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37.55 (1y: +27%)
Market Cap 7.12 B P/E(ttm) 13.70
Enterprise Value 11.84 B P/B 1.00
CMA- NYSE (USA)
Comerica Inc
  • Currently 1/5
Business Predictability Rank: 1-Star
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
Read more:
What is Predictability Rank?
Performances of real portfolio
Top Ranked Predictable Companies
$37.55
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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry		 vs
history
Cash to Debt 0.918
CMA's Cash to Debt is ranked higher than
72% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.42 vs. CMA: 0.918 )
CMA' s 10-Year Cash to Debt Range
Min: 0.12   Max: 0.92
Current: 0.92
0.12
0.92
Equity to Asset 0.106
CMA's Equity to Asset is ranked higher than
71% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.09 vs. CMA: 0.106 )
CMA' s 10-Year Equity to Asset Range
Min: 0.08   Max: 0.12
Current: 0.11
0.08
0.12
Interest Coverage No Debt
CMA's Interest Coverage is ranked higher than
84% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 10000.00 vs. CMA: No Debt )
CMA' s 10-Year Interest Coverage Range
Min: No Debt   Max: No Debt
Current: No Debt
F-Score: 5
Z-Score: 0.36
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry		 vs
history
Operating margin (%) 27.90
CMA's Operating margin (%) is ranked higher than
74% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 21.80 vs. CMA: 27.90 )
CMA' s 10-Year Operating margin (%) Range
Min: -4.4   Max: 46.3
Current: 27.9
-4.4
46.3
Net-margin (%) 20.5
CMA's Net-margin (%) is ranked higher than
75% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 15.70 vs. CMA: 20.5 )
CMA' s 10-Year Net-margin (%) Range
Min: 0.6   Max: 31.5
Current: 20.5
0.6
31.5
ROE (%) 7.5
CMA's ROE (%) is ranked higher than
75% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 5.20 vs. CMA: 7.5 )
CMA' s 10-Year ROE (%) Range
Min: 0.2   Max: 19.4
Current: 7.5
0.2
19.4
ROA (%) 0.8
CMA's ROA (%) is ranked higher than
75% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.50 vs. CMA: 0.8 )
CMA' s 10-Year ROA (%) Range
Min: 0.3   Max: 1.8
Current: 0.8
0.3
1.8
Revenue Growth (%) -6.8
CMA's Revenue Growth (%) is ranked lower than
61% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.00 vs. CMA: -6.8 )
CMA' s 10-Year Revenue Growth (%) Range
Min: -18.4   Max: 28.3
Current: -6.8
-18.4
28.3
EBITDA Growth (%) 206.1
CMA's EBITDA Growth (%) is ranked higher than
100% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.00 vs. CMA: 206.1 )
CMA' s 10-Year EBITDA Growth (%) Range
Min: -71.4   Max: 206.1
Current: 206.1
-71.4
206.1
» CMA's 10-Y Financials

Financials


Revenue & Net Income
Equity & Asset
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades
Q2 2012

CMA Guru Trades in Q2 2012

Third Avenue Management 798,460 sh (New)
Jeremy Grantham 43,800 sh (New)
Martin Whitman 490,000 sh (New)
Jim Simons 486,247 sh (+203.82%)
Steven Cohen 8,902 sh (+20.8%)
David Dreman 104,511 sh (+1.31%)
Richard Pzena 271,625 sh (+0.11%)
John Keeley 8,330 sh (unchged)
Ray Dalio Sold Out
Pioneer Investments 1,951,113 sh (-33.88%)
» More
Q3 2012

CMA Guru Trades in Q3 2012

Ray Dalio 20,109 sh (New)
PRIMECAP Management 136,000 sh (New)
Richard Pzena 1,273,500 sh (+368.84%)
Jim Simons 879,647 sh (+80.91%)
Third Avenue Management 901,880 sh (+12.95%)
David Dreman 104,551 sh (+0.04%)
Martin Whitman 675,000 sh (+37.76%)
Jeremy Grantham 43,800 sh (unchged)
Pioneer Investments Sold Out
John Keeley Sold Out
Steven Cohen 7,044 sh (-20.87%)
» More
Q4 2012

CMA Guru Trades in Q4 2012

HOTCHKIS & WILEY 526,300 sh (New)
RS Investment Management 658,640 sh (New)
Joel Greenblatt 7,105 sh (New)
Steven Cohen 209,652 sh (+2876.32%)
Third Avenue Management 2,507,054 sh (+177.98%)
PRIMECAP Management 256,000 sh (+88.24%)
Martin Whitman 1,196,949 sh (+77.33%)
Jeremy Grantham 47,300 sh (unchged)
Ray Dalio Sold Out
Jim Simons Sold Out
Richard Pzena 1,251,050 sh (-1.76%)
David Dreman 101,526 sh (-2.89%)
» More
Q1 2013

CMA Guru Trades in Q1 2013

John Keeley 7,330 sh (New)
Bruce Kovner 30,000 sh (New)
RS Investment Management 1,500,416 sh (+127.81%)
Richard Pzena 1,920,576 sh (+53.52%)
HOTCHKIS & WILEY 762,200 sh (+44.82%)
PRIMECAP Management 296,000 sh (+15.63%)
Joel Greenblatt 7,971 sh (+12.19%)
Jeremy Grantham 49,465 sh (+4.58%)
Third Avenue Management 2,553,948 sh (+1.87%)
Martin Whitman 1,626,949 sh (+35.92%)
Steven Cohen Sold Out
David Dreman 95,869 sh (-5.57%)
» More
» Details

Insider Trades

Latest Guru Trades with CMA

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
John Keeley 2013-03-31 New Buy0.01%$30.34 - $36.78 $ 37.559%7330
Martin Whitman 2013-01-31 Add 35.92%0.64%$27.87 - $34.3 $ 37.5523%1626949
PRIMECAP Management 2012-12-31 Add 88.24%0.01%$27.87 - $31.8 $ 37.5526%256000
Joel Greenblatt 2012-12-31 New Buy0.01%$27.87 - $31.8 $ 37.5526%7105
Ray Dalio 2012-12-31 Sold Out 0.01%$27.87 - $31.8 $ 37.5526%0
Martin Whitman 2012-10-31 Add 77.33%0.68%$29.16 - $33.1 $ 37.5521%1196949
John Keeley 2012-09-30 Sold Out 0.01%$29.71 - $33.1 $ 37.5521%0
Ray Dalio 2012-09-30 New Buy0.01%$29.71 - $33.1 $ 37.5521%20109
PRIMECAP Management 2012-09-30 New Buy0.01%$29.71 - $33.1 $ 37.5521%136000
Martin Whitman 2012-07-31 Add 37.76%0.22%$28.3 - $32.58 $ 37.5524%675000
Ray Dalio 2012-06-30 Sold Out 0.01%$28.3 - $32.58 $ 37.5523%0
Premium More recent guru trades are included for Premium Members only!!
» Financial Charts

Peter Lynch Chart

Guru Investment Theses on Comerica Inc

Third Avenue Management Comments on Comerica - Jun 28, 2012

From Third Avenue Management's second-quarter letter:

During the quarter, we added to our existing position in Key Common and initiated a new position in Comerica Common (CMA). At quarter end, the two positions accounted for 3.4% of the Fund's net assets. Comerica Common was identified by Vic Cunningham. Comerica Incorporated is a financial holding company based in Dallas with subsidiaries engaged in retail and business banking and wealth management. The management team, led by Chairman and CEO Ralph Babb, has an impressive longterm track record, having avoided many of the consumer related problem areas in 2007 and 2008. As a result, the company's tangible book value is roughly flat compared to five years ago, a considerable accomplishment in light of the financial crises. The current earnings outlook is subdued owing to depressed net interest margins (3.2%, versus 3.6% to 4.0% historically) and tepid loan growth (2% in the first quarter). Nevertheless, the company appears poised to generate improved returns over the next several years, owing to its low cost deposit base, strong business lending franchise in its core markets (Texas, Michigan, California and Florida) and strong capital position (10.3% Tier 1 Capital ratio). The company recently passed the Fed's Comprehensive Capital Analysis and Review ("CCAR") stress test and was approved to repurchase $375 million in stock (about 6% of the company's outstanding shares) over the next year. The Fund's initial position in Comerica Common was acquired at about 13 times earnings and a slight discount to tangible book value.

Check out Martin Whitman latest stock trades

Top Ranked Articles about Comerica Inc

Valuation of Martin Whitman’s Four New Buys
July 10, 2012
Martin Whitman - Valuation Of Martin Whitman’s Four New Buys
Martin Whitman is in the process of handing the reigns over to his successor at $3.8 billion Third Avenue Management, Ian Lapey, who was promoted to sole portfolio manager on March 1, 2012. Whitman remains as chairman of the board of trustees and mentors the investor team. Year to date, the fund has returned 12.68%, recovering from its 11.68% downturn in the last year. Read more...
Third Avenue Management Comments on Comerica
June 28, 2012
From Third Avenue Management's second-quarter letter: Read more...

Ratios

vs
industry		 vs
history
P/E(ttm) 13.70
CMA's P/E(ttm) is ranked higher than
61% of the 1248 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 12.60 vs. CMA: 13.70 )
CMA' s 10-Year P/E(ttm) Range
Min: 7.74   Max: 56.02
Current: 13.7
7.74
56.02
P/B 1.00
CMA's P/B is ranked higher than
62% of the 1347 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.97 vs. CMA: 1.00 )
CMA' s 10-Year P/B Range
Min: 0.38   Max: 2.7
Current: 1
0.38
2.7
P/S 2.84
CMA's P/S is ranked higher than
56% of the 1433 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 2.33 vs. CMA: 2.84 )
CMA' s 10-Year P/S Range
Min: 0.74   Max: 4.16
Current: 2.84
0.74
4.16
PFCF 8.20
CMA's PFCF is ranked higher than
56% of the 1087 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 5.38 vs. CMA: 8.20 )
CMA' s 10-Year PFCF Range
Min: 2.34   Max: 360.8
Current: 8.2
2.34
360.8
EV-to-EBIT 16.9
CMA's EV-to-EBIT is ranked higher than
60% of the 1102 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 14.26 vs. CMA: 16.9 )
CMA' s 10-Year EV-to-EBIT Range
Min: 7.8   Max: 285.6
Current: 16.9
7.8
285.6
PEG 0.2
CMA's PEG is ranked higher than
95% of the 491 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.79 vs. CMA: 0.2 )
CMA' s 10-Year PEG Range
Min: 0.2   Max: 27.29
Current: 0.2
0.2
27.29
Shiller P/E 21.5
CMA's Shiller P/E is ranked lower than
100% of the Companies
in the Global Banks - Regional - US industry.

( Industry Median: vs. CMA: 21.5 )
CMA' s 10-Year Shiller P/E Range
Min: 3.08   Max: 22.66
Current: 21.5
3.08
22.66

Dividend & Buy Back

vs
industry		 vs
history
Dividend Yield 1.70
CMA's Dividend Yield is ranked higher than
52% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.69 vs. CMA: 1.70 )
CMA' s 10-Year Dividend Yield Range
Min: 0.45   Max: 17.02
Current: 1.7
0.45
17.02
Dividend Payout 0.2271
CMA's Dividend Payout is ranked higher than
77% of the 951 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.30 vs. CMA: 0.2271 )
CMA' s 10-Year Dividend Payout Range
Min: 0.16   Max: 1.75
Current: 0.23
0.16
1.75
Dividend growth (3y) 28.8
CMA's Dividend growth (3y) is ranked higher than
98% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.00 vs. CMA: 28.8 )
CMA' s 10-Year Dividend growth (3y) Range
Min: -46   Max: 28.8
Current: 28.8
-46
28.8
Yield on cost (5-Year) 0.57
CMA's Yield on cost (5-Year) is ranked lower than
57% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.26 vs. CMA: 0.57 )
CMA' s 10-Year Yield on cost (5-Year) Range
Min: 0.15   Max: 5.72
Current: 0.57
0.15
5.72
Share Buyback Rate -6.5
CMA's Share Buyback Rate is ranked lower than
57% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: -0.20 vs. CMA: -6.5 )
CMA' s 10-Year Share Buyback Rate Range
Min: 16.2   Max: -21.1
Current: -6.5

Valuation & Return

vs
industry		 vs
history
Price/Tangible Book 1.1
CMA's Price/Tangible Book is ranked higher than
65% of the 1191 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.10 vs. CMA: 1.1 )
CMA' s 10-Year Price/Tangible Book Range
Min: 0.6   Max: 2.5
Current: 1.1
0.6
2.5
Price/DCF (Projected) 0.6
CMA's Price/DCF (Projected) is ranked higher than
80% of the 679 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.60 vs. CMA: 0.6 )
CMA' s 10-Year Price/DCF (Projected) Range
Min: 0.2   Max: 0.7
Current: 0.6
0.2
0.7
Price/Median PS Value 1
CMA's Price/Median PS Value is ranked higher than
59% of the 1268 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 1.00 vs. CMA: 1 )
CMA' s 10-Year Price/Median PS Value Range
Min: 0.4   Max: 1.4
Current: 1
0.4
1.4
Price/Peter Lynch Fair Value 0.6
CMA's Price/Peter Lynch Fair Value is ranked higher than
74% of the 273 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.80 vs. CMA: 0.6 )
CMA' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.6   Max: 1.6
Current: 0.6
0.6
1.6
Price/Graham Number 0.8
CMA's Price/Graham Number is ranked higher than
64% of the 1094 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.80 vs. CMA: 0.8 )
CMA' s 10-Year Price/Graham Number Range
Min: 0.4   Max: 2.8
Current: 0.8
0.4
2.8
Earnings Yield (Greenblatt) 5.90
CMA's Earnings Yield (Greenblatt) is ranked higher than
74% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 4.10 vs. CMA: 5.90 )
CMA' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.4   Max: 12.8
Current: 5.9
0.4
12.8
Forward Rate of Return (Yacktman) 46.57
CMA's Forward Rate of Return (Yacktman) is ranked higher than
95% of the 1621 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 0.00 vs. CMA: 46.57 )
CMA' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -43.8   Max: 49.5
Current: 46.57
-43.8
49.5

Business Description

Comerica Incorporated was incorporated under the laws of the State of Delaware in 1973. It operates as a financial services company. The Company operates in three business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. In addition to the three major business segments, the Finance Division is also reported as a segment. The Business Bank is mainly comprised of the following businesses: middle market, commercial real estate, national dealer services, international finance, global corporate, leasing, financial services, and technology and life sciences. This business segment meets the needs of medium-size businesses, multinational corporations and governmental entities by offering various products and services, including 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. The Retail Bank includes small business banking and personal financial services, consisting of consumer lending, consumer deposit gathering and mortgage loan origination. In addition to a full range of financial services provided to small business customers, this business segment offers a variety of consumer products, including deposit accounts, installment loans, credit cards, student loans, home equity lines of credit and residential mortgage loans. Wealth & Institutional Management offers products and services consisting of fiduciary services, private banking, retirement services, investment management and advisory services, investment banking and discount securities brokerage services. This business segment also offers the sale of annuity products, as well as life, disability and long-term care insurance products. The Finance segment includes Comerica's securities portfolio and asset and liability management activities. This segment is responsible for managing Comerica's funding, liquidity and capital needs, performing interest sensitivity analysis and executing various strategies to manage Comerica's exposure to liquidity, interest rate risk and foreign exchange risk. Comerica's banking subsidiaries compete mainly with banks based in its main areas of operations in the United States for loans, deposits and trust accounts. Comerica is subject to supervision and regulation at the federal level by the Board of Governors of the Federal Reserve System.
Company Website
SEC Reports
Industry: Banks - Regional - US
Compare:MTB, USB, PNC, PB, CFR
Traded in other countries:CA3.Germany
» More Articles for CMA

Headlines

Articles On GuruFocus.com
Valuation of Martin Whitman’s Four New Buys Jul 10 2012 
Third Avenue Value Fund Buys Devon Energy, Comeric, Applied Materials, Alleghany, White Mountains In Jul 10 2012 
Third Avenue Management Comments on Comerica Jun 28 2012 
Interview With Marty Whitman's Successor at the Third Avenue Value Fund Jun 28 2012 
Marty Whitman's Successor Ian Kapey Discusses Third Avenue Portfolio and Investment Strategy Jun 28 2012 
Comerica Inc. (CMA) EVP and CFO Elizabeth S Acton sells 4,413 Shares Mar 03 2011 
Comerica Inc. Reports Operating Results (10-K) Feb 28 2011 
Comerica Inc. (CMA) EVP and CFO Elizabeth S Acton sells 5,800 Shares Feb 16 2011 
23 Dividend Stocks Paying More Cash: AE, BF.A, CMA, CPB, CVR, etc. Nov 22 2010 
Comerica Inc. Reports Operating Results (10-Q) Oct 29 2010 

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