Q4 2024 Earnings Estimate for Comerica Incorporated Issued By Wedbush (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Investment analysts at Wedbush lowered their Q4 2024 earnings per share estimates for shares of Comerica in a research report issued to clients and investors on Tuesday, September 24th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings of $1.07 per share for the quarter, down from their prior forecast of $1.08. Wedbush currently has a “Outperform” rating and a $75.00 price target on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.06 per share.

CMA has been the topic of several other research reports. Robert W. Baird lowered their target price on Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, June 20th. The Goldman Sachs Group reduced their target price on shares of Comerica from $69.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Evercore ISI cut their price target on shares of Comerica from $58.00 to $54.00 and set an “in-line” rating on the stock in a report on Tuesday, June 25th. Piper Sandler upped their price objective on shares of Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Finally, Wells Fargo & Company cut their target price on Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a report on Wednesday, June 12th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $57.68.

Comerica Stock Performance

Comerica stock opened at $60.46 on Wednesday. The firm’s 50 day simple moving average is $55.37 and its 200-day simple moving average is $52.78. Comerica has a fifty-two week low of $37.40 and a fifty-two week high of $61.84. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $8.02 billion, a P/E ratio of 12.02 and a beta of 1.23.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $812.79 million. During the same quarter last year, the business posted $2.01 EPS.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.70%. The ex-dividend date is Friday, September 13th. Comerica’s payout ratio is currently 56.46%.

Insider Activity at Comerica

In other news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the sale, the executive vice president now directly owns 27,910 shares in the company, valued at $1,605,104.10. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Comerica by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock valued at $941,968,000 after acquiring an additional 676,959 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Comerica by 51.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after purchasing an additional 1,370,886 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Comerica by 51.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock worth $143,109,000 after purchasing an additional 870,812 shares during the period. Vaughan Nelson Investment Management L.P. lifted its stake in Comerica by 1.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock valued at $93,621,000 after buying an additional 19,068 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Comerica by 9.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock valued at $78,288,000 after acquiring an additional 130,458 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors.

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.