Brokers Issue Forecasts for Comerica Incorporated’s FY2024 Earnings (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Investment analysts at Wedbush cut their FY2024 earnings per share (EPS) estimates for Comerica in a research note issued on Thursday, July 11th. Wedbush analyst D. Chiaverini now expects 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 $5.03 per share. Wedbush also issued estimates for Comerica’s Q4 2024 earnings at $1.47 EPS.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.16. The firm 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 posted $2.39 earnings per share.

Several other analysts have also recently commented on CMA. Morgan Stanley reaffirmed an “equal weight” rating and issued a $53.00 target price on shares of Comerica in a research report on Monday, April 22nd. Royal Bank of Canada lowered their target price on Comerica from $62.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 12th. Evercore ISI reduced their price target on shares of Comerica from $58.00 to $54.00 and set an “in-line” rating for the company in a research report on Tuesday, June 25th. Truist Financial lowered their price objective on shares of Comerica from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Thursday, June 13th. Finally, 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 research note on Monday, May 6th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $55.96.

Comerica Stock Performance

Shares of CMA opened at $55.80 on Friday. Comerica has a one year low of $37.40 and a one year high of $57.39. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market cap of $7.40 billion, a price-to-earnings ratio of 11.09 and a beta of 1.25. The company has a 50-day moving average of $50.57 and a two-hundred day moving average of $51.79.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 5.09%. The ex-dividend date was Friday, June 14th. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insiders Place Their Bets

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of the 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 owns 7,236 shares in the company, valued at $380,541.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CMA. Spire Wealth Management raised its stake in shares of Comerica by 95.9% in the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after buying an additional 235 shares in the last quarter. Fortitude Family Office LLC bought a new position in shares of Comerica during the fourth quarter valued at $36,000. Turtle Creek Wealth Advisors LLC bought a new position in Comerica during the 4th quarter valued at about $36,000. Versant Capital Management Inc boosted its holdings in shares of Comerica by 2,723.3% in the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 817 shares in the last quarter. Finally, Abich Financial Wealth Management LLC boosted its stake in Comerica by 50.2% in the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 300 shares in the last quarter. 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.