DA Davidson Comments on Comerica Incorporated’s Q2 2024 Earnings (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Investment analysts at DA Davidson issued their Q2 2024 earnings per share estimates for Comerica in a research report issued on Friday, April 19th. DA Davidson analyst P. Winter expects that the financial services provider will post earnings per share of $1.30 for the quarter. DA Davidson currently has a “Neutral” rating and a $56.00 target price on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.09 per share. DA Davidson also issued estimates for Comerica’s FY2024 earnings at $5.36 EPS and FY2025 earnings at $6.17 EPS.

CMA has been the topic of a number of other reports. Raymond James lowered Comerica from an “outperform” rating to a “market perform” rating in a report on Monday, January 22nd. Keefe, Bruyette & Woods decreased their target price on Comerica from $60.00 to $58.00 and set a “market perform” rating for the company in a research note on Monday, January 22nd. Deutsche Bank Aktiengesellschaft initiated coverage on Comerica in a research note on Wednesday, April 10th. They set a “hold” rating and a $59.00 target price for the company. TheStreet raised Comerica from a “c+” rating to a “b-” rating in a research note on Tuesday, December 26th. Finally, UBS Group decreased their target price on Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $56.89.

Comerica Price Performance

Shares of CMA opened at $52.59 on Monday. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of 10.46 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95. Comerica has a one year low of $28.40 and a one year high of $57.39. The stock’s fifty day moving average is $51.38 and its 200-day moving average is $49.45.

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

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 5.40%. Comerica’s payout ratio is presently 56.46%.

Insiders Place Their Bets

In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’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 sale, the executive vice president now directly owns 8,314 shares in the company, valued at approximately $454,276.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was 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 directly owns 17,460 shares of the company’s stock, valued at approximately $920,840.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $54.64, for a total value of $88,298.24. Following the sale, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at $454,276.96. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James & Associates raised its stake 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 valued at $11,348,000 after acquiring an additional 31,125 shares in the last quarter. NewEdge Wealth LLC acquired a new stake in Comerica in the 4th quarter valued at approximately $10,068,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Comerica by 73.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 56,771 shares of the financial services provider’s stock valued at $3,168,000 after buying an additional 23,947 shares during the last quarter. LSV Asset Management grew its holdings in Comerica by 3.5% in the 3rd quarter. LSV Asset Management now owns 678,976 shares of the financial services provider’s stock valued at $28,211,000 after buying an additional 22,800 shares during the last quarter. Finally, Mackenzie Financial Corp grew its holdings in Comerica by 607.3% in the 3rd 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. 80.74% of the stock is 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.