FY2024 EPS Estimates for Comerica Incorporated Increased by Analyst (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Investment analysts at DA Davidson boosted their FY2024 EPS estimates for shares of Comerica in a research report issued to clients and investors on Thursday, October 3rd. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings of $5.30 per share for the year, up from their prior forecast of $5.15. DA Davidson currently has a “Neutral” rating and a $55.00 target price on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.06 per share. DA Davidson also issued estimates for Comerica’s FY2025 earnings at $5.66 EPS.

A number of other equities research analysts have also weighed in on CMA. Truist Financial boosted their price objective on shares of Comerica from $53.00 to $66.00 and gave the company a “hold” rating in a report on Friday, September 20th. Piper Sandler increased their price objective on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Morgan Stanley lifted their target price on Comerica from $61.00 to $63.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Bank of America downgraded shares of Comerica from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $55.00 to $52.00 in a report on Monday. Finally, The Goldman Sachs Group lifted their price objective on shares of Comerica from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Monday. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $59.24.

Comerica Trading Down 1.0 %

Shares of Comerica stock opened at $58.29 on Monday. The firm’s 50 day simple moving average is $56.41 and its two-hundred day simple moving average is $53.28. The firm has a market capitalization of $7.73 billion, a price-to-earnings ratio of 11.59 and a beta of 1.23. Comerica has a 12-month low of $37.40 and a 12-month high of $61.84. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio 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. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same quarter in the previous year, the firm earned $2.01 earnings per share.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CMA. Pitcairn Co. lifted its stake in shares of Comerica by 2.9% in the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after buying an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Comerica by 19.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 199 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in Comerica by 0.7% in the 1st quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock worth $1,498,000 after purchasing an additional 201 shares in the last quarter. Summit Securities Group LLC boosted its holdings in shares of Comerica by 22.4% during the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 202 shares during the last quarter. Finally, UMB Bank n.a. grew its position in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 208 shares in the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were 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 owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.19% of the stock is owned by corporate insiders.

Comerica Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.87%. Comerica’s dividend payout ratio is currently 56.46%.

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.