The company said that its growth in commercial loans during the second quarter "was broad-based, primarily driven by increases in National Dealer Services, Global Corporate Banking, Middle Market Banking and Energy."
Comerica reported a second-quarter return on average assets of 0.93%, improving from 0.84% in the first quarter, and 0.70% a year earlier. The return on average equity was 8.22%, increasing from 7.50% in the first quarter, and 6.41% in the second quarter of 2011.
The company repurchased 2.9 million shares during the second quarter, and CEO Ralph Babb said Comerica had "carefully reviewed the Basel III regulatory capital framework and believe that, on a fully phased-in pro forma basis, we are well above the proposed capital levels," which will be phased in by regulators over the next several years.
The Company's Basel I Tier 1 common equity ratio was 10.32% as of June 30, increasing from 10.27% the previous quarter, but declining from 10.53% a year earlier.Comerica's shares have now returned 20% year-to-date, following a 38% decline during 2011. CMA data by YCharts
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
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