Q3 2024 EPS Estimates for Comerica Incorporated Cut by Analyst (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Stock analysts at Wedbush decreased their Q3 2024 earnings estimates for shares of Comerica in a research report issued to clients and investors on Wednesday, March 27th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $1.44 per share for the quarter, down from their prior estimate of $1.46. The consensus estimate for Comerica’s current full-year earnings is $5.26 per share. Wedbush also issued estimates for Comerica’s FY2024 earnings at $5.35 EPS, Q1 2025 earnings at $1.47 EPS, Q2 2025 earnings at $1.52 EPS, Q3 2025 earnings at $1.60 EPS and Q4 2025 earnings at $1.61 EPS.

A number of other brokerages also recently commented on CMA. Keefe, Bruyette & Woods dropped their target price on shares of Comerica from $60.00 to $58.00 and set a “market perform” rating on the stock in a research note on Monday, January 22nd. Royal Bank of Canada raised their price target on shares of Comerica from $50.00 to $63.00 and gave the stock an “outperform” rating in a report on Thursday, January 18th. TheStreet upgraded shares of Comerica from a “c+” rating to a “b-” rating in a research note on Tuesday, December 26th. DA Davidson reiterated a “neutral” rating and issued a $56.00 target price on shares of Comerica in a research report on Wednesday, March 6th. Finally, Morgan Stanley raised their price target on shares of Comerica from $45.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $55.93.

Comerica Stock Up 4.3 %

Shares of NYSE CMA opened at $54.23 on Thursday. The firm’s 50-day moving average price is $51.46 and its 200-day moving average price is $48.07. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $7.18 billion, a price-to-earnings ratio of 8.42 and a beta of 1.25. Comerica has a 12-month low of $28.40 and a 12-month high of $57.39.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, January 19th. The financial services provider reported $1.46 EPS for the quarter, topping the consensus estimate of $1.38 by $0.08. The business had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $826.07 million. Comerica had a net margin of 16.71% and a return on equity of 19.41%. During the same quarter in the previous year, the company earned $2.58 EPS.

Institutional Investors Weigh In On Comerica

Institutional investors have recently bought and sold shares of the stock. Private Advisor Group LLC raised its holdings in Comerica by 9.3% during the 1st quarter. Private Advisor Group LLC now owns 6,692 shares of the financial services provider’s stock worth $605,000 after buying an additional 568 shares during the period. MetLife Investment Management LLC raised its holdings in Comerica by 22.7% during the 1st quarter. MetLife Investment Management LLC now owns 35,565 shares of the financial services provider’s stock worth $3,216,000 after buying an additional 6,590 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Comerica by 6.2% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,486 shares of the financial services provider’s stock worth $1,581,000 after buying an additional 1,024 shares during the period. Great West Life Assurance Co. Can raised its holdings in Comerica by 8.4% during the 1st quarter. Great West Life Assurance Co. Can now owns 27,966 shares of the financial services provider’s stock worth $2,626,000 after buying an additional 2,163 shares during the period. Finally, Yousif Capital Management LLC increased its holdings in shares of Comerica by 119.2% in the 1st quarter. Yousif Capital Management LLC now owns 7,659 shares of the financial services provider’s stock valued at $693,000 after purchasing an additional 4,165 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Insider Buying and Selling at Comerica

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

Comerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be given a dividend of $0.71 per share. The ex-dividend date is Thursday, March 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.24%. Comerica’s dividend payout ratio (DPR) is 44.10%.

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.