) crafted a new 52-week high, touching $44.03 at the end of the
trading session on Nov 5. The closing price of this financial
services provider represents a solid year-to-date return of
41.6%. The trading volume for the session was 2.58 million
Despite hitting its 52-week high, this Zacks Rank #2 (Buy) stock
has plenty of upside left, given its strong estimate revisions
over the last 30 days and expected long-term earnings growth of
Impressive third-quarter 2013 results - including a positive
earnings surprise of 9.86% and top-line growth - as well as a
strong capital position were the primary growth drivers for
On Oct 16, Comerica reported its third-quarter 2013 earnings of
78 cents per share, outpacing the Zacks Consensus Estimate by
9.86%. Moreover, results surpassed the prior-year quarter
earnings by 27.9%.
A year-over-year increase of 8.6% in non-interest revenue, 7.1%
fall in non-interest expenses and a rise in deposits and loans
were the tailwinds for the quarter. Moreover, the company's
capital ratios depict its strong position. However, a 3.5% fall
in net interest revenue acted as the headwind for the quarter.
Further, Comerica has now delivered positive earnings surprises
in the last 4 quarters with an average beat of 7.68%.
Estimate Revisions Show Potency
Over the last 30 days, 18 out of 21 estimates for 2013 have been
revised upward for Comerica, lifting the Zacks Consensus Estimate
by 3.5% to $2.97 per share. For 2014, 14 out of 21 estimates
moved north, helping the Zacks Consensus Estimate advance 1.7% to
$2.95 per share.
Other better performing banks include
Huntington Bancshares Inc.
). All 3 companies carry a Zacks Rank #2.
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