Q4 2024 Earnings Forecast for Comerica Incorporated Issued By Wedbush (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Equities research analysts at Wedbush increased their Q4 2024 EPS estimates for shares of Comerica in a report issued on Wednesday, April 3rd. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $1.57 per share for the quarter, up from their prior forecast of $1.51. The consensus estimate for Comerica’s current full-year earnings is $5.18 per share.

Several other research analysts also recently commented on CMA. Barclays lifted their price target on shares of Comerica from $49.00 to $59.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 2nd. DA Davidson reissued a “neutral” rating and issued a $56.00 price target on shares of Comerica in a research note on Wednesday, March 6th. Keefe, Bruyette & Woods reduced their price objective on 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 lowered their target price on Comerica from $63.00 to $61.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, The Goldman Sachs Group upgraded Comerica from a “neutral” rating to a “buy” rating and set a $70.50 price target on the stock in a research report on Thursday, January 4th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $57.61.

Comerica Stock Performance

NYSE:CMA opened at $54.48 on Monday. The company has a market capitalization of $7.22 billion, a price-to-earnings ratio of 8.46 and a beta of 1.27. The business has a 50 day moving average of $51.39 and a 200 day moving average of $48.77. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.94 and a quick ratio of 0.94. Comerica has a 1-year low of $28.40 and a 1-year high of $57.39.

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

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 5.21%. The ex-dividend date was Thursday, March 14th. Comerica’s dividend payout ratio is currently 44.10%.

Insider Activity

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

Institutional Investors Weigh In On Comerica

Several hedge funds have recently added to or reduced their stakes in the stock. Raymond James & Associates raised its position in shares of Comerica by 18.1% in the 4th quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock worth $11,348,000 after purchasing an additional 31,125 shares during the last quarter. LSV Asset Management lifted its stake in shares of Comerica by 3.5% in the third quarter. LSV Asset Management now owns 678,976 shares of the financial services provider’s stock worth $28,211,000 after buying an additional 22,800 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Comerica by 607.3% during the third quarter. Mackenzie Financial Corp now owns 303,143 shares of the financial services provider’s stock valued at $12,007,000 after buying an additional 260,286 shares during the last quarter. Pearl River Capital LLC bought a new stake in shares of Comerica during the third quarter valued at approximately $636,000. Finally, Comerica Bank increased its position in shares of Comerica by 21,786.1% during the third quarter. Comerica Bank now owns 165,459 shares of the financial services provider’s stock valued at $6,875,000 after acquiring an additional 164,703 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.