DA Davidson Has Bullish Outlook for Comerica FY2024 Earnings

Comerica Incorporated (NYSE:CMA) – Equities researchers at DA Davidson increased their FY2024 EPS 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.

CMA has been the topic of a number of other reports. Morgan Stanley lifted 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. Bank of America lowered Comerica from a “neutral” rating to an “underperform” rating and cut their target price for the company from $55.00 to $52.00 in a research report on Monday, October 7th. Wells Fargo & Company lifted their price target on shares of Comerica from $43.00 to $51.00 and gave the stock an “underweight” rating in a research note on Monday. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Truist Financial boosted their target price on shares of Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research note on Monday. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $62.57.

Comerica Stock Up 0.4 %

Shares of NYSE:CMA opened at $62.30 on Wednesday. The company has a 50 day moving average of $58.28 and a two-hundred day moving average of $53.90. The company has a market capitalization of $8.26 billion, a price-to-earnings ratio of 12.39 and a beta of 1.23. Comerica has a 52-week low of $37.40 and a 52-week high of $66.06. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23.

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

Institutional Investors Weigh In On Comerica

Hedge funds and other institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new stake in shares of Comerica in the 3rd quarter valued at approximately $36,000. Family Firm Inc. acquired a new stake in Comerica in the second quarter valued at approximately $37,000. UMB Bank n.a. grew its position in Comerica by 39.3% in the second 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 in the last quarter. Versant Capital Management Inc increased its stake in shares of Comerica by 2,723.3% during the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 817 shares during the last quarter. Finally, Abich Financial Wealth Management LLC raised its holdings in shares of 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 purchasing an additional 300 shares in the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the transaction, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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.