DA Davidson Comments on Comerica Incorporated’s Q3 2024 Earnings (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Investment analysts at DA Davidson increased their Q3 2024 earnings per share (EPS) estimates for Comerica in a report issued on Thursday, October 3rd. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings per share of $1.30 for the quarter, up from their prior forecast of $1.20. DA Davidson has a “Neutral” rating and a $55.00 price target on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.06 per share.

Other equities research analysts also recently issued reports about the company. Truist Financial lifted their target price on Comerica from $53.00 to $66.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. StockNews.com upgraded shares of Comerica from a “sell” rating to a “hold” rating in a research note on Thursday. Raymond James upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price target for the company in a research note on Tuesday, July 2nd. Keefe, Bruyette & Woods upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $50.00 to $69.00 in a research note on Thursday, September 5th. Finally, Barclays cut their price target on shares of Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $58.81.

Comerica Stock Up 0.3 %

CMA stock opened at $58.86 on Friday. Comerica has a twelve month low of $37.40 and a twelve month high of $61.84. The company has a market cap of $7.80 billion, a PE ratio of 11.66 and a beta of 1.23. The business’s 50-day simple moving average is $56.20 and its 200 day simple moving average is $53.14. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last released its 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 business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same period last year, the business earned $2.01 earnings per share.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.83%. The ex-dividend date of this dividend was Friday, September 13th. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insider Buying and Selling

In related news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Institutional Trading of Comerica

A number of institutional investors have recently bought and sold shares of the business. Pitcairn Co. grew its holdings in Comerica by 2.9% during the 1st quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after acquiring an additional 190 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of 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 buying an additional 199 shares during the period. Texas Permanent School Fund Corp grew its holdings in shares of 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 valued at $1,498,000 after buying an additional 201 shares during the period. Summit Securities Group LLC grew its holdings in shares of Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after buying an additional 202 shares during the period. Finally, UMB Bank n.a. grew its holdings in shares of Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after buying an additional 208 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

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.