Analysts Set Expectations for Comerica Incorporated’s Q3 2024 Earnings (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Research analysts at Wedbush decreased their Q3 2024 earnings per share estimates for shares of Comerica in a research note issued on Wednesday, March 27th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will earn $1.44 per share for the quarter, down from their previous estimate of $1.46. The consensus estimate for Comerica’s current full-year earnings is $5.26 per share. Wedbush also issued estimates for Comerica’s FY2024 earnings at $5.35 EPS, Q1 2025 earnings at $1.47 EPS, Q2 2025 earnings at $1.52 EPS, Q3 2025 earnings at $1.60 EPS and Q4 2025 earnings at $1.61 EPS.

Several other equities research analysts have also recently issued reports on CMA. TheStreet upgraded Comerica from a “c+” rating to a “b-” rating in a research note on Tuesday, December 26th. JPMorgan Chase & Co. lowered Comerica from an “overweight” rating to a “neutral” rating and set a $57.00 price objective on the stock. in a research report on Tuesday, December 12th. Stephens reiterated an “overweight” rating and issued a $64.00 price target on shares of Comerica in a research report on Wednesday, March 6th. The Goldman Sachs Group raised Comerica from a “neutral” rating to a “buy” rating and set a $70.50 price objective on the stock in a research note on Thursday, January 4th. Finally, Bank Of America (Bofa) boosted their price objective on Comerica from $52.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, January 18th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Comerica currently has a consensus rating of “Hold” and a consensus price target of $55.93.

Comerica Trading Up 4.3 %

Shares of Comerica stock opened at $54.23 on Thursday. Comerica has a 1 year low of $28.40 and a 1 year high of $57.39. The company has a market capitalization of $7.18 billion, a price-to-earnings ratio of 8.42 and a beta of 1.25. The business has a fifty day simple moving average of $51.46 and a two-hundred day simple moving average of $48.07. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.94 and a quick ratio of 0.94.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, January 19th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.08. Comerica had a return on equity of 19.41% and a net margin of 16.71%. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $826.07 million. During the same quarter last year, the firm posted $2.58 EPS.

Hedge Funds Weigh In On Comerica

Several large investors have recently made changes to their positions in the business. Quarry LP purchased a new position in Comerica in the 4th quarter worth approximately $26,000. Spire Wealth Management grew its position in Comerica by 95.9% in the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 235 shares during the period. Almanack Investment Partners LLC. bought a new stake in Comerica in the 3rd quarter worth approximately $38,000. Chilton Capital Management LLC bought a new stake in shares of Comerica during the 1st quarter valued at $28,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in shares of Comerica during the 4th quarter valued at $36,000. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $52.74, for a total transaction of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at $920,840.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $54.64, for a total value of $88,298.24. Following the completion of the sale, the executive vice president now directly owns 8,314 shares in the company, valued at $454,276.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Wendy Bridges sold 3,034 shares of Comerica stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the transaction, the executive vice president now owns 17,460 shares of the company’s stock, valued at $920,840.40. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.24%. Comerica’s payout ratio is 44.10%.

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.