Comerica Incorporated to Post Q2 2024 Earnings of $1.30 Per Share, DA Davidson Forecasts (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Investment analysts at DA Davidson issued their Q2 2024 EPS estimates for shares of Comerica in a note issued to investors on Friday, April 19th. DA Davidson analyst P. Winter anticipates that the financial services provider will earn $1.30 per share for the quarter. DA Davidson has a “Neutral” rating and a $56.00 price target on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.09 per share. DA Davidson also issued estimates for Comerica’s FY2024 earnings at $5.36 EPS and FY2025 earnings at $6.17 EPS.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. During the same quarter in the prior year, the business earned $2.39 EPS.

Other research analysts have also issued research reports about the stock. Jefferies Financial Group decreased their target price on shares of Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. TheStreet raised shares of Comerica from a “c+” rating to a “b-” rating in a report on Tuesday, December 26th. Bank Of America (Bofa) upped their price target on shares of Comerica from $52.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, January 18th. Morgan Stanley reaffirmed an “equal weight” rating and set a $53.00 price target on shares of Comerica in a report on Monday. Finally, Raymond James downgraded shares of Comerica from an “outperform” rating to a “market perform” rating in a report on Monday, January 22nd. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $56.89.

Comerica Stock Performance

Shares of NYSE:CMA opened at $52.64 on Monday. The company’s 50 day moving average price is $51.44 and its two-hundred day moving average price is $49.54. Comerica has a 12-month low of $28.40 and a 12-month high of $57.39. The firm has a market cap of $6.97 billion, a PE ratio of 10.47 and a beta of 1.27. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.26.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 5.40%. Comerica’s dividend payout ratio (DPR) is currently 56.46%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.64, for a total value of $88,298.24. Following the completion of the transaction, the executive vice president now directly owns 8,314 shares in the company, valued at approximately $454,276.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Comerica news, EVP Wendy Bridges sold 3,034 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction on Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the sale, the executive vice president now owns 8,314 shares of the company’s stock, valued at $454,276.96. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Large investors have recently modified their holdings of the company. Spire Wealth Management increased its position in shares of Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after buying an additional 235 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Comerica during the fourth quarter worth $36,000. Fortitude Family Office LLC acquired a new stake in shares of Comerica during the fourth quarter worth $36,000. FNY Investment Advisers LLC acquired a new stake in shares of Comerica during the fourth quarter worth $50,000. Finally, Cullen Frost Bankers Inc. acquired a new stake in shares of Comerica during the fourth quarter worth $51,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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.