DA Davidson Comments on Comerica Incorporated’s Q2 2024 Earnings (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Investment analysts at DA Davidson issued their Q2 2024 EPS estimates for shares of Comerica in a note issued to investors on Friday, April 19th. DA Davidson analyst P. Winter expects that the financial services provider will post earnings of $1.30 per share for the quarter. DA Davidson has a “Neutral” rating and a $56.00 price objective on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.09 per share. DA Davidson also issued estimates for Comerica’s FY2024 earnings at $5.36 EPS and FY2025 earnings at $6.17 EPS.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $807.57 million. During the same period in the previous year, the company posted $2.39 EPS.

A number of other brokerages have also issued reports on CMA. Jefferies Financial Group decreased their target price on shares of Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Truist Financial lifted their target price on shares of Comerica from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Royal Bank of Canada lifted their target price on shares of Comerica from $61.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday. Stephens reissued an “overweight” rating and set a $64.00 target price on shares of Comerica in a research note on Friday. Finally, Evercore ISI lifted their target price on shares of Comerica from $55.00 to $58.00 and gave the company an “in-line” rating in a research note on Thursday, March 28th. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Comerica currently has a consensus rating of “Hold” and a consensus price target of $57.02.

Comerica Trading Up 1.8 %

Shares of NYSE:CMA opened at $51.56 on Monday. The firm has a fifty day moving average of $51.38 and a two-hundred day moving average of $49.36. The firm has a market capitalization of $6.83 billion, a P/E ratio of 10.25 and a beta of 1.27. Comerica has a 12-month low of $28.40 and a 12-month high of $57.39. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.26.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Comerica by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock valued at $941,968,000 after acquiring an additional 676,959 shares during the period. BlackRock Inc. increased its stake in Comerica by 9.4% in the first quarter. BlackRock Inc. now owns 13,313,998 shares of the financial services provider’s stock valued at $578,094,000 after acquiring an additional 1,145,951 shares during the period. State Street Corp increased its stake in Comerica by 3.9% in the third quarter. State Street Corp now owns 7,675,947 shares of the financial services provider’s stock valued at $550,764,000 after acquiring an additional 284,884 shares during the period. First Trust Advisors LP increased its stake in Comerica by 1,192.2% in the first quarter. First Trust Advisors LP now owns 3,878,506 shares of the financial services provider’s stock valued at $168,405,000 after acquiring an additional 3,578,355 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Comerica by 1.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,343,131 shares of the financial services provider’s stock valued at $186,580,000 after acquiring an additional 48,526 shares during the period. Institutional investors own 80.74% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the transaction, the executive vice president now owns 8,314 shares in the company, valued at approximately $454,276.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $920,840.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the transaction, the executive vice president now owns 8,314 shares in the company, valued at approximately $454,276.96. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 5.51%. The ex-dividend date of this dividend was Thursday, March 14th. Comerica’s dividend payout ratio is 56.46%.

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.