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

Comerica Incorporated (NYSE:CMA) – Research analysts at DA Davidson lowered their Q2 2024 earnings per share (EPS) estimates for Comerica in a note issued to investors on Thursday, June 27th. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings of $1.25 per share for the quarter, down from their previous forecast of $1.30. DA Davidson currently has a “Neutral” rating and a $56.00 target price on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.08 per share.

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

Several other analysts have also commented on CMA. UBS Group decreased their price objective on Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Jefferies Financial Group reduced their price objective on Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $58.00 price objective on shares of Comerica in a research note on Tuesday, June 11th. Deutsche Bank Aktiengesellschaft began coverage on Comerica in a research report on Wednesday, April 10th. They set a “hold” rating and a $59.00 target price on the stock. Finally, Robert W. Baird lowered their price objective on Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Thursday, June 20th. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $56.13.

Comerica Stock Up 6.7 %

Shares of NYSE:CMA opened at $51.04 on Monday. Comerica has a 52-week low of $37.40 and a 52-week high of $57.39. The stock has a market cap of $6.77 billion, a P/E ratio of 10.15 and a beta of 1.25. The business’s 50 day moving average is $50.67 and its 200 day moving average is $51.99. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.26.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.84 annualized dividend and a dividend yield of 5.56%. Comerica’s dividend payout ratio (DPR) is 56.46%.

Insider Transactions at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the stock in a transaction 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 sale, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Comerica

Hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Comerica by 105.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock valued at $10,031,000 after purchasing an additional 3,595,036 shares during the last quarter. Norges Bank bought a new position in Comerica during the 4th quarter worth approximately $80,691,000. Azora Capital LP bought a new position in Comerica during the 4th quarter worth approximately $63,548,000. Vaughan Nelson Investment Management L.P. boosted 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 last quarter. Finally, Dimensional Fund Advisors LP boosted 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 last quarter. Institutional investors and hedge funds 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.