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

Comerica Incorporated (NYSE:CMA) – Investment analysts at DA Davidson issued their Q2 2024 EPS estimates for shares of Comerica in a research note issued on Friday, April 19th. DA Davidson analyst P. Winter expects that the financial services provider will post earnings of $1.30 per share for the quarter. 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 $5.09 per share. DA Davidson also issued estimates for Comerica’s FY2024 earnings at $5.36 EPS and FY2025 earnings at $6.17 EPS.

CMA has been the topic of several other research reports. Royal Bank of Canada boosted their price target on shares of Comerica from $61.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday. Jefferies Financial Group decreased their price target on shares of Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Morgan Stanley reiterated an “equal weight” rating and issued a $53.00 price target on shares of Comerica in a research note on Monday. Bank Of America (Bofa) boosted their price target on shares of Comerica from $52.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, January 18th. Finally, Raymond James cut shares of Comerica from an “outperform” rating to a “market perform” rating in a research note on Monday, January 22nd. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $56.89.

Comerica Stock Up 2.0 %

CMA opened at $52.59 on Monday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95. Comerica has a fifty-two week low of $28.40 and a fifty-two week high of $57.39. The firm’s fifty day moving average is $51.38 and its 200 day moving average is $49.45. The stock has a market cap of $6.97 billion, a price-to-earnings ratio of 10.46 and a beta of 1.27.

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

Hedge Funds Weigh In On Comerica

A number of hedge funds have recently added to or reduced their stakes in the stock. Spire Wealth Management lifted its position in shares of Comerica by 95.9% in the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 235 shares during the period. Fortitude Family Office LLC purchased a new stake in shares of Comerica in the 4th quarter worth approximately $36,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Comerica in the 4th quarter worth approximately $36,000. Authentikos Wealth Advisory LLC purchased a new stake in shares of Comerica in the 3rd quarter worth approximately $47,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Comerica in the 4th quarter worth approximately $50,000. 80.74% of the stock is currently owned by institutional investors.

Insider Activity at Comerica

In related news, EVP Cassandra M. Mckinney sold 1,616 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the transaction, the executive vice president now directly owns 8,314 shares in the company, valued at approximately $454,276.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Comerica news, EVP Wendy Bridges sold 3,034 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the company’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the transaction, the executive vice president now owns 8,314 shares in the company, valued at $454,276.96. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 5.40%. Comerica’s payout ratio is 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.