Comerica Incorporated (NYSE:CMA) to Post FY2024 Earnings of $5.20 Per Share, Wedbush Forecasts

Comerica Incorporated (NYSE:CMA) – Equities research analysts at Wedbush decreased their FY2024 earnings estimates for Comerica in a research note issued on Thursday, July 11th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will earn $5.20 per share for the year, down from their previous forecast of $5.21. The consensus estimate for Comerica’s current full-year earnings is $5.01 per share. Wedbush also issued estimates for Comerica’s Q4 2024 earnings at $1.47 EPS.

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

Several other research analysts have also issued reports on CMA. Morgan Stanley reiterated an “equal weight” rating and issued a $53.00 price target on shares of Comerica in a report on Monday, April 22nd. Stephens restated an “overweight” rating and set a $64.00 price objective on shares of Comerica in a report on Tuesday, June 11th. Citigroup cut shares of Comerica from a “buy” rating to a “neutral” rating and dropped their target price for the company from $60.00 to $56.00 in a research note on Monday, May 6th. UBS Group decreased their price target on shares of Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, April 19th. Finally, Truist Financial dropped their price objective on Comerica from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Thursday, June 13th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Comerica has an average rating of “Hold” and a consensus target price of $55.96.

Comerica Stock Down 0.4 %

Shares of NYSE:CMA opened at $55.55 on Friday. The firm has a market cap of $7.37 billion, a P/E ratio of 11.04 and a beta of 1.25. The business has a fifty day simple moving average of $50.62 and a 200 day simple moving average of $51.79. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. Comerica has a 12-month low of $37.40 and a 12-month high of $57.39.

Comerica Dividend Announcement

The firm also recently declared 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 5.11%. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insider Transactions at Comerica

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

Hedge Funds Weigh In On Comerica

Large investors have recently modified their holdings of the company. Raymond James & Associates lifted its holdings in shares of Comerica by 18.1% in the 4th quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock worth $11,348,000 after acquiring an additional 31,125 shares during the last quarter. Avaii Wealth Management LLC purchased a new stake in Comerica during the fourth quarter valued at about $679,000. NewEdge Wealth LLC purchased a new stake in Comerica during the fourth quarter valued at about $10,068,000. Aigen Investment Management LP bought a new position in shares of Comerica during the fourth quarter valued at about $891,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Comerica by 1.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 47,903 shares of the financial services provider’s stock valued at $2,673,000 after acquiring an additional 501 shares during the last quarter. 80.74% of the stock is owned by hedge funds and other 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.