and $0.73 one year ago.
    • CEO Ralph Babb: "Our first quarter results were impacted by the current oil and gas cycle, as we significantly increased our reserve for loan losses."
    • Provisions of $148M compare to $60M in Q4 and $14M a year ago. Net credit-related charge-offs of $58M vs. $51M in Q4 and $8M a year ago. NPLs of 689 vs. 379 in Q4 and 279 a year ago. Total allowance for credit losses of $770M vs. $679M in Q4 and $640M a year ago.
    • Energy business line loans of $3.1B. Criticized energy loans up $590M to $1.8B. Energy net charge-offs of $42M vs. $27M in Q4.
    • The company has hired Boston Consulting Group to assist with a comprehensive review of its expense and revenue base in order to boost profits. Don't expect any news on results until the next quarterly report.
    • Conference call at 8 ET
    • Previously: Comerica misses by $0.11, misses on revenue (April 19)
    • CMA flat premarket
    | Tue, Apr. 19, 7:34 AM
  • Tue, Apr. 19, 6:42 AM
    • Comerica (NYSE:CMA): Q1 EPS of $0.34 misses by $0.11.
    • Revenue of $693M (+4.2% Y/Y) misses by $15.94M.
    • Press Release
    | Tue, Apr. 19, 6:42 AM | 1 Comment
  • Mon, Apr. 18, 5:30 PM
    | Mon, Apr. 18, 5:30 PM | 3 Comments
  • Tue, Apr. 12, 3:05 PM
    • “Let’s not sugarcoat it, this is not necessarily a loan a bank wants to make at this point,” says Evercore ISI's Glenn Schorr, talking about loans banks have committed to for energy companies, but upon which those firms have not yet drawn.
    • In Q1, energy borrowers announced draws of more than $3B on these loans, saddling banks with maybe more exposure to the sector than they or their investors would like right now.
    • Citigroup (NYSE:C), for example, has about $20B in funded energy loan exposure, but commitments for nearly another $40B. Bank of America (NYSE:BAC) has loans of just over $20B and commitments for another $20B-plus. Wells Fargo (NYSE:WFC), Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS), SunTrust (NYSE:STI), Comerica (NYSE:CMA), Regions Financial (NYSE:RF), and KeyCorp (NYSE:KEY) are showing similar stories (though mostly smaller amounts). Add it up, and there's $147B of unfunded loans disclosed by the ten of the largest U.S. banks.
    | Tue, Apr. 12, 3:05 PM | 21 Comments
  • Mon, Mar. 14, 10:01 AM
    • Comerica (NYSE:CMA) has been punished more than the rest of the regional bank sector thanks to its energy-sector exposure, but oil's and market's rebound has the bears turning bullish.
    • CLSA skips the Neutral rating, upgrading the bank to Outperform from Underperform.
    • The stock's up 0.6% on the session while the rest of the banks are in the red. It's now higher by about 22% since bottoming one month ago.
    | Mon, Mar. 14, 10:01 AM | 1 Comment
Company Description
Comerica, Inc. is a bank holding company that offers financial services in the United States. It operates through three segments: Business Bank, Retail Bank and Wealth Management. In addition to the three major segments, Finance is also reported as a segment. The Business Bank segment meets the... More
Sector: Financial
Industry: Regional - Midwest Banks
Country: United States