Research Analysts Issue Forecasts for Comerica Incorporated’s Q3 2024 Earnings (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Investment analysts at DA Davidson increased their Q3 2024 EPS estimates for shares of Comerica in a research note issued on Thursday, October 3rd. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings per share of $1.30 for the quarter, up from their previous forecast of $1.20. DA Davidson has a “Neutral” rating and a $55.00 price objective on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.06 per share.

Several other equities analysts have also recently issued reports on the company. Keefe, Bruyette & Woods upgraded Comerica from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $50.00 to $69.00 in a research note on Thursday, September 5th. Stephens restated an “overweight” rating and issued a $58.00 price target on shares of Comerica in a research report on Tuesday, September 10th. JPMorgan Chase & Co. lowered their price objective on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. 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 research note on Wednesday, June 12th. Finally, Robert W. Baird decreased their target price on Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Comerica currently has an average rating of “Hold” and a consensus price target of $58.81.

Comerica Trading Up 0.3 %

NYSE:CMA opened at $58.86 on Friday. Comerica has a 52 week low of $37.40 and a 52 week high of $61.84. 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 company has a market cap of $7.80 billion, a PE ratio of 11.70 and a beta of 1.23. The business’s 50 day moving average is $56.31 and its two-hundred day moving average is $53.21.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $812.79 million. During the same period last year, the firm earned $2.01 earnings per share.

Hedge Funds Weigh In On Comerica

Several hedge funds have recently modified their holdings of CMA. Price T Rowe Associates Inc. MD increased its position in shares of Comerica by 105.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock valued at $10,031,000 after purchasing an additional 3,595,036 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Comerica by 51.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after acquiring an additional 1,370,886 shares during the last quarter. Azora Capital LP acquired a new position in shares of Comerica in the 4th quarter worth $63,548,000. Goldman Sachs Group Inc. grew its holdings in shares of Comerica by 51.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock worth $143,109,000 after acquiring an additional 870,812 shares during the last quarter. Finally, Samlyn Capital LLC acquired a new position in shares of Comerica in the 2nd quarter worth $35,375,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the sale, the executive vice president now directly owns 27,910 shares in the company, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is owned by insiders.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.83%. The ex-dividend date of this dividend was Friday, September 13th. Comerica’s dividend payout ratio is currently 56.46%.

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.