DA Davidson Has Positive Outlook of Comerica FY2024 Earnings

Comerica Incorporated (NYSE:CMA) – Equities research analysts at DA Davidson lifted their FY2024 earnings estimates for shares of Comerica in a research report issued to clients and investors on Tuesday, October 22nd. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings per share of $5.41 for the year, up from their prior forecast of $5.30. 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 $5.12 per share. DA Davidson also issued estimates for Comerica’s Q4 2024 earnings at $1.31 EPS and FY2025 earnings at $5.68 EPS.

Comerica (NYSE:CMA) last posted its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period last year, the company posted $1.84 earnings per share.

CMA has been the subject of a number of other reports. The Goldman Sachs Group increased their price target on Comerica from $63.00 to $71.00 and gave the company a “buy” rating in a research note on Tuesday. Morgan Stanley raised their target price on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday. Piper Sandler boosted their price target on shares of Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Keefe, Bruyette & Woods upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $50.00 to $69.00 in a research report on Thursday, September 5th. Finally, StockNews.com upgraded shares of Comerica from a “sell” rating to a “hold” rating in a report on Monday. Three 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 stock. Based on data from MarketBeat, Comerica has an average rating of “Hold” and a consensus price target of $62.57.

Comerica Trading Up 1.5 %

Shares of Comerica stock opened at $62.92 on Wednesday. Comerica has a twelve month low of $37.48 and a twelve month high of $66.06. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. The business has a 50-day moving average price of $58.59 and a 200-day moving average price of $54.02. The firm has a market cap of $8.34 billion, a price-to-earnings ratio of 12.51 and a beta of 1.23.

Institutional Investors Weigh In On Comerica

Large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its stake in shares of Comerica by 51.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after purchasing an additional 1,370,886 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in Comerica by 1.1% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock valued at $93,621,000 after acquiring an additional 19,068 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Comerica by 9.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock valued at $78,288,000 after acquiring an additional 130,458 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Comerica by 6.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,431,750 shares of the financial services provider’s stock worth $73,077,000 after acquiring an additional 87,101 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in shares of Comerica by 21.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 923,009 shares of the financial services provider’s stock worth $50,756,000 after purchasing an additional 160,103 shares during the last quarter. Institutional investors own 80.74% of the company’s stock.

Insider Buying and Selling

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the sale, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at $1,021,821.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the transaction, the executive vice president now owns 27,910 shares in the company, valued at approximately $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Bruce Mitchell sold 7,564 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.

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.