Excellent Second-Quarter Results Place Comerica Ahead of Our Medium-Term Expectations
Narrow-moat-rated Comerica reported excellent second-quarter results. The bank’s net interest income and overall profitability measures have come in ahead of our expectations, and we are increasing our fair value estimate from $81 to $90 per share. The bank has really come a long way, generally having earnings per share (EPS) of less than $3.00 prior to 2017, and now, after reporting diluted EPS of $1.87 for the current quarter, the bank is on course to easily exceed $6.00 this year. As we expec...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.
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