Comerica Inc Stock Research

Market Summary

USD41.30-3.22

Delayedas of 23 Mar 2023, 01:26 pm

-7.23%

CMA Alerts

Big jump in Revenue (Y/Y)
Big jump in Earnings (Y/Y)

CMA Stock Price

CMA RSI Chart

CMA Valuation

Market Cap

5.4B

Price/Earnings (Trailing)

4.7

Price/Sales (Trailing)

2.02

Price/Free Cashflow

8.48

CMA Price/Sales (Trailing)

CMA Profitability

Return on Equity

22.22%

Return on Assets

1.35%

Free Cashflow Yield

11.8%

CMA Fundamentals

CMA Revenue

Revenue (TTM)

2.7B

Revenue Y/Y

84.81%

Revenue Q/Q

16.8%

CMA Earnings

Earnings (TTM)

1.2B

Earnings Y/Y

53.51%

Earnings Q/Q

-0.28%

Price Action

52 Week Range

28.6896.63

(Low)(High)

Last 7 days

-33.4%

Last 30 days

-41.0%

Last 90 days

-29.6%

Trailing 12 Months

-50.7%

CMA Financial Health

Debt/Equity

0.58

Debt/Cashflow

0.21

CMA Investor Care

Dividend Yield

6.59%

Dividend/Share (TTM)

2.72

Buy Backs (1Y)

0.15%

Diluted EPS (TTM)

8.47

Peers (Alternatives to Comerica)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
JPM	376.8B	128.7B	-10.04%	-0.72%	10	2.93	5.79%	-22.05%
BAC	217.4B	95.0B	-20.08%	-30.09%	7.9	2.29	6.55%	-13.92%
WFC	140.5B	54.0B	-19.28%	-21.00%	10.66	2.6	36.10%	-38.82%
USB	53.5B	17.9B	-27.81%	-32.89%	9.18	2.98	33.05%	-26.85%
PNC	50.3B	21.1B	-22.32%	-30.61%	8.23	2.38	9.94%	6.78%
FHN	8.4B	2.7B	-36.60%	-31.85%	9.37	3.14	24.33%	-9.91%
MID-CAP
CFR	6.4B	1.5B	-19.15%	-23.26%	11.11	4.36	46.29%	30.71%
BOKF	6.4B	1.4B	-15.84%	-11.84%	12.27	4.59	17.98%	-15.83%
PNFP	4.4B	1.4B	-29.93%	-40.27%	7.8	3.18	33.23%	6.34%
ZION	4.2B	2.7B	-41.49%	-51.97%	4.65	1.56	19.32%	-19.66%
SMALL-CAP
PRK	2.1B	378.2M	-5.46%	-7.67%	13.94	5.47	19.24%	-3.63%
TRMK	1.6B	541.8M	-14.17%	-19.11%	22.59	3	22.45%	-51.22%
WABC	1.4B	221.8M	-13.82%	-20.18%	11.1	6.11	27.86%	41.07%
HOPE	1.2B	716.1M	-19.52%	-33.30%	5.53	1.69	26.40%	6.70%

Financials for Comerica

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	17.7%	2,672	2,270	2,009	1,911	1,901
Interest Expenses	12.9%	2,466	2,185	1,953	1,857	1,844
Net Income	11.9%	1,151	1,029	940	1,007	1,168
Net Income Margin	-5.0%	0.43*	0.45*	0.47*	0.53*	-
Free Cahsflow	35.7%	638	470	279	-235	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	1.5%	85,406	84,143	86,889	89,165	94,616
Cash Equivalents	5.2%	6,282	5,970	7,533	13,550	22,679
Net PPE	-2.9%	400	412	422	444	454
Liabilities	1.5%	80,225	79,074	80,454	82,129	86,719
. Short Term Borrowings	532.1%	3,211	508	-	-	-
Long Term Debt	0.3%	3,024	3,016	2,630	2,682	2,796
Shareholder's Equity	2.2%	5,181	5,069	6,435	7,036	7,897
Retained Earnings	2.3%	11,258	11,005	10,752	10,585	10,494
Additional Paid-In Capital	0.5%	2,220	2,209	2,204	2,194	2,175
Accumulated Depreciation	-	999	-	-	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	35.7%	638	470	279	-235	634
Share Based Compensation	13.2%	60.00	53.00	51.00	47.00	41.00
Cashflow From Investing	0.2%	-9,952	-9,975	-8,205	-2,482	1,723
Cashflow From Financing	12.7%	-7,083	-8,114	-1,042	1,396	4,555
Dividend Payments	-0.3%	353	354	357	363	369
Buy Backs	-53.8%	43.00	93.00	310	760	729

Risks for CMA

What is the probability of a big loss on CMA?

70.4%

Probability that Comerica stock will be more than 20% underwater in next one year

53.5%

Probability that Comerica stock will be more than 30% underwater in next one year.

20%

Probability that Comerica stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does CMA drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Comerica was unfortunately bought at previous high price.

Drawdowns

Returns for CMA

Cumulative Returns on CMA

4.7%

10-Year Cumulative Returns

5.4%

7-Year Cumulative Returns

-11.6%

5-Year Cumulative Returns

8.7%

3-Year Cumulative Returns

What are the long-term rolling returns for CMA?

FIve years rolling returns for Comerica.

Annualized Returns

Which funds bought or sold CMA recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-73.55	-72,548,800	24,015,200	0.03%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-56.26	-47,492,000	33,166,000	0.17%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	unchanged	-	-1,842	23,158	0.01%
2023-03-01	Lakewood Asset Management LLC	new	-	267,000	267,000	0.22%
2023-02-28	Voya Investment Management LLC	added	2.31	-122,929	3,089,070	-%
2023-02-27	Parallax Volatility Advisers, L.P.	new	-	148,273	148,273	-%
2023-02-24	SRS Capital Advisors, Inc.	reduced	-0.93	-831	7,169	-%
2023-02-24	NATIXIS	added	26.19	106,597	679,597	-%
2023-02-22	IMS Capital Management	new	-	254,030	254,030	0.16%
2023-02-22	CVA Family Office, LLC	sold off	-100	-3,000	-	-%

Latest Funds Activity

Are funds buying CMA calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own CMA

No. of Funds

Comerica News

Schedule 13G FIlings of Comerica

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	13.03%	17,061,475	SC 13G/A
Feb 06, 2023	state street corp	5.97%	7,823,905	SC 13G/A
Feb 01, 2023	blackrock inc.	9.3%	12,167,743	SC 13G/A
Feb 10, 2022	state street corp	6.38%	8,368,694	SC 13G/A
Feb 09, 2022	fmr llc	-	0	SC 13G/A
Feb 09, 2022	vanguard group inc	11.82%	15,504,914	SC 13G/A
Feb 01, 2022	blackrock inc.	9.6%	12,617,507	SC 13G/A
Feb 11, 2021	american century investment management inc	0.44%	618,072	SC 13G/A
Feb 10, 2021	vanguard group inc	10.77%	14,977,562	SC 13G/A
Feb 08, 2021	state street corp	5.58%	7,758,216	SC 13G

CMA Fair Value

Recent SEC filings of Comerica

View All Filings

Date Filed	Form Type	Document
Mar 13, 2023	ARS	ARS
Mar 13, 2023	DEF 14A	DEF 14A
Mar 13, 2023	DEFA14A	DEFA14A
Mar 08, 2023	3	Insider Trading
Mar 08, 2023	3	Insider Trading
Mar 06, 2023	8-K	Current Report
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading

Latest Insider Trading transactions for CMA

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-28	OBERG JAY K.	acquired	-	-	6,543	senior evp, chief risk officer
2023-02-28	OBERG JAY K.	sold (taxes)	-199,995	70.1	-2,853	senior evp, chief risk officer
2023-02-28	Sefzik Peter L	sold (taxes)	-185,905	70.1	-2,652	senior evp
2023-02-28	Bridges Wendy	sold (taxes)	-14,650	70.1	-209	evp
2023-02-28	CHAUSSE MELINDA A.	acquired	-	-	3,521	senior evp
2023-02-28	CARR JAMES MCGREGOR	acquired	-	-	14,434	executive vice pres.
2023-02-28	FARMER CURTIS C	sold (taxes)	-1,002,990	70.1	-14,308	chairman, president and ceo
2023-02-28	CHAUSSE MELINDA A.	sold (taxes)	-94,284	70.1	-1,345	senior evp
2023-02-28	Bridges Wendy	acquired	-	-	858	evp
2023-02-28	CARR JAMES MCGREGOR	sold (taxes)	-398,238	70.1	-5,681	executive vice pres.

About Comerica

Curtis C. Farmer

www.comerica.com

7610

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities. The Retail Bank segment provides personal financial services, such as consumer lending, consumer deposit gathering, and mortgage loan origination. This segment also offers various consumer products that include deposit accounts, installment loans, credit cards, student loans, home equity lines of credit, and residential mortgage loans, as well as commercial products and services to micro-businesses. The Wealth Management segment provides products and services comprising fiduciary, private banking, retirement, investment management and advisory, and investment banking and brokerage services. This segment also sells annuity products, as well as life, disability, and long-term care insurance products. The Finance segment engages in the securities portfolio, and asset and liability management activities. It operates in Texas, California, Michigan, Arizona, Florida, Canada, and Mexico. The company was formerly known as DETROITBANK Corporation and changed its name to Comerica Incorporated in July 1982. Comerica Incorporated was founded in 1849 and is headquartered in Dallas, Texas.

CMA Income Statement

2022-12-31

Consolidated Statements Of Income - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

INTEREST INCOME

Interest and fees on loans

$ 2,153

$ 1,594

$ 1,773

Interest on investment securities

414

280

291

Interest on short-term investments

105

Total interest income

2,672

1,901

2,093

INTEREST EXPENSE

Interest on deposits

102

101

Interest on short-term borrowings

Total interest on medium- and long-term debt

^[1]

Total interest expense

206

182

Net interest income

2,466

1,844

1,911

Provision for credit losses

(384)

537

Net interest income after provision for credit losses

2,406

2,228

1,374

NONINTEREST INCOME

Card fees

273

298

270

Fiduciary income

233

231

209

Service charges on deposit accounts

195

185

Commercial lending fees

109

104

Derivative income

109

Bank-owned life insurance

Letter of credit fees

Brokerage fees

Other noninterest income

Total noninterest income

1,068

1,123

1,001

NONINTEREST EXPENSES

Salaries and benefits expense

1,208

1,133

1,019

Outside processing fee expense

251

266

242

Occupancy expense

175

161

156

Software expense

161

155

154

Equipment expense

Advertising expense

FDIC insurance expense

Other noninterest expenses

Total noninterest expenses

1,998

1,861

1,754

Income before income taxes

1,476

1,490

621

Provision for income taxes

325

322

124

Net Income

1,151

1,168

497

Less income allocated to participating securities

Preferred stock dividends

Net income attributable to common shares

$ 1,122

$ 1,140

$ 482

Basic earnings per common share

$ 8.56

$ 8.45

$ 3.45

Diluted earnings per common share

$ 8.47

$ 8.35

$ 3.43

Cash dividends declared on common stock

$ 356

$ 365

$ 378

Cash dividends declared per common share

$ 2.72

[1]	Includes the effects of hedging.

CMA Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and due from banks	$ 1,758	$ 1,236
Interest-bearing deposits with banks	4,524	21,443
Other short-term investments	157	197
Investment Securities, Available-for-sale	19,012	16,986
Commercial loans	30,909	29,366
Real estate construction loans	3,105	2,948
Commercial mortgage loans	13,306	11,255
Lease financing	760	640
International loans	1,197	1,208
Residential mortgage loans	1,814	1,771
Consumer loans	2,311	2,097
Total loans	53,402	49,285
Less allowance for loan losses	(610)	(588)
Net loans	52,792	48,697
Premises and equipment	400	454
Accrued income and other assets	6,763	5,603
Total assets	85,406	94,616
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	39,945	45,800
Money market and interest-bearing checking deposits	26,290	31,349
Savings deposits	3,225	3,167
Customer certificates of deposit	1,762	1,973
Other time deposits	124	0
Foreign office time deposits	51	50
Total interest-bearing deposits	31,452	36,539
Total deposits	71,397	82,339
Short-term borrowings	3,211	0
Accrued expenses and other liabilities	2,593	1,584
Total medium- and long-term debt	3,024	2,796
Total liabilities	80,225	86,719
Fixed rate reset non-cumulative perpetual preferred stock, series A, no par value, $100,000 liquidation preference per share: Authorized - 4,000 shares, Issued - 4,000 shares at 12/31/2022 and 12/31/2021	394	394
Common stock - $5 par value: Authorized - 325,000,000 shares; Issued - 228,164,824 shares	1,141	1,141
Capital surplus	2,220	2,175
Accumulated other comprehensive loss	(3,742)	(212)
Retained earnings	11,258	10,494
Less cost of common stock in treasury - 97,197,962 shares at 12/31/22 and 97,476,872 shares at 12/31/21	(6,090)	(6,095)
Total shareholders' equity	5,181	7,897
Total liabilities and shareholders' equity	$ 85,406	$ 94,616