Q2 2024 EPS Estimates for Comerica Incorporated (NYSE:CMA) Lowered by Analyst

Comerica Incorporated (NYSE:CMA) – Equities research analysts at Wedbush lowered their Q2 2024 earnings per share (EPS) estimates for Comerica in a research note issued to investors on Thursday, April 18th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings of $1.09 per share for the quarter, down from their previous forecast of $1.22. The consensus estimate for Comerica’s current full-year earnings is $5.09 per share. Wedbush also issued estimates for Comerica’s Q3 2024 earnings at $1.37 EPS, Q4 2024 earnings at $1.60 EPS, Q4 2025 earnings at $1.57 EPS and FY2025 earnings at $6.15 EPS.

Several other brokerages have also recently issued reports on CMA. Deutsche Bank Aktiengesellschaft started coverage on Comerica in a research report on Wednesday, April 10th. They set a “hold” rating and a $59.00 target price on the stock. UBS Group dropped their price target on Comerica from $59.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. Barclays lifted their price target on Comerica from $49.00 to $59.00 and gave the stock an “underweight” rating in a report on Tuesday, January 2nd. TheStreet upgraded Comerica from a “c+” rating to a “b-” rating in a report on Tuesday, December 26th. Finally, Piper Sandler lifted their price target on Comerica from $53.00 to $54.00 and gave the stock a “neutral” rating in a report on Friday, April 19th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $56.89.

Comerica Stock Up 0.1 %

Shares of NYSE:CMA opened at $52.64 on Monday. The stock has a market cap of $6.97 billion, a price-to-earnings 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 has a 12-month low of $28.40 and a 12-month high of $57.39. The business’s 50 day moving average is $51.44 and its 200 day moving average is $49.54.

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

Comerica Dividend Announcement

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

Insider Activity

In other news, EVP Cassandra M. Mckinney sold 1,616 shares of Comerica stock in a transaction on Monday, January 29th. The stock was 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 $454,276.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction 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 $454,276.96. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $52.74, for a total value of $160,013.16. Following the transaction, the executive vice president now owns 17,460 shares of the company’s stock, valued at $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On Comerica

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Spire Wealth Management grew its position in 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 in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Comerica in the 4th quarter worth about $36,000. Fortitude Family Office LLC purchased a new position in shares of Comerica in the 4th quarter worth about $36,000. FNY Investment Advisers LLC purchased a new position in shares of Comerica in the 4th quarter worth about $50,000. Finally, Cullen Frost Bankers Inc. purchased a new position in shares of Comerica in the 4th quarter worth about $51,000. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

About Comerica

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.