What is DA Davidson’s Estimate for Comerica FY2024 Earnings?

Comerica Incorporated (NYSE:CMA) – Research analysts at DA Davidson decreased their FY2024 earnings per share estimates for Comerica in a research report issued on Thursday, December 19th. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings of $5.34 per share for the year, down from their previous estimate of $5.41. DA Davidson currently has a “Neutral” rating and a $68.00 target price on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.37 per share. DA Davidson also issued estimates for Comerica’s FY2025 earnings at $5.52 EPS.

Other equities analysts have also recently issued reports about the stock. Piper Sandler boosted their target price on shares of Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Barclays lifted their target price on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research note on Monday, October 21st. StockNews.com upgraded shares of Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Keefe, Bruyette & Woods raised their price target on shares of Comerica from $72.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Bank of America cut Comerica from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $55.00 to $52.00 in a report on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $67.68.

Comerica Price Performance

Shares of NYSE CMA opened at $61.16 on Monday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The business has a 50-day simple moving average of $66.61 and a two-hundred day simple moving average of $58.46. Comerica has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. The company has a market cap of $8.04 billion, a PE ratio of 15.29 and a beta of 1.23.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same quarter in the prior year, the company posted $1.84 EPS.

Institutional Investors Weigh In On Comerica

A number of hedge funds have recently added to or reduced their stakes in the stock. New York State Teachers Retirement System grew its stake in shares of Comerica by 7.3% during the second quarter. New York State Teachers Retirement System now owns 169,671 shares of the financial services provider’s stock worth $8,660,000 after purchasing an additional 11,564 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Comerica by 9.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock valued at $78,288,000 after acquiring an additional 130,458 shares during the last quarter. Summit Securities Group LLC raised its position in shares of Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 202 shares during the period. 1834 Investment Advisors Co. boosted its stake in Comerica by 1.9% during the 2nd quarter. 1834 Investment Advisors Co. now owns 103,836 shares of the financial services provider’s stock worth $5,300,000 after acquiring an additional 1,972 shares during the last quarter. Finally, UMB Bank n.a. boosted its stake in Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 208 shares during the last quarter. Institutional investors own 80.74% of the company’s stock.

Insider Buying and Selling at Comerica

In related news, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the transaction, the executive vice president now owns 8,730 shares of the company’s stock, valued at $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the transaction, the executive vice president now owns 15,773 shares of the company’s stock, valued at $997,326.79. This trade represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,456 shares of company stock valued at $977,287 in the last ninety days. Company insiders own 0.19% of the company’s stock.

Comerica announced that its board has approved a share buyback plan on Tuesday, November 5th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.64%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s payout ratio is currently 71.00%.

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.