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Comerica

Comerica ranks as the 21st largest U.S. bank with $72 bn in assets, and total equity of $8.1 bn (21st). The company's market cap was $16.7 bn as of September 5, 2018. Comerica ranks 21st in terms of U.S. deposits with approximately $57 bn in deposits as of 2Q18 and 438 branches as of 2017 (SNL). Comerica's top states for deposit market shares include Michigan, California, and Texas. Comerica primarily focuses on business banking customers, rather than a retail strategy. As a result, Comerica has a higher proportion of non-interest bearing business transaction deposits than most regional bank peers. Comerica also has a higher concentration of C&I loans than other regional bank peers. (15 Oct 2018)

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U.S. Regional Banks: Fed Guidance on 2019 CCAR

Worth Watching: 14 Nov 2018, 10:27 PM ET - U.S. Regional Banks: In a recent speech, the Fed's Vice Chairman of Bank Supervision Randal Quarles commented on plans for the upcoming CCAR cycle. The Fed is in the process of deciding  how to implement a number of changes that have been proposed ..

US Banks: Fed Proposes Reg. Overhaul for Non-GSIBs

Sector Analysis: 01 Nov 2018, 5:30 AM ET - The Federal Reserve released two Notices of Proposed Rulemaking (NPRs) to revise capital and liquidity requirements for banks $100 - 700 bn in assets. Certain requirements for the 8 GSIBs were addressed in a separate NPR.
Focused

Comerica: 3Q18, Capital Returns Increase

Worth Watching: 17 Oct 2018, 3:30 PM ET - Comerica (A3/BBB+) reported 3Q18 EPS of $1.86, beating consensus estimates of $1.75. Earnings of $318 mn decreased 2% QoQ, but increased 41% YoY. Revenue decreased 1% QoQ and increased 1% YoY. On a pretax basis, earnings increased 14% YoY.  ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Banks: 3Q18 Preview - Reg. Oversight & Funding

Sector Analysis: 10 Oct 2018, 9:08 PM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off U.S. bank earnings on Friday. We will be paying close attention to funding costs as well as commentary on lending standards reflecting the possible easing of regulatory oversight.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

US Banks 2Q18: Earnings Rise, Supervision Slides

Sector Analysis: 25 Jul 2018, 4:22 AM ET - Seventeen of the 22 banks in our coverage beat expectations in 2Q18 as earnings improved due to higher rates and a benign credit environment. However, post-crisis regulatory safeguards are been chipped away at.
Focused

Comerica: Life After CCAR-- Returning Capital

Worth Watching: 24 Jul 2018, 10:17 PM ET - Comerica (A3/BBB+) announced its capital plan for 3Q18, which call for a significant increase in capital return in the wake of being released from enhanced prudential standards including the DFAST/CCAR process due to legislative changes to Dodd-Fr ..
Focused

Comerica: 2Q18, Systemic No More

Worth Watching: 17 Jul 2018, 10:18 PM ET - Comerica (A3/BBB+) reported 2Q18 EPS of $1.87, beating consensus of $1.68. Earnings increased to $326 mn in 2Q18, a 61% increase YoY. Comerica was dropped from DFAST/CCAR results in this year's cycle, following as a result of the recently passed ..

US Banks: 2Q18 Preview - Loan Demand Picking Up?

Sector Analysis: 11 Jul 2018, 5:05 AM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off 2Q18 US bank earnings on Friday, July 13, 2018. We expect underlying results to benefit from a pickup in loan growth and higher rates, but capital markets results should be down from 1Q18.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.

US Banks: 2018 CCAR - It's OK to Breach Limits?

Sector Analysis: 29 Jun 2018, 5:15 AM ET - The Fed released the 2018 CCAR results. It did not object to the capital plans of 34 of the 35 banks, the exception being DB USA, Deutsche Bank's IHC. The Fed did not force a number of banks that fell below the minimums to raise capital.

US Banks: 2018 DFAST Results - SCB Shocker Looming

Sector Analysis: 22 Jun 2018, 4:56 AM ET - Although all banks over $100 bn in assets received a clean bill of health in the 2018 DFAST, our main concern is that this year’s test could lead to a substantial increase in capital requirements under the proposed Stress Capital Buffer.

US Banks: Crapo De-reg. Bill Heads to White House

Sector Analysis: 23 May 2018, 10:27 PM ET - The House approved the Senate bill on financial (de)regulation, which is now headed to the White House to be signed into law. While the bill provides regulatory relief for regional/community banks, it has minimal impact on the big-6 banks.
Focused

Comerica: 1Q18, More Capital Flexibility Likely

Worth Watching: 17 Apr 2018, 8:47 PM ET - Comerica (A3/BBB+) reported 1Q18 EPS of $1.59, but met consensus of $1.54 excluding tax benefits and restructuring charges. Earnings increased to $281 mn from $112 mn, after the previous quarter included a $107 mn charge related to the tax refo ..

US Banks: 2018 Outlook (3/3) – Supply & Rel Val

Sector Outlook: 17 Jan 2018, 10:15 PM ET - In Part 3 of our 2018 US Banks Outlook we review our recommendations for the sector and individual credits, relative value within the capital structure, and debt supply expectations for the year.
Focused

Comerica: 4Q17, Efficiency Still Improving

Worth Watching: 16 Jan 2018, 9:01 PM ET - Comerica (A3/BBB+) reported 4Q17 EPS of 63 cents, compared to Street estimates of $1.25, which it would have beat on a core basis. The quarter included a $107 mn charge to adjust deferred tax assets as a result of the recently enacted tax refor ..
Focused

US Banks: 2018 Outlook (2/3) - Sector Fundamentals

Sector Outlook: 08 Jan 2018, 10:34 PM ET - In part 2 of the US banks 2018 outlook we review the sector’s fundamentals, which are arguably at their strongest point in two decades reflecting positive profitability trends, change in risk culture and balance sheet strength.

US Banks: 2018 Outlook (1/3) – Gov't & Regulation

Sector Outlook: 03 Jan 2018, 10:24 PM ET - In part 1 of our 2018 US banks outlook we focus on government policies and financial regulation. We expect "deregulation" to be the topic du jour including potential changes to stress testing and supervisory frameworks.

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