Equities Analysts Offer Predictions for Comerica Incorporated’s Q3 2024 Earnings (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Investment analysts at DA Davidson raised their Q3 2024 earnings per share estimates for shares of Comerica in a report issued on Thursday, October 3rd. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings per share of $1.30 for the quarter, up from their previous estimate of $1.20. DA Davidson has a “Neutral” rating and a $55.00 price objective on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.06 per share.

CMA has been the subject of several other reports. Wells Fargo & Company reduced their target price on Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a report on Wednesday, June 12th. Royal Bank of Canada decreased their target price on Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. Morgan Stanley boosted their price target on shares of Comerica from $61.00 to $63.00 and gave the stock an “equal weight” rating in a report on Monday. Piper Sandler increased their price target on shares of Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Finally, Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $52.00 to $75.00 in a research report on Tuesday, September 24th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $58.81.

Comerica Trading Up 0.9 %

NYSE:CMA opened at $58.67 on Friday. Comerica has a 52 week low of $37.40 and a 52 week high of $61.84. The firm has a 50-day moving average price of $56.08 and a two-hundred day moving average price of $53.11. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $7.78 billion, a price-to-earnings ratio of 11.66 and a beta of 1.23.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. During the same period last year, the firm earned $2.01 earnings per share.

Institutional Trading of Comerica

Several institutional investors and hedge funds have recently modified their holdings of CMA. Family Firm Inc. bought a new position in shares of Comerica in the second quarter worth approximately $37,000. UMB Bank n.a. raised its position in shares of Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after buying an additional 208 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Comerica by 2,723.3% during the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after buying an additional 817 shares in the last quarter. Abich Financial Wealth Management LLC lifted its holdings in shares of Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 300 shares during the last quarter. Finally, Rothschild Investment LLC purchased a new position in Comerica in the second quarter worth $56,000. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.19% of the stock is owned by company insiders.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date of this dividend was Friday, September 13th. Comerica’s payout ratio is 56.46%.

About Comerica

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.