ADVFN - Advanced Financial Network.
HOME» NYSE » C » CMA Stock Price » CMA Stock News

Comerica Share News

 Comerica, Inc. Stock Price
CMA Stock Price
 Comerica, Inc. Stock Chart
CMA Stock Chart
 Comerica, Inc. Stock News
CMA Stock News
 Comerica, Inc. Company Information
CMA Company Information
 Comerica, Inc. Stock Trades
CMA Stock Trades

Comerica 3Q Net Triples On Lower Provisions; Results Miss Views

DOW JONES NEWSWIRES Comerica Inc.'s (CMA) third-quarter earnings more than tripled as the bank slashed credit-loss provisions, though results fell short of analysts' estimates and revenue declined. "In this sluggish and still uncertain economic environment, our customers have remained understandably cautious. This is reflected in the weak loan demand and continued strong core-deposit levels," said Chairman and Chief Executive Ralph W. Babb Jr. Comerica--which has banks in hard-hit Michigan, Arizona, Florida and California--has improved its results in recent quarters by decreasing the amount of money it sets aside for potential loan losses, like many other banks. Babb in July said the bank had seen "positive trends" and improving credit quality for several consecutive quarters. On Wednesday, he noted again that results reflected "continued improvement in credit quality." Loan-loss provisions were $122 million, down from $311 million a year earlier and $126 million in the prior quarter. Net charge-offs, or loans lenders don't think are collectible, fell to 1.32% of average loans from 2.14% and 1.44%, respectively. Nonperforming loans, those near default, rose to 3.24% from 2.99% and 2.98%. Comerica posted a profit of $59 million, up from $19 million a year earlier. On a per-share basis, which includes preferred-dividend payments, the company swung to a 33-cent profit from a 10-cent loss. Revenue dropped 16% to $590 million as net interest income improved 4.9% but non-interest income dropped 41%. Analysts polled by Thomson Reuters had most recently forecast earnings of 41 cents on $620 million in revenue. Shares closed at $38.39 Tuesday and were inactive premarket. As of Tuesday's close, the stock had risen 30% so far this year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855;

Stock News for Comerica (CMA)
07/02/201514:00:00Comerica Bank's Texas Index Still Slipping on Oil
07/02/201512:00:00Comerica Bank's California Index Springs Back
07/02/201510:00:00Comerica Bank's Michigan Index Thaws for Spring
06/30/201515:30:46Disney Taps Treasurer as New Financial Chief
06/25/201516:39:05Annual Report of Employee Stock Plans (11-k)
06/09/201516:30:00Comerica Quarterly Earnings And Conference Call July 17
06/08/201517:54:14Amended Statement of Changes in Beneficial Ownership (4/a)
06/05/201516:33:47Current Report Filing (8-k)
06/02/201509:15:00Comerica to Present at the Morgan Stanley Financials Conference
05/27/201514:00:00Comerica Bank's Texas Index Continues Decline on Oil
05/27/201512:00:00Comerica Bank's Michigan Index Sees Second Consecutive Decline
05/27/201510:00:00Comerica Bank's California Index Eases for First Time in a Year
05/20/201512:15:10What Is the S&P 500 Index?
05/12/201516:59:27Securities Registration: Employee Benefit Plan (s-8)
05/12/201516:50:12Statement of Changes in Beneficial Ownership (4)
05/11/201518:39:456 Best Bank Stocks by Book Value
05/11/201517:53:066 Best Bank Stocks by Book Value
04/30/201515:01:00Comerica Bank, Glendale Educators and Elected Officials Honor...
04/29/201516:57:02Quarterly Report (10-q)
04/29/201516:30:00Comerica Bank's Texas Index Continues to Sag with Oil Prices

Comerica and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations