DA Davidson Brokers Increase Earnings Estimates for Comerica

Comerica Incorporated (NYSE:CMA) – Stock analysts at DA Davidson lifted their FY2024 earnings estimates for Comerica in a note issued to investors on Tuesday, October 22nd. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings of $5.41 per share for the year, up from their prior forecast of $5.30. DA Davidson has a “Neutral” rating and a $68.00 price objective on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.12 per share. DA Davidson also issued estimates for Comerica’s Q4 2024 earnings at $1.31 EPS and FY2025 earnings at $5.68 EPS.

A number of other analysts have also recently commented on the stock. The Goldman Sachs Group upped their price target on shares of Comerica from $63.00 to $71.00 and gave the company a “buy” rating in a research note on Tuesday. Morgan Stanley increased their target price on Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Monday. Keefe, Bruyette & Woods upgraded Comerica from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $50.00 to $69.00 in a research note on Thursday, September 5th. JPMorgan Chase & Co. raised their target price on Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Bank of America cut Comerica from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $55.00 to $52.00 in a research report on Monday, October 7th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Comerica currently has an average rating of “Hold” and a consensus target price of $62.57.

Comerica Trading Down 0.5 %

Shares of Comerica stock opened at $62.00 on Wednesday. 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 stock has a market capitalization of $8.22 billion, a P/E ratio of 12.33 and a beta of 1.23. Comerica has a 52-week low of $37.48 and a 52-week high of $66.06. The stock’s 50-day simple moving average is $58.28 and its 200 day simple moving average is $53.90.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.16. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. During the same period in the prior year, the company earned $1.84 earnings per share.

Institutional Trading of Comerica

Institutional investors and hedge funds have recently bought and sold shares of the company. OLD National Bancorp IN lifted its holdings in shares of Comerica by 4.9% during the second quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock valued at $12,130,000 after purchasing an additional 11,049 shares in the last quarter. Entropy Technologies LP purchased a new position in Comerica in the 1st quarter worth about $1,764,000. SG Americas Securities LLC lifted its stake in Comerica by 66.2% during the 2nd quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock valued at $3,209,000 after acquiring an additional 25,040 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Comerica by 39.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after acquiring an additional 62,269 shares during the last quarter. Finally, LSV Asset Management grew its stake in shares of Comerica by 13.6% in the first quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock worth $45,938,000 after acquiring an additional 100,189 shares during the period. 80.74% of the stock is currently owned by institutional investors.

Insider Transactions at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the sale, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at $1,605,104.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.19% 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.