DA Davidson Research Analysts Lift Earnings Estimates for Comerica Incorporated (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – Stock analysts at DA Davidson upped their FY2024 earnings estimates for shares of Comerica in a research report issued on Thursday, October 3rd. DA Davidson analyst P. Winter now anticipates that the financial services provider will earn $5.30 per share for the year, up from their previous forecast of $5.15. DA Davidson currently has a “Neutral” rating and a $55.00 target price on the stock. The consensus estimate for Comerica’s current full-year earnings is $5.06 per share. DA Davidson also issued estimates for Comerica’s FY2025 earnings at $5.66 EPS.

CMA has been the topic of a number of other reports. The Goldman Sachs Group lifted their price objective on Comerica from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Monday. Evercore ISI increased their price objective on shares of Comerica from $58.00 to $64.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Piper Sandler raised 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, July 22nd. StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a report on Thursday, October 3rd. Finally, Robert W. Baird decreased their price target on Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Thursday, June 20th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $59.24.

Comerica Price Performance

NYSE CMA opened at $57.87 on Monday. The business’s fifty day moving average is $56.49 and its 200 day moving average is $53.32. Comerica has a fifty-two week low of $37.40 and a fifty-two week high of $61.84. 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 company has a market capitalization of $7.67 billion, a PE ratio of 11.50 and a beta of 1.23.

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

Hedge Funds Weigh In On Comerica

Several institutional investors have recently made changes to their positions in CMA. Family Firm Inc. bought a new stake in shares of Comerica in the 2nd quarter valued at about $37,000. UMB Bank n.a. lifted its holdings in Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after buying an additional 208 shares during the period. Versant Capital Management Inc lifted its holdings in Comerica by 2,723.3% during the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after buying an additional 817 shares during the period. Abich Financial Wealth Management LLC boosted its position in Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 300 shares in the last quarter. Finally, Summit Securities Group LLC increased its holdings 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. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the sale, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.19% of the company’s stock.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.91%. The ex-dividend date was Friday, September 13th. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

About Comerica

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.