Research Analysts Issue Forecasts for Comerica Incorporated’s Q1 2024 Earnings (NYSE:CMA)

Comerica Incorporated (NYSE:CMAFree Report) – Equities researchers at Wedbush boosted their Q1 2024 earnings per share estimates for Comerica in a research note issued to investors on Wednesday, March 27th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $1.10 for the quarter, up from their previous estimate of $1.09. The consensus estimate for Comerica’s current full-year earnings is $5.26 per share. Wedbush also issued estimates for Comerica’s Q4 2024 earnings at $1.51 EPS.

Several other equities analysts have also commented on the company. Wells Fargo & Company upped their price target on Comerica from $45.00 to $52.00 and gave the company an “underweight” rating in a research note on Thursday, December 14th. Morgan Stanley boosted their price objective on Comerica from $45.00 to $54.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Royal Bank of Canada boosted their price objective on Comerica from $50.00 to $63.00 and gave the company an “outperform” rating in a report on Thursday, January 18th. Barclays boosted their price objective on Comerica from $49.00 to $59.00 and gave the company an “underweight” rating in a report on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods cut their price objective on Comerica from $60.00 to $58.00 and set a “market perform” rating on the stock in a report on Monday, January 22nd. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $56.02.

Read Our Latest Stock Analysis on Comerica

Comerica Stock Performance

NYSE CMA opened at $54.99 on Friday. The stock’s fifty day moving average is $51.56 and its two-hundred day moving average is $48.18. The firm has a market capitalization of $7.29 billion, a P/E ratio of 8.54 and a beta of 1.25. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.94 and a current ratio of 0.94. Comerica has a fifty-two week low of $28.40 and a fifty-two week high of $57.39.

Comerica (NYSE:CMAGet Free Report) last announced its quarterly earnings results on Friday, January 19th. The financial services provider reported $1.46 earnings per share 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 company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $826.07 million. During the same period last year, the business earned $2.58 earnings per share.

Hedge Funds Weigh In On Comerica

Several hedge funds have recently bought and sold shares of CMA. Private Advisor Group LLC increased its stake in Comerica by 9.3% in the 1st quarter. Private Advisor Group LLC now owns 6,692 shares of the financial services provider’s stock valued at $605,000 after purchasing an additional 568 shares in the last quarter. MetLife Investment Management LLC increased its stake in Comerica by 22.7% in the 1st quarter. MetLife Investment Management LLC now owns 35,565 shares of the financial services provider’s stock valued at $3,216,000 after purchasing an additional 6,590 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Comerica by 6.2% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,486 shares of the financial services provider’s stock worth $1,581,000 after buying an additional 1,024 shares in the last quarter. Great West Life Assurance Co. Can increased its position in Comerica by 8.4% during the first quarter. Great West Life Assurance Co. Can now owns 27,966 shares of the financial services provider’s stock worth $2,626,000 after buying an additional 2,163 shares in the last quarter. Finally, Yousif Capital Management LLC increased its position in Comerica by 119.2% during the first quarter. Yousif Capital Management LLC now owns 7,659 shares of the financial services provider’s stock worth $693,000 after buying an additional 4,165 shares in the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Comerica Announces Dividend

The business also recently disclosed 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 5.16%. Comerica’s payout ratio is 44.10%.

Comerica Company Profile

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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.

Further Reading

Earnings History and Estimates for Comerica (NYSE:CMA)

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