Comerica Incorporated Expected to Earn FY2024 Earnings of $5.30 Per Share (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – DA Davidson lifted their FY2024 earnings estimates for Comerica in a report issued on Thursday, October 3rd. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings per share of $5.30 for the year, up from their prior forecast of $5.15. DA Davidson currently has a “Neutral” rating and a $55.00 price target on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.06 per share. DA Davidson also issued estimates for Comerica’s FY2025 earnings at $5.66 EPS.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. During the same period last year, the company posted $2.01 earnings per share.

Several other equities analysts have also weighed in on the company. Wells Fargo & Company reduced their price objective on Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a report on Wednesday, June 12th. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a report on Thursday, October 3rd. JPMorgan Chase & Co. dropped their price objective on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Truist Financial lifted their target price on shares of Comerica from $53.00 to $66.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Finally, The Goldman Sachs Group upped their price target on shares of Comerica from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Monday. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $59.24.

Comerica Price Performance

Shares of NYSE:CMA opened at $57.87 on Monday. Comerica has a fifty-two week low of $37.40 and a fifty-two week high of $61.84. The company’s 50-day moving average is $56.49 and its 200 day moving average is $53.32. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $7.67 billion, a P/E ratio of 11.50 and a beta of 1.23.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 4.91%. The ex-dividend date was Friday, September 13th. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insider Buying and Selling at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the sale, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Several large investors have recently bought and sold shares of CMA. Pitcairn Co. grew its stake in Comerica by 2.9% in the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after purchasing an additional 190 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Comerica by 19.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after buying an additional 199 shares during the period. Texas Permanent School Fund Corp increased its stake in shares of Comerica by 0.7% in the 1st quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock worth $1,498,000 after acquiring an additional 201 shares in the last quarter. Summit Securities Group LLC lifted its position in Comerica by 22.4% during the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 202 shares during the period. Finally, UMB Bank n.a. boosted its stake in Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 208 shares in the last quarter. 80.74% of the stock is owned by institutional investors.

Comerica Company Profile

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.