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4 Mid-Cap Bank Stock Value Plays From UBS

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2. Comerica

Shares of Comerica (CMA) of Dallas closed at $34.95 Tuesday, returning 16% this year, following a 20% return during 2012. The shares trade just above tangible book value and for 12.5 times the consensus 2014 EPS estimate of $2.79. The consensus 2013 EPS estimate is $2.76.

Following the Fed's stress tests, Comerica raised its quarterly dividend by 2 cents a share to 17 cents, for a yield of 1.95%. The company also announced regulatory approval for share buybacks of up to $288 million through the first quarter of 2014.

Comerica will report its first-quarter results on April 16, with analysts expecting EPS of 68 cents, equaling the company's fourth-quarter results, but increasing from 66 cents in the first quarter of 2012.

Scinicariello on Tuesday raised his price target for Comerica's shares to $40 from $38, because of "a more favorable view of growth and margin mitigation." The analyst maintained his EPS estimates of 65 cents for the first quarter and $2.75 for all of 2013, while lowering his 2014 EPS estimate to $3.08 from $3.15, "as we foresee NIM recovery to take longer than we previously anticipated."

Offsets to the pressure on Comerica's net interest margin include "solid loan growth, deployment of significant liquidity, short duration of the MBS portfolio, and the fact that 85% of loans are variable rate," Scinicariello wrote.

Interested in more on Comerica? See TheStreet Ratings' report card for this stock.

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