Cost Savings Continue as Comerica Marches Toward Improved Results, Raising Our Fair Value
Narrow moat-rated Comerica’s fourth-quarter and full-year results came in ahead of our expectations, and we are raising our fair value estimate to $42 per share from $39. We project Comerica will improve operating efficiency, net interest margins, and grow noninterest income under a more favorable environment for banks, leading to returns on equity averaging 9.5% through 2021 after averaging just over 7% for the previous five years. We value the firm at 1.03 times tangible book value.Excluding ...
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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