Q3 2024 EPS Estimates for Comerica Incorporated (NYSE:CMA) Cut by Wedbush

Comerica Incorporated (NYSE:CMA) – Analysts at Wedbush dropped their Q3 2024 earnings estimates for Comerica in a report issued on Monday, June 24th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings of $1.33 per share for the quarter, down from their previous forecast of $1.37. The consensus estimate for Comerica’s current full-year earnings is $5.10 per share. Wedbush also issued estimates for Comerica’s FY2024 earnings at $5.21 EPS, Q2 2025 earnings at $1.45 EPS and FY2025 earnings at $6.00 EPS.

Other equities analysts have also issued research reports about the stock. Morgan Stanley restated an “equal weight” rating and issued a $53.00 target price on shares of Comerica in a report on Monday, April 22nd. Wells Fargo & Company dropped their price objective on shares of Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a report on Wednesday, June 12th. Piper Sandler upped their price objective on shares of Comerica from $54.00 to $56.00 and gave the company a “neutral” rating in a report on Friday, April 26th. Citigroup lowered shares of Comerica from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $60.00 to $56.00 in a report on Monday, May 6th. Finally, The Goldman Sachs Group dropped their price objective on shares of Comerica from $69.00 to $62.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $56.13.

Comerica Price Performance

CMA stock opened at $48.28 on Tuesday. The firm has a market cap of $6.40 billion, a price-to-earnings ratio of 9.60 and a beta of 1.25. 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. The company’s fifty day simple moving average is $50.78 and its 200 day simple moving average is $52.03.

Comerica (NYSE:CMA) last released its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.16. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same quarter in the previous year, the business earned $2.39 earnings per share.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 5.88%. The ex-dividend date is Friday, June 14th. Comerica’s payout ratio is 56.46%.

Insiders Place Their Bets

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the company’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the sale, the executive vice president now directly 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 at the SEC website. 0.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Spire Wealth Management grew its position in shares of Comerica by 95.9% during the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 235 shares during the period. Fortitude Family Office LLC bought a new position in shares of Comerica during the 4th quarter valued at approximately $36,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Comerica during the 4th quarter valued at approximately $36,000. Abich Financial Wealth Management LLC grew its position 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 valued at $49,000 after acquiring an additional 300 shares during the period. Finally, FNY Investment Advisers LLC bought a new position in shares of Comerica during the 4th quarter valued at approximately $50,000. 80.74% of the stock is owned by institutional investors.

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.