DA Davidson Issues Negative Forecast for Comerica Earnings

Comerica Incorporated (NYSE:CMA - Free Report) - DA Davidson reduced their Q4 2024 earnings per share estimates for shares of Comerica in a report released on Thursday, December 19th. DA Davidson analyst P. Winter now anticipates that the financial services provider will earn $1.25 per share for the quarter, down from their previous estimate of $1.31. 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.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. lifted their target price on Comerica from $65.00 to $70.00 and gave the stock a "neutral" rating in a research report on Monday, October 21st. Stephens lifted their price objective on shares of Comerica from $64.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday, October 21st. Barclays boosted their target price on shares of Comerica from $56.00 to $66.00 and gave the company an "underweight" rating in a research note on Monday, October 21st. Compass Point raised their price target on shares of Comerica from $64.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Finally, The Goldman Sachs Group boosted their price objective on shares of Comerica from $71.00 to $85.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $67.68.

Comerica Stock Up 1.9 %

NYSE:CMA traded up $1.15 during mid-day trading on Friday, reaching $61.16. The stock had a trading volume of 24,812,641 shares, compared to its average volume of 2,214,489. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $8.04 billion, a price-to-earnings ratio of 15.29 and a beta of 1.23. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45. The stock's 50 day simple moving average is $66.62 and its two-hundred day simple moving average is $58.31.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period last year, the business earned $1.84 EPS.

Institutional Trading of Comerica

Large investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new position in Comerica in the 3rd quarter valued at $36,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Comerica in the third quarter valued at about $42,000. Family Firm Inc. bought a new position in shares of Comerica in the second quarter worth about $37,000. UMB Bank n.a. increased its stake in shares of 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 purchasing an additional 208 shares during the period. Finally, Rothschild Investment LLC acquired a new position in shares of Comerica during the 2nd quarter worth about $56,000. Institutional investors own 80.74% of the company's stock.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of Comerica stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the sale, the executive vice president now directly owns 16,428 shares in the company, valued at $1,021,821.60. The trade was a 31.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allysun C. Fleming sold 1,392 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the completion of the sale, the executive vice president now directly 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 disclosure for this sale can be found here. Insiders have sold 15,456 shares of company stock worth $977,287 over the last 90 days. 0.19% of the stock is currently owned by corporate insiders.

Comerica declared that its Board of Directors has approved a stock buyback program on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Comerica Dividend Announcement

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

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.