Q2 2024 EPS Estimates for Comerica Incorporated Decreased by Analyst (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Investment analysts at Wedbush decreased their Q2 2024 earnings estimates for shares of Comerica in a research note issued to investors on Thursday, April 18th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $1.09 for the quarter, down from their previous forecast of $1.22. The consensus estimate for Comerica’s current full-year earnings is $5.09 per share. Wedbush also issued estimates for Comerica’s Q3 2024 earnings at $1.37 EPS, Q4 2024 earnings at $1.60 EPS, Q4 2025 earnings at $1.57 EPS and FY2025 earnings at $6.15 EPS.

Other research analysts have also issued reports about the stock. Truist Financial reduced their price objective on shares of Comerica from $62.00 to $60.00 and set a “buy” rating for the company in a research note on Monday. Barclays lifted their price objective on shares of Comerica from $49.00 to $59.00 and gave the company an “underweight” rating in a research note on Tuesday, January 2nd. Stephens reiterated an “overweight” rating and issued a $64.00 price objective on shares of Comerica in a research note on Friday. Bank Of America (Bofa) lifted their price objective on shares of Comerica from $52.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. Finally, Royal Bank of Canada lifted their price objective on shares of Comerica from $61.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday. 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. According to data from MarketBeat.com, Comerica presently has an average rating of “Hold” and an average price target of $56.89.

Comerica Trading Up 2.0 %

Shares of CMA stock opened at $52.59 on Monday. The company has a 50 day moving average of $51.38 and a 200-day moving average of $49.45. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. Comerica has a 12-month low of $28.40 and a 12-month high of $57.39. The firm has a market cap of $6.97 billion, a P/E ratio of 10.46 and a beta of 1.27.

Comerica (NYSE:CMA) last issued its quarterly earnings results 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. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $807.57 million. During the same quarter last year, the business posted $2.39 EPS.

Comerica Announces Dividend

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

Insiders Place Their Bets

In other Comerica news, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the transaction, the executive vice president now owns 17,460 shares in the company, valued at $920,840.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Comerica news, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the transaction, the executive vice president now owns 17,460 shares in the company, valued at $920,840.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction dated 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 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 insiders.

Hedge Funds Weigh In On Comerica

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Spire Wealth Management boosted its stake in Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 235 shares in the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in shares of Comerica in the fourth quarter worth approximately $36,000. Fortitude Family Office LLC bought a new position in shares of Comerica in the fourth quarter worth approximately $36,000. FNY Investment Advisers LLC bought a new position in shares of Comerica in the fourth quarter worth approximately $50,000. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Comerica in the fourth quarter worth approximately $51,000. Hedge funds and other 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.