Wedbush Analysts Reduce Earnings Estimates for Comerica Incorporated (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Equities researchers at Wedbush cut their Q3 2024 earnings per share (EPS) estimates for Comerica in a research note issued to investors on Monday, June 24th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will earn $1.33 per share for the quarter, down from their previous forecast of $1.37. The consensus estimate for Comerica’s current full-year earnings is $5.08 per share. Wedbush also issued estimates for Comerica’s FY2024 earnings at $5.21 EPS, Q2 2025 earnings at $1.45 EPS and FY2025 earnings at $6.00 EPS.

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

Several other research analysts have also issued reports on CMA. Deutsche Bank Aktiengesellschaft began coverage on shares of Comerica in a research note on Wednesday, April 10th. They set a “hold” rating and a $59.00 target price on the stock. Citigroup downgraded Comerica from a “buy” rating to a “neutral” rating and reduced their target price for the company from $60.00 to $56.00 in a research note on Monday, May 6th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $58.00 price target on shares of Comerica in a research note on Tuesday, June 11th. Piper Sandler raised their price objective on Comerica from $54.00 to $56.00 and gave the company a “neutral” rating in a research note on Friday, April 26th. Finally, Morgan Stanley restated an “equal weight” rating and set a $53.00 price objective on shares of Comerica in a report on Monday, April 22nd. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Comerica has an average rating of “Hold” and an average price target of $56.13.

Comerica Price Performance

Comerica stock opened at $47.82 on Tuesday. The stock has a market capitalization of $6.34 billion, a price-to-earnings ratio of 9.51 and a beta of 1.25. Comerica has a 52-week low of $37.40 and a 52-week high of $57.39. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 0.95. The stock’s 50 day moving average price is $50.74 and its two-hundred day moving average price is $52.00.

Comerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.94%. The ex-dividend date is Friday, June 14th. Comerica’s payout ratio is currently 56.46%.

Insider Activity at Comerica

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the transaction, the executive vice president now directly owns 7,236 shares in the company, valued at approximately $380,541.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Comerica

A number of large investors have recently made changes to their positions in CMA. Pitcairn Co. increased its position in shares of Comerica by 2.9% during the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock valued at $374,000 after buying an additional 190 shares during the period. Bison Wealth LLC increased its holdings in Comerica by 1.7% during the 4th quarter. Bison Wealth LLC now owns 11,653 shares of the financial services provider’s stock worth $650,000 after acquiring an additional 196 shares during the period. Fruth Investment Management lifted its stake in Comerica by 1.6% in the 4th quarter. Fruth Investment Management now owns 13,090 shares of the financial services provider’s stock worth $730,000 after purchasing an additional 200 shares in the last quarter. Texas Permanent School Fund Corp boosted its holdings in Comerica by 0.7% in the 1st quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock valued at $1,498,000 after purchasing an additional 201 shares during the period. Finally, Yousif Capital Management LLC grew its position in shares of Comerica by 2.8% during the 4th quarter. Yousif Capital Management LLC now owns 7,918 shares of the financial services provider’s stock valued at $442,000 after purchasing an additional 219 shares in the last quarter. 80.74% of the stock is owned by institutional investors.

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.