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

Comerica Incorporated (NYSE:CMA) – Equities researchers at Wedbush dropped their Q3 2024 EPS estimates for shares of Comerica in a note issued to investors on Monday, June 24th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings of $1.33 per share for the quarter, down from their previous forecast of $1.37. The consensus estimate for Comerica’s current full-year earnings is $5.08 per share. Wedbush also issued estimates for Comerica’s FY2024 earnings at $5.21 EPS, Q2 2025 earnings at $1.45 EPS and FY2025 earnings at $6.00 EPS.

CMA has been the topic of several other research reports. Evercore ISI reduced their price target on shares of Comerica from $58.00 to $54.00 and set an “in-line” rating on the stock in a research report on Tuesday. Deutsche Bank Aktiengesellschaft initiated coverage on Comerica in a research report on Wednesday, April 10th. They issued a “hold” rating and a $59.00 target price for the company. Jefferies Financial Group reduced their price objective on Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $58.00 target price on shares of Comerica in a research note on Tuesday, June 11th. Finally, Robert W. Baird reduced their price target on shares of Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Thursday, June 20th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $56.13.

Comerica Price Performance

Shares of CMA stock opened at $47.82 on Tuesday. The firm has a fifty day moving average of $50.74 and a two-hundred day moving average of $52.00. The firm has a market cap of $6.34 billion, a P/E ratio of 9.51 and a beta of 1.25. Comerica has a 1-year low of $37.40 and a 1-year high of $57.39. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95.

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

Institutional Trading of Comerica

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Spire Wealth Management lifted its position in shares of Comerica by 95.9% during the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 235 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Comerica during the fourth quarter valued at $36,000. Fortitude Family Office LLC acquired a new position in shares of Comerica in the 4th quarter valued at $36,000. Abich Financial Wealth Management LLC increased its stake in Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 300 shares in the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in Comerica during the 4th quarter worth about $50,000. 80.74% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Comerica

In other news, EVP Cassandra M. Mckinney sold 7,271 shares of the business’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the sale, the executive vice president now owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.19% of the stock is currently owned by corporate insiders.

Comerica Dividend Announcement

The company also recently announced 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. The ex-dividend date is Friday, June 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.94%. Comerica’s dividend payout ratio (DPR) is 56.46%.

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.