Comerica (NYSE:CMA) Issues Quarterly Earnings Results, Beats Expectations By $0.30 EPS

Comerica (NYSE:CMA) posted its quarterly earnings results on Friday. The financial services provider reported $1.49 EPS for the quarter, topping the consensus estimate of $1.19 by $0.30, Briefing.com reports. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $812.79 million. During the same quarter in the previous year, the business posted $2.01 EPS.

Comerica Stock Performance

NYSE:CMA opened at $49.60 on Monday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $6.58 billion, a PE ratio of 9.96 and a beta of 1.25. The firm has a 50 day simple moving average of $50.82 and a 200-day simple moving average of $51.72. Comerica has a 1-year low of $37.40 and a 1-year high of $58.50.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CMA shares. Wells Fargo & Company decreased their price objective on shares of Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a research report on Wednesday, June 12th. Barclays dropped their price objective on Comerica from $59.00 to $56.00 and set an “underweight” rating on the stock in a report on Monday. Keefe, Bruyette & Woods lowered their price target on Comerica from $58.00 to $56.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Royal Bank of Canada cut their price target on Comerica from $62.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, June 12th. Finally, Truist Financial cut shares of Comerica from a “buy” rating to a “hold” rating and dropped their price objective for the company from $55.00 to $53.00 in a research note on Monday. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $55.57.

Insider Buying and Selling

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction dated Wednesday, April 24th. The stock was 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 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 owned by company insiders.

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.