FY2024 Earnings Forecast for Comerica Issued By DA Davidson

Comerica Incorporated (NYSE:CMA) – DA Davidson decreased their FY2024 earnings per share (EPS) estimates for shares of Comerica in a research note issued to investors on Thursday, December 19th. DA Davidson analyst P. Winter now forecasts that the financial services provider will earn $5.34 per share for the year, down from their prior forecast of $5.41. DA Davidson currently has a “Neutral” rating and a $68.00 price target on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.37 per share. DA Davidson also issued estimates for Comerica’s FY2025 earnings at $5.52 EPS.

CMA has been the topic of several other research reports. Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $51.00 to $73.00 in a research report on Friday, November 15th. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. Evercore ISI lifted their price objective on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Piper Sandler upped their price objective on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Comerica has a consensus rating of “Hold” and an average target price of $67.68.

Comerica Trading Up 0.9 %

NYSE CMA opened at $62.42 on Monday. Comerica has a one year low of $45.32 and a one year high of $73.45. The firm has a market cap of $8.21 billion, a PE ratio of 15.61 and a beta of 1.23. The firm’s fifty day moving average is $66.64 and its two-hundred day moving average is $58.73. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97.

Comerica (NYSE:CMA) last announced its earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period in the previous year, the company posted $1.84 EPS.

Institutional Trading of Comerica

Several hedge funds and other institutional investors have recently bought and sold shares of CMA. V Square Quantitative Management LLC acquired a new stake in shares of Comerica during the third quarter worth $36,000. Wilmington Savings Fund Society FSB purchased a new stake in Comerica in the 3rd quarter valued at about $42,000. UMB Bank n.a. increased its stake in shares of Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 208 shares during the last quarter. Rothschild Investment LLC purchased a new position in shares of Comerica during the 2nd quarter worth about $56,000. Finally, Summit Securities Group LLC boosted its position in shares of Comerica by 22.4% in the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 202 shares during the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Comerica

In related news, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the transaction, the executive vice president now owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. The trade was a 13.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of the company’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction of $410,995.00. Following the completion of the transaction, the executive vice president now owns 15,773 shares in the company, valued at approximately $997,326.79. This trade represents a 29.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is owned by corporate insiders.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.55%. Comerica’s dividend payout ratio is currently 71.00%.

Comerica declared that its Board of Directors has approved a stock repurchase program on Tuesday, November 5th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.