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

Comerica Incorporated (NYSE:CMA) – Equities researchers at DA Davidson reduced their Q2 2024 earnings per share (EPS) estimates for shares of Comerica in a note issued to investors on Thursday, June 27th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings of $1.25 per share for the quarter, down from their previous estimate of $1.30. DA Davidson currently has a “Neutral” rating and a $56.00 price target on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.08 per share.

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 analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $807.57 million. During the same period in the prior year, the firm earned $2.39 earnings per share.

CMA has been the subject of several other research reports. Robert W. Baird dropped their price target on shares of Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, June 20th. JPMorgan Chase & Co. reduced their price target on Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. The Goldman Sachs Group lowered their price objective on Comerica from $69.00 to $62.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Jefferies Financial Group reduced their target price on shares of Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 8th. Finally, Piper Sandler boosted their price target on shares of Comerica from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $56.13.

Comerica Price Performance

Shares of CMA opened at $50.80 on Monday. The company has a market cap of $6.74 billion, a P/E ratio of 10.10 and a beta of 1.25. Comerica has a fifty-two week low of $37.40 and a fifty-two week high of $57.39. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. The firm’s 50 day moving average price is $50.64 and its 200 day moving average price is $51.95.

Institutional Investors Weigh In On Comerica

Hedge funds have recently modified their holdings of the stock. Spire Wealth Management raised its position in Comerica by 95.9% during the 4th 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 last quarter. Fortitude Family Office LLC purchased a new stake in Comerica in the 4th quarter valued at approximately $36,000. Turtle Creek Wealth Advisors LLC acquired a new position in Comerica during the 4th quarter worth approximately $36,000. Abich Financial Wealth Management LLC raised its stake in shares of Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after buying an additional 300 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in shares of Comerica during the 4th quarter worth approximately $50,000. 80.74% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Cassandra M. Mckinney sold 7,271 shares of the stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the completion of the sale, the executive vice president now owns 7,236 shares in the company, valued at $380,541.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.19% of the company’s stock.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were given a dividend of $0.71 per share. The ex-dividend date was Friday, June 14th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.59%. Comerica’s dividend payout ratio (DPR) is presently 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.