Comerica Inc. (CMA) - NYSE
  • 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
  • Tue, Feb. 23, 2:38 PM
    • Holding its investor day today, JPMorgan said it was going to add another $500M to energy-related loan-loss reserves. This followed a $67M provision in Q4, which at the time brought total oil and gas loss reserves to $815M (vs. a portfolio with book value of $44B).
    • In addition, the bank said it could need to add another $1.5B to reserves should oil hang around $25 per barrel over the next 18 months. For perspective, prior to Q4, JPMorgan hadn't had to add to reserves for six years - in fact reserve releases were a big boost to profits across the industry.
    • "When the biggest bank increases reserves for potential oil losses it sets a tone for the industry,” says Mike Mayo.
    • Separately, the FDIC says bad loan provisions across the banking sector were $3.8B higher in Q4 than a year earlier.
    • JPMorgan (JPM -3.5%), Citigroup (C -2.9%), Bank of America (BAC -2.9%), Wells Fargo (WFC -2%), U.S. Bancorp (USB -3%), Regions Financial (RF -3.8%), Comerica (CMA -4.2%), Zions (ZION -4.1%), PNC Financial (PNC -2%).
    • ETFs: KRE, KBE, IAT, KBWB, QABA, KBWR, KRU, KRS
    | Tue, Feb. 23, 2:38 PM | 56 Comments
  • Tue, Feb. 16, 5:19 PM
    • Thanks to recently-discovered irregularities with a single customer loan relationship in the retail bank, Comerica (NYSE:CMA) is forced to boost its provision for loan losses, book a charge-off for the amount in question, and cut compensation expense based on the new Q4 and full-year results.
    • The adjustments cut adjusted Q4 net income to $116M or $0.64 per share vs. previously-reported $130M and $0.71 ($0.69 had been expected). Full-year income is cut to $521M or $2.84 per share from $535M and $2.92.
    • At issue is $26M in loan(s) to an Arizona-based sales and appraisal company. The bank has determined that there are "significant doubts" as to whether it can collect. Given the unique circumstances, Comerica believes it to be an isolated incident.
    • Source: Press release
    • Shares -0.6% after hours
    | Tue, Feb. 16, 5:19 PM
  • Tue, Feb. 16, 5:04 PM
    • Comerica (NYSE:CMA): Q4 EPS of $0.64 misses by $0.05.
    • Revenue of $703M (+9.8% Y/Y) misses by $2.83M.
    • Press Release
    | Tue, Feb. 16, 5:04 PM
  • Wed, Feb. 3, 10:25 AM
    • This just in: The financial sector is having a worse go it this year than energy, with the XLF lower by 13.6% YTD vs. the XLE's 9% decline.
    • Leading a big reversal from this morning higher open is the XLF's 2% decline. The S&P 500 is now off 1%, and the XLE "just" 0.85%.
    • Among the issues for the financials are two items: 1) Hopes for a sustained rate hike cycle have been dashed, with the 10-year yield tumbling all the way to 1.82% currently from about 2.30% when the Fed hiked in mid-December. Fed speakers are all-of-a-sudden sounding very dovish (Dudley is the latest), and short-term rate futures are now pricing in just a 50% chance of even one Fed rate increase this year; 2) For lenders specifically, there's worry over their exposure to the crashing energy sector. No doubt better capitalized today than 10 years ago, losses are still losses even if they don't threaten the viability of the bank.
    • JPMorgan (JPM -2.6%), Wells Fargo (WFC -3.6%), Morgan Stanley (MS -3.5%), KeyCorp (KEY -3.1%), PNC Financial (PNC -2%), Comerica (CMA -2.7%), Schwab (SCHW -3.8%), MetLife (MET -2.5%)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, PSCF, FINZ, KRS, XLFS
    | Wed, Feb. 3, 10:25 AM | 16 Comments
  • Thu, Jan. 28, 9:40 AM
    | Thu, Jan. 28, 9:40 AM
  • Wed, Jan. 27, 10:33 AM
    • Comerica's Texas Economic Activity Index fell 60 basis points in November to 94.1. This stands against an index average of 105.2 for all of 2014. The gauge has now fallen for 12 of the last 13 months.
    • The index is comprised of eight variables: nonfarm payrolls, exports, hotel occupancy, continue jobless claims, housing starts, sales taxes, home prices, and Baker Hughes rig count.
    • Four of the eight fell during November, but payrolls were higher, though the growth has "stepped down" from 2013 and 2014.
    • Banks of interest: Comerica (CMA +0.9%), Prosperity (PB +4.1%), Cullen/Frost (CFR -1.3%), Texas Capital (TCBI +3.2%), Independent Bank Group (IBTX -1.6%).
    | Wed, Jan. 27, 10:33 AM
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