Comerica has now returned 14% year-to-date, following a 38% decline during 2011.
The shares trade for 0.9 times tangible book value and 13 times the consensus 2012 EPS estimate of $2.31. The consensus 2013 EPS estimate is $2.61.Comerica was included among five bank holding companies that Jefferies Analyst Ken Usdin said on Wednesday were well positioned to pay out a large percentage of earnings during 2012, through dividends and share buybacks. Usdin estimates that after the bank stress tests are completed next week, the Dallas lender will raise its quarterly dividend by 50% to 15 cents a share, and also buy back 6 million shares this year for $166 million, for a combined dividend and repurchase payout ratio of 60%. Usdin has a neutral rating on Comerica, with a $28 price target. Interested in more Comerica? See TheStreet Ratings' report card for this stock.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts