Q3 2024 EPS Estimates for Comerica Incorporated Raised by Wedbush (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Equities researchers at Wedbush lifted their Q3 2024 earnings estimates for Comerica in a research note issued to investors on Wednesday, October 9th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings of $1.05 per share for the quarter, up from their prior estimate of $1.01. Wedbush has a “Outperform” rating and a $75.00 price target on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.12 per share. Wedbush also issued estimates for Comerica’s Q4 2024 earnings at $1.06 EPS, FY2024 earnings at $4.92 EPS, Q1 2025 earnings at $1.21 EPS, Q3 2025 earnings at $1.54 EPS, Q4 2025 earnings at $1.56 EPS, FY2025 earnings at $5.70 EPS and FY2026 earnings at $6.65 EPS.

Comerica (NYSE:CMA) last released its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same period in the previous year, the company earned $2.01 earnings per share.

CMA has been the topic of several other reports. Raymond James upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a report on Tuesday, July 2nd. DA Davidson reiterated a “neutral” rating and issued a $55.00 price objective on shares of Comerica in a report on Tuesday, September 10th. JPMorgan Chase & Co. upped their price objective on shares of Comerica from $57.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday. Morgan Stanley boosted their target price on shares of Comerica from $61.00 to $63.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, Keefe, Bruyette & Woods raised shares of Comerica from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $50.00 to $69.00 in a research report on Thursday, September 5th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $59.62.

Comerica Price Performance

NYSE:CMA opened at $61.28 on Thursday. Comerica has a one year low of $37.40 and a one year high of $61.84. The company has a market cap of $8.12 billion, a P/E ratio of 12.18 and a beta of 1.23. The firm’s fifty day moving average price is $56.89 and its two-hundred day moving average price is $53.47. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96.

Comerica Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.71 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.63%. Comerica’s dividend payout ratio (DPR) is currently 56.46%.

Insider Transactions at Comerica

In other news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Seven Eight Capital LP acquired a new position in shares of Comerica in the fourth quarter valued at approximately $590,000. State of Tennessee Treasury Department increased its stake in shares of Comerica by 53.4% in the fourth quarter. State of Tennessee Treasury Department now owns 202,688 shares of the financial services provider’s stock valued at $11,312,000 after buying an additional 70,587 shares during the period. Redwood Investment Management LLC acquired a new position in shares of Comerica in the fourth quarter valued at approximately $2,395,000. Clear Street Markets LLC acquired a new position in shares of Comerica in the fourth quarter valued at approximately $162,000. Finally, BHZ Capital Management LP increased its stake in shares of Comerica by 10.2% in the fourth quarter. BHZ Capital Management LP now owns 76,951 shares of the financial services provider’s stock valued at $4,295,000 after buying an additional 7,116 shares during the period. Institutional investors own 80.74% of the company’s stock.

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.