Research Desk Line-up: Renasant Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 19, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Comerica Inc. (NYSE: CMA), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CMA, following the Company's release of its financial results on October 17, 2017, for the third quarter of the fiscal year 2017. The Bank's revenue increased 13.7% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Money Center Banks industry. Pro-TD has currently selected Renasant Corporation (NASDAQ: RNST) for due-diligence and potential coverage as the Company announced on October 17, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Renasant when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CMA; also brushing on RNST. With the links below you can directly download the report of your stock of interest free of charge at:
For the three months ended September 30, 2017, Comerica's revenue increased 13.7% to $821 million on a y-o-y basis in Q3 FY16. The revenue surpassed analysts' expectations of $812.8 million.
During Q3 FY17, Comerica's total interest income decreased 20.6% to $579 million from $480 million in the same period of last year. During Q3 FY17, the Company's total interest expense increased 10% to $33 million from $30 million in Q3 FY16. During Q3 FY17, the Company's net interest income increased 21.3% to $546 million from $450 million in last year's comparable quarter.
During Q3 FY17, Comerica's total non-interest income increased 1.1% to $275 million from $272 million in the same period of last year. During Q3 FY17, the Company's total interest expense decreased 6% to $463 million from $493 million in Q3 FY16.
During Q3 FY17, Comerica's net income increased 51.3% to $224 million on a y-o-y basis from $148 million in Q3 FY16. During Q3 FY17, Comerica's adjusted net income increased 40.3% to $226 million on a y-o-y basis from $161 million in Q3 FY16. For the reported quarter, the Company's diluted earnings per share (EPS) increased 50% to $1.26 on a y-o-y basis from $0.84 in Q3 FY16. For the reported quarter, the Company's adjusted diluted EPS increased 39.5% to $1.27 on a y-o-y basis from $0.91 in Q3 FY16. The adjusted diluted EPS surpassed analysts' expectations of $1.20.
Business Bank - During Q3 FY17, Comerica's Business Bank segment's net interest income was at par with the $356 million of last year's same quarter. For the reported quarter, the segment's net income increased 0.5% to $190 million from $189 million in Q3 FY16. For the reported quarter, the segment's efficiency ratio was 39.32% compared to 42.77% in Q3 FY16.
Retail Bank - During Q3 FY17, Comerica's Retail Bank segment's net interest income increased 5.7% to $165 million compared to $156 million in Q3 FY16. For the reported quarter, the segment's net income was $21 million compared to $1 million in Q3 FY16. For the reported quarter, the segment's efficiency ratio was 85.51% compared to 95.08% in Q3 FY16.
Wealth Management - During Q3 FY17, Comerica's Wealth Management segment's net interest income increased 9.7% to $45 million from $41 million in the same period of last year. For the reported quarter, the segment's net income was at par with the $18 million of Q3 FY16. For the reported quarter, the segment's efficiency ratio was 65.23% compared to 73.64% in Q3 FY16.
During Q3 FY17, Comerica's total non-performing assets decreased 30.6% to $458 million from $660 million in Q3 FY16.
For the reported quarter, Comerica's net credit-related charge-offs increased 56.2% to $25 million from $16 million in Q3 FY16.
As on September 30, 2017, Comerica's cash and due from banks increased 4.5% to $1.35 billion from $1.29 billion as on September 30, 2016.
For the reported quarter, Comerica's net loans decreased 0.1% to $48.50 billion from $48.55 billion in Q3 FY16. During Q3 FY17, Comerica's total assets decreased 2.8% to $72.02 billion from $74.12 billion in Q3 FY16. For the reported quarter, the Company's total deposits decreased 2.4% to $57.82 billion from $59.26 billion in Q3 FY16. During Q3 FY17, the Company's return on average assets was 1.25% compared to 0.82% in Q3 FY16.
At the closing bell, on Wednesday, October 18, 2017, Comerica's stock climbed 2.37%, ending the trading session at $76.57. A total volume of 2.01 million shares have exchanged hands, which was higher than the 3-month average volume of 1.62 million shares. The Company's stock price soared 5.72% in the last three months, 10.63% in the past six months, and 52.99% in the previous twelve months. Moreover, the stock gained 12.42% since the start of the year. The stock is trading at a PE ratio of 19.21 and has a dividend yield of 1.57%. The stock currently has a market cap of $13.52 billion.
Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email firstname.lastname@example.org. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: (917) 341.4653
Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Pro-Trader Daily