After an Excellent 2017, We Expect Another Strong 2018 for a Resurgent Comerica
Comerica reported results that were largely in line with our long-term thesis on the firm, and we are increasing our fair value estimate to $81 per share from $80. Noninterest income was slightly lower than we expected, but higher-than-expected cost control led to a beat for noninterest expense, and credit costs were also below where we expected them, leading to a slight beat for operating income. The largest one-time item on the income statement was contained within the tax line, as the bank to...Comerica is a financial holding company, engaged in lending to and accepting deposits from businesses and individuals. The company's segments are: Business Bank, which provides commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services and loan syndication services; Retail Bank, which provides consumer lending, consumer deposit gathering and mortgage loan origination; and Wealth Management, which provides products and services consisting of fiduciary services, private banking, retirement services, investment management and advisory services, investment banking and brokerage services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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