Lower Taxes and Increasing Asset Yields Power Comerica Through 1Q
Narrow-moat-rated Comerica reported first-quarter results that were largely in line with our long-term thesis on the company, and we are maintaining our fair value estimate of $81 per share. As we expect to be the case with all regional banks this year, earnings per share rose significantly, to $1.54 (adjusted) from $1.02 in the first quarter of 2017, an increase of just over 50%. Net interest margins expanded significantly as well, which we expected, given that Comerica is the most asset-sensit...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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