Morningstar

Comerica Inc CMA

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Stock XNYS Rating as of
$58.86 +0.18 (0.31%)
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As of Delayed Price Closed

Company Report

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Net Interest Income Pressure and Likely Loss of Direct Express Weigh on Comerica but Shares Cheap

Rajiv Bhatia

Comerica is predominantly a commercial-focused middle-market bank, with over 90% of loans related to commercial lending and the majority of these related to its middle-market business. While the bank started in Michigan and remains a key player in this market, it has gradually expanded into California and Texas, which offer more growth potential. This has been a multiyear project and included moving the headquarters to Dallas from Michigan in 2007 and greatly expanding operations in Texas by acquiring Sterling Bancshares in 2011. Expansion in California has happened gradually for years, and the market has become Comerica's largest, with roughly one third of the bank’s loans now based there.

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Price vs Fair Value

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CMA is trading at a 564% premium.
Price
$58.86
Fair Value
$21.00
Uncertainty
High
1-Star Price
$33.20
5-Star Price
$54.40
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Comerica's valuation is not demanding. It should not take heroic performance for the bank to rerate higher.

Bears

Comerica's previous attractiveness was based on a positive sensitivity to rising rates. This part of the story is over.

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News

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Trading Information

Previous Close Price
$58.68
Day Range
$58.31–60.20
52-Week Range
$37.40–61.84
Bid/Ask
$57.49 / $59.75
Market Cap
$7.81 Bil
Volume/Avg
2.8 Mil / 2.1 Mil

Key Statistics

Price/Earnings (Normalized)
9.74
Price/Sales
2.40
Dividend Yield (Trailing)
4.83%
Dividend Yield (Forward)
4.83%
Total Yield
4.83%

Company Profile

Comerica is a financial services company headquartered in Dallas. It is primarily focused on relationship-based commercial banking. In addition to Texas, Comerica's other primary geographies are California and Michigan, with locations also in Arizona and Florida and select businesses operating in several other states as well as Canada and Mexico.
Sector
Financial Services
Industry
Banks - Regional
Stock Style Box
Small Value
Total Number of Employees
7,863
Website
https://www.comerica.com

Competitors

Valuation

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Metric
CMA
FITB
WFC
Price/Earnings (Normalized)
 9.7411.9310.81
Price/Book Value
 1.351.681.21
Price/Sales
 2.403.532.48
Price/Cash Flow
 11.678.067.77
Price/Earnings
CMA
FITB
WFC

Financial Strength

Metric
CMA
FITB
WFC
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 ———
Quick Ratio
No chart available

Profitability

Metric
CMA
FITB
WFC
Return on Assets (Normalized)
 0.93%1.23%1.00%
Return on Equity (Normalized)
 14.41%16.03%11.86%
Return on Invested Capital (Normalized)
 ———
Return on Assets
CMA
FITB
WFC

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