Equities Analysts Set Expectations for Comerica Q4 Earnings

Comerica Incorporated (NYSE:CMA) – DA Davidson lowered their Q4 2024 EPS estimates for shares of Comerica in a note issued to investors on Thursday, December 19th. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings of $1.25 per share for the quarter, down from their prior forecast of $1.31. DA Davidson has a “Neutral” rating and a $68.00 price target on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.37 per share.

Comerica (NYSE:CMA) last issued its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter last year, the company posted $1.84 earnings per share.

Other equities research analysts have also issued research reports about the company. Robert W. Baird increased their price target on Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, November 18th. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Truist Financial upped their price target on Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, October 21st. Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $52.00 to $75.00 in a research report on Tuesday, September 24th. Finally, Bank of America cut Comerica from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $55.00 to $52.00 in a report on Monday, October 7th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Comerica currently has an average rating of “Hold” and a consensus target price of $67.68.

Comerica Stock Performance

Shares of NYSE CMA opened at $61.16 on Friday. The firm has a 50 day moving average of $66.61 and a 200 day moving average of $58.39. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica has a 12-month low of $45.32 and a 12-month high of $73.45. The firm has a market capitalization of $8.04 billion, a price-to-earnings ratio of 15.29 and a beta of 1.23.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC acquired a new position in shares of Comerica during the third quarter valued at about $36,000. Family Firm Inc. purchased a new position in shares of Comerica in the second quarter worth $37,000. UMB Bank n.a. lifted its stake in shares of Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after buying an additional 208 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Comerica during the third quarter valued at $42,000. Finally, Summit Securities Group LLC increased its position 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 acquiring an additional 202 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP James Harry Weber sold 6,500 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction of $410,995.00. Following the completion of the transaction, the executive vice president now owns 15,773 shares in the company, valued at $997,326.79. The trade was a 29.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Bruce Mitchell sold 7,564 shares of Comerica stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the completion of the transaction, the executive vice president now directly owns 16,428 shares in the company, valued at $1,021,821.60. This represents a 31.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,456 shares of company stock worth $977,287 in the last three months. Corporate insiders own 0.19% of the company’s stock.

Comerica declared that its Board of Directors has authorized a share repurchase plan on Tuesday, November 5th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.64%. Comerica’s payout ratio is currently 71.00%.

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.