Based on a 15-cent quarterly payout, the shares have a dividend yield of 1.88%. The shares trade for 12 times the consensus 2013 EPS estimate of $2.70. The consensus 2012 EPS estimate is $2.55. Jefferies analyst Ken Usdin rates Comerica a "Hold," with a $34 price target, and said Tuesday that "overall the quarter was solid," and that "the one negative was [net interest margin] compression and a related decline in net interest income, but the higher pre-provision starting point and better guide for the remainder of the year should support outer-year estimates." The analyst said that with the share buybacks, Comerica "paid out roughly 81% of total earnings inclusive of the $0.60 annual common dividend. There is approximately $250mm of buyback authorization remaining over the next three quarters, and we continue to believe management will use the full amount fairly evenly by the end of 1Q13." FBR analyst Paul Miller rates Comerica "Market Perform," and on Tuesday raised his 2012 operating EPS estimate for the company to $2.70 from $2.33, and his 2013 estimate to $2.70 from $2.63, "given the strong core result in the quarter." The analyst said "the primary drivers of our estimate increases are a lower than previously forecasted expense base and higher average loan balances that will be offset by lower net interest income as accretable yield contribution falls and Comerica experiences pressure on existing loan yields in the current rate environment." Miller raised his price target for the shares to $34 from $31, to reflect his estimate that Comerica's tangible book value share will increase to $34.13 in the second quarter of 2013. Interested in more on Comerica? See TheStreet Ratings' report card for this stock.
Email. Follow @PhilipvanDoorn