FY2024 Earnings Estimate for Comerica Issued By DA Davidson

Comerica Incorporated (NYSE:CMA) – Research analysts at DA Davidson boosted their FY2024 earnings estimates for Comerica in a research report issued on Tuesday, October 22nd. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings per share of $5.41 for the year, up from their previous estimate of $5.30. DA Davidson currently has a “Neutral” rating and a $68.00 target price 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.

CMA has been the topic of a number of other reports. Raymond James raised Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a report on Tuesday, July 2nd. Barclays lifted their price target on shares of Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a report on Monday. Stephens upped their price objective on shares of Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday. Truist Financial lifted their target price on shares of Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research note on Monday. Finally, Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and raised their price target for the company from $50.00 to $69.00 in a report on Thursday, September 5th. Three investment 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. Based on data from MarketBeat.com, Comerica has a consensus rating of “Hold” and a consensus target price of $62.57.

Comerica Stock Performance

Shares of NYSE CMA opened at $62.30 on Wednesday. The business has a fifty day simple moving average of $58.28 and a 200 day simple moving average of $53.90. The firm has a market capitalization of $8.26 billion, a price-to-earnings ratio of 12.39 and a beta of 1.23. Comerica has a one year low of $37.40 and a one year high of $66.06. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates 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 business posted $1.84 EPS.

Institutional Trading of Comerica

A number of large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in Comerica by 51.3% in 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 acquiring an additional 1,370,886 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in shares of 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 worth $93,621,000 after buying an additional 19,068 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Comerica by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock worth $78,288,000 after buying an additional 130,458 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Comerica by 6.5% during 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 buying an additional 87,101 shares during 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 buying an additional 160,103 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Insider Activity at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the sale, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.19% of the stock is owned by insiders.

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.