What is DA Davidson’s Forecast for Comerica FY2024 Earnings?

Comerica Incorporated (NYSE:CMA) – Stock analysts at DA Davidson dropped their FY2024 earnings per share estimates for shares of Comerica in a research note issued on Thursday, December 19th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings of $5.34 per share for the year, down from their previous estimate of $5.41. DA Davidson has a “Neutral” rating and a $68.00 price objective on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.37 per share. DA Davidson also issued estimates for Comerica’s FY2025 earnings at $5.52 EPS.

CMA has been the topic of a number of other reports. Compass Point boosted their price objective on Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Barclays increased their price target on Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a report on Monday, October 21st. Truist Financial lifted their price objective on shares of Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, October 21st. UBS Group assumed coverage on shares of Comerica in a research note on Tuesday, December 17th. They set a “sell” rating and a $64.00 target price on the stock. Finally, Morgan Stanley lifted their price target on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Comerica has a consensus rating of “Hold” and a consensus price target of $67.68.

Comerica Stock Performance

Shares of CMA opened at $61.86 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. The firm’s fifty day simple moving average is $66.61 and its two-hundred day simple moving average is $58.53. Comerica has a 12 month low of $45.32 and a 12 month high of $73.45. The stock has a market capitalization of $8.14 billion, a P/E ratio of 15.47 and a beta of 1.23.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. Comerica had a net margin of 11.17% and a return on equity of 12.54%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. During the same period in the prior year, the firm posted $1.84 EPS.

Institutional Trading of Comerica

Hedge funds have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in Comerica in the 3rd quarter worth about $36,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Comerica in the third quarter valued at approximately $42,000. UMB Bank n.a. lifted its stake in shares of Comerica by 39.3% during 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 in the last quarter. Rothschild Investment LLC bought a new position in Comerica in the 2nd quarter worth approximately $56,000. Finally, Summit Securities Group LLC grew its stake in 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 in the last quarter. 80.74% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the sale, the executive vice president now owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. The trade was a 13.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP James Harry Weber sold 6,500 shares of the 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 transaction, the executive vice president now directly owns 15,773 shares of the company’s stock, valued at $997,326.79. This represents a 29.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,456 shares of company stock worth $977,287. 0.19% of the stock is owned by company insiders.

Comerica announced that its board has initiated a stock repurchase program on Tuesday, November 5th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s payout ratio is 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.