Brokers Set Expectations for Comerica Incorporated’s Q3 2023 Earnings (NYSE:CMA)

Comerica Incorporated (NYSE:CMAGet Rating) – Equities researchers at Wedbush raised their Q3 2023 earnings estimates for shares of Comerica in a note issued to investors on Wednesday, July 20th. Wedbush analyst P. Winter now anticipates that the financial services provider will post earnings of $2.64 per share for the quarter, up from their prior estimate of $2.53. Wedbush currently has a “Outperform” rating and a $94.00 price target on the stock. The consensus estimate for Comerica’s current full-year earnings is $8.38 per share. Wedbush also issued estimates for Comerica’s Q4 2023 earnings at $2.59 EPS.

Comerica (NYSE:CMAGet Rating) last posted its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.15. Comerica had a net margin of 30.42% and a return on equity of 13.63%. During the same period in the previous year, the business earned $2.32 EPS.

Other equities analysts have also issued research reports about the company. Royal Bank of Canada lowered their price objective on Comerica from $114.00 to $110.00 and set an “outperform” rating for the company in a research report on Thursday, April 21st. Evercore ISI raised their target price on Comerica to $86.00 in a research report on Friday. The Goldman Sachs Group lowered their price objective on Comerica from $104.00 to $93.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 31st. Robert W. Baird raised Comerica from a “neutral” rating to an “outperform” rating and set a $85.00 price target on the stock in a report on Friday, May 20th. Finally, B. Riley lowered their price target on Comerica from $90.00 to $80.00 in a report on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.71.

Comerica Stock Performance

Shares of CMA stock opened at $78.00 on Monday. The stock has a fifty day moving average of $76.73 and a 200 day moving average of $86.11. Comerica has a 52 week low of $66.36 and a 52 week high of $102.09. The firm has a market capitalization of $10.20 billion, a price-to-earnings ratio of 11.39, a PEG ratio of 1.52 and a beta of 1.33. The company has a quick ratio of 0.88, a current ratio of 0.84 and a debt-to-equity ratio of 0.44.

Institutional Trading of Comerica

Large investors have recently modified their holdings of the business. Quent Capital LLC lifted its holdings in Comerica by 292.3% in the first quarter. Quent Capital LLC now owns 306 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 228 shares during the last quarter. Tcwp LLC acquired a new position in shares of Comerica during the first quarter valued at approximately $30,000. Oliver Lagore Vanvalin Investment Group acquired a new position in Comerica in the first quarter worth approximately $31,000. Hexagon Capital Partners LLC acquired a new position in Comerica in the fourth quarter worth approximately $35,000. Finally, Rather & Kittrell Inc. acquired a new position in Comerica in the 4th quarter worth approximately $42,000. 80.14% of the stock is currently owned by institutional investors and hedge funds.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th were issued a dividend of $0.68 per share. The ex-dividend date was Tuesday, June 14th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.49%. Comerica’s payout ratio is 39.71%.

About Comerica

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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.

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Earnings History and Estimates for Comerica (NYSE:CMA)

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