Comerica Incorporated to Post Q2 2024 Earnings of $1.30 Per Share, DA Davidson Forecasts (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Analysts at DA Davidson issued their Q2 2024 earnings estimates for shares of Comerica in a research report issued on Friday, April 19th. DA Davidson analyst P. Winter expects that the financial services provider will earn $1.30 per share for the quarter. DA Davidson has a “Neutral” rating and a $56.00 price target 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.

Other equities analysts have also recently issued research reports about the stock. Argus cut shares of Comerica from a “buy” rating to a “hold” rating in a research note on Monday, January 29th. Raymond James cut shares of Comerica from an “outperform” rating to a “market perform” rating in a research note on Monday, January 22nd. Jefferies Financial Group lowered their price objective on shares of Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Morgan Stanley reiterated an “equal weight” rating and issued a $53.00 price objective on shares of Comerica in a research note on Monday. Finally, The Goldman Sachs Group upgraded shares of Comerica from a “neutral” rating to a “buy” rating and set a $70.50 price objective on the stock in a research note on Thursday, January 4th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, Comerica currently has a consensus rating of “Hold” and an average price target of $56.89.

Comerica Price Performance

CMA opened at $52.64 on Monday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95. The stock has a market capitalization of $6.97 billion, a P/E ratio of 10.47 and a beta of 1.27. The company’s 50-day simple moving average is $51.44 and its two-hundred day simple moving average is $49.54. Comerica has a 52-week low of $28.40 and a 52-week high of $57.39.

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

Comerica Announces Dividend

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

Insider Activity

In other news, EVP Wendy Bridges sold 3,034 shares of Comerica stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the sale, the executive vice president now owns 17,460 shares in the company, valued at $920,840.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the sale, the executive vice president now owns 17,460 shares in the company, valued at $920,840.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the business’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 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. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Several large investors have recently bought and sold shares of CMA. Bison Wealth LLC boosted its stake in Comerica by 1.7% during the fourth quarter. Bison Wealth LLC now owns 11,653 shares of the financial services provider’s stock worth $650,000 after buying an additional 196 shares during the period. Fruth Investment Management boosted its stake in Comerica by 1.6% during the fourth quarter. Fruth Investment Management now owns 13,090 shares of the financial services provider’s stock worth $730,000 after buying an additional 200 shares during the period. Yousif Capital Management LLC boosted its stake in Comerica by 2.8% during the fourth quarter. Yousif Capital Management LLC now owns 7,918 shares of the financial services provider’s stock worth $442,000 after buying an additional 219 shares during the period. GAMMA Investing LLC boosted its stake in Comerica by 7.6% during the first quarter. GAMMA Investing LLC now owns 3,240 shares of the financial services provider’s stock worth $178,000 after buying an additional 230 shares during the period. Finally, 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 buying an additional 235 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.