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

Comerica Incorporated (NYSE:CMA) – Equities research analysts at DA Davidson issued their Q3 2024 EPS estimates for shares of Comerica in a note issued to investors on Monday, July 22nd. DA Davidson analyst P. Winter forecasts that the financial services provider will earn $1.20 per share for the quarter. The consensus estimate for Comerica’s current full-year earnings is $4.98 per share. DA Davidson also issued estimates for Comerica’s FY2024 earnings at $5.15 EPS and FY2025 earnings at $5.62 EPS.

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

Several other research analysts have also issued reports on the stock. UBS Group decreased their price target on shares of Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, April 19th. Raymond James raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research report on Tuesday, July 2nd. Keefe, Bruyette & Woods cut their price objective on shares of Comerica from $58.00 to $56.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. Piper Sandler increased their price objective on shares of Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday. Finally, Citigroup downgraded shares of Comerica from a “buy” rating to a “neutral” rating and cut their price objective for the company from $60.00 to $56.00 in a research report on Monday, May 6th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $54.95.

Comerica Stock Down 1.6 %

Shares of Comerica stock opened at $51.28 on Tuesday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.95. The company has a 50-day moving average of $50.66 and a 200 day moving average of $51.66. The firm has a market cap of $6.80 billion, a price-to-earnings ratio of 10.19 and a beta of 1.25. Comerica has a 1 year low of $37.40 and a 1 year high of $58.50.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.54%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s payout ratio is 56.46%.

Hedge Funds Weigh In On Comerica

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Comerica by 4.2% during the 4th quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock worth $941,968,000 after acquiring an additional 676,959 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Comerica by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,343,131 shares of the financial services provider’s stock worth $186,580,000 after acquiring an additional 48,526 shares during the period. Dimensional Fund Advisors LP raised its stake in Comerica by 60.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,605,943 shares of the financial services provider’s stock worth $145,444,000 after acquiring an additional 984,391 shares during the period. Goldman Sachs Group Inc. raised its stake in Comerica by 51.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock worth $143,109,000 after acquiring an additional 870,812 shares during the period. Finally, Vaughan Nelson Investment Management L.P. raised its stake in Comerica by 129.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,930,045 shares of the financial services provider’s stock worth $107,716,000 after acquiring an additional 1,088,330 shares during the period. 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.