Q4 2022 EPS Estimates for Comerica Incorporated Lifted by Wedbush (NYSE:CMA)

Comerica Incorporated (NYSE:CMA – Get Rating) – Investment analysts at Wedbush raised their Q4 2022 earnings per share estimates for shares of Comerica in a research report issued to clients and investors on Wednesday, May 11th. Wedbush analyst P. Winter now anticipates that the financial services provider will post earnings per share of $2.39 for the quarter, up from their previous forecast of $2.07. Wedbush currently has a “Outperform” rating and a $102.00 target price on the stock.

Comerica (NYSE:CMA – Get Rating) last posted its quarterly earnings results on Wednesday, April 20th. The financial services provider reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.01). Comerica had a net margin of 33.48% and a return on equity of 13.85%. The firm had revenue of $700.00 million for the quarter, compared to analysts’ expectations of $725.36 million. During the same quarter in the previous year, the company earned $2.43 EPS.

A number of other equities research analysts have also recently commented on the stock. Jefferies Financial Group upgraded shares of Comerica from a “hold” rating to a “buy” rating and increased their price target for the company from $98.00 to $114.00 in a report on Monday, February 14th. B. Riley cut their price target on shares of Comerica from $95.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, April 21st. StockNews.com upgraded shares of Comerica from a “sell” rating to a “hold” rating in a research report on Tuesday. Citigroup assumed coverage on shares of Comerica in a research report on Thursday, March 24th. They set a “buy” rating on the stock. Finally, The Goldman Sachs Group upgraded shares of Comerica from a “sell” rating to a “neutral” rating and increased their price objective for the company from $102.00 to $112.00 in a research report on Friday, April 1st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $101.95.

NYSE:CMA opened at $76.04 on Friday. The company’s 50 day moving average price is $88.06 and its 200-day moving average price is $89.79. Comerica has a 52 week low of $63.07 and a 52 week high of $102.09. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.40. The stock has a market cap of $9.94 billion, a price-to-earnings ratio of 10.49, a PEG ratio of 1.74 and a beta of 1.33.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its stake in shares of Comerica by 59.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,758,239 shares of the financial services provider’s stock worth $430,288,000 after buying an additional 1,780,121 shares in the last quarter. Norges Bank purchased a new position in shares of Comerica in the 4th quarter worth $145,451,000. Scout Investments Inc. purchased a new position in shares of Comerica in the 1st quarter worth $42,201,000. American Century Companies Inc. grew its stake in shares of Comerica by 241.6% in the 3rd quarter. American Century Companies Inc. now owns 622,386 shares of the financial services provider’s stock worth $50,102,000 after buying an additional 440,188 shares in the last quarter. Finally, BlackRock Inc. grew its stake in shares of Comerica by 3.3% in the 4th quarter. BlackRock Inc. now owns 12,617,507 shares of the financial services provider’s stock worth $1,097,721,000 after buying an additional 397,735 shares in the last quarter. 80.14% of the stock is owned by institutional investors.

In other news, EVP Wendy Bridges sold 1,100 shares of the stock in a transaction on Thursday, March 3rd. The shares were sold at an average price of $93.78, for a total value of $103,158.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.76% of the company’s stock.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th will be paid a $0.68 dividend. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.58%. Comerica’s dividend payout ratio (DPR) is presently 37.52%.

About Comerica (Get Rating)

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It 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, 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.

See Also