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10 More Bank Stocks for Bottom-Fishing Investors

6. Comerica

Shares of Comerica (CMA - Get Report) of Dallas closed at $22.56 Monday, down 46% year-to-date. The shares trade for 0.7 times their tangible book value of $33.31, according to SNL Financial.

Based on a quarterly payout of ten cents, the shares have a dividend yield of 1.77%.

The company acquired Sterling Bancshares of Houston on July 28 for about $803 million, bringing on about $4.7 billion in assets and more than 50 branches in the metropolitan areas of Houston, San Antonio, Dallas and Fort Worth, in Texas.

Comerica had $54.2 billion in assets as of June 30. Second-quarter net income attributable to common shares was $95 million, or 53 cents a share, increasing from $70 million, or 39 cents a share, in the second quarter of 2010. The provision for loan losses declined to $47 million in the second quarter, from $126 million a year earlier Meanwhile, the net interest margin declined to 3.14% from 3.28%, as strong deposit growth led to excess liquidity.

The second-quarter ROA was 0.70% according to SNL, which was the second-highest among the 10 bank holding companies listed here.

Guggenheim Securities analyst Jeff Davis rates Comerica a "buy," with a price target of $35, saying on August 19 that he expects the company to repurchase 3.5 million to 4 million shares this year, "with all but 400,000 occurring since July 28 when the [Sterling] deal closed."

The shares trade for nine times the consensus 2012 EPS estimate of $2.47, among analysts polled by FactSet.

Out of 26 analysts covering Comerica, 12 rate the shares a buy, 11 have neutral ratings and three analysts recommend selling the shares.
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SUSQ $14.20 -0.77%
C $34.98 -6.50%
CMA $31.02 -3.21%
FHN $11.62 -3.33%
KEY $10.00 -4.94%


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