FY2024 Earnings Forecast for Comerica Issued By DA Davidson

Comerica Incorporated (NYSE:CMA) – Analysts at DA Davidson lowered their FY2024 earnings estimates for shares of Comerica in a research report issued to clients and investors on Thursday, December 19th. DA Davidson analyst P. Winter now anticipates that the financial services provider will earn $5.34 per share for the year, down from their previous forecast of $5.41. DA Davidson currently has a “Neutral” rating and a $68.00 target price on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.37 per share. DA Davidson also issued estimates for Comerica’s FY2025 earnings at $5.52 EPS.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same period last year, the company earned $1.84 earnings per share.

Several other research firms also recently issued reports on CMA. Evercore ISI increased their price objective on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Morgan Stanley raised their price target on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Truist Financial boosted their price objective on Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, October 21st. Stephens raised their target price on Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Finally, Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $52.00 to $75.00 in a research report on Tuesday, September 24th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $67.68.

Comerica Price Performance

Comerica stock opened at $62.42 on Monday. The stock has a market capitalization of $8.21 billion, a P/E ratio of 15.61 and a beta of 1.23. The company’s fifty day moving average price is $66.64 and its 200 day moving average price is $58.73. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. Comerica has a 1 year low of $45.32 and a 1 year high of $73.45.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.55%. Comerica’s payout ratio is currently 71.00%.

Comerica announced that its Board of Directors has authorized a share buyback plan on Tuesday, November 5th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity at Comerica

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the transaction, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at $600,885.90. The trade was a 13.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP James Harry Weber sold 6,500 shares of the stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the sale, the executive vice president now directly owns 15,773 shares in the company, valued at $997,326.79. This represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,456 shares of company stock worth $977,287. Insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

A number of large investors have recently modified their holdings of CMA. Dimensional Fund Advisors LP boosted its holdings in Comerica by 51.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after purchasing an additional 1,370,886 shares during the period. Samlyn Capital LLC acquired a new position in shares of Comerica during the second quarter worth about $35,375,000. Citigroup Inc. increased its stake in shares of Comerica by 390.6% during the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after buying an additional 606,375 shares during the period. Vaughan Nelson Investment Management L.P. raised its holdings in Comerica by 31.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock valued at $144,312,000 after acquiring an additional 574,516 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Comerica by 311.2% in the second quarter. Principal Financial Group Inc. now owns 663,100 shares of the financial services provider’s stock worth $33,845,000 after acquiring an additional 501,857 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

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.