What is DA Davidson's Forecast for Comerica FY2024 Earnings?

Comerica Incorporated (NYSE:CMA - Free Report) - Equities research analysts at DA Davidson increased their FY2024 earnings estimates for Comerica in a research report issued to clients and investors on Tuesday, October 22nd. DA Davidson analyst P. Winter now anticipates that the financial services provider will earn $5.41 per share for the year, up from their previous forecast of $5.30. DA Davidson has a "Neutral" rating and a $68.00 price target 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.

Comerica (NYSE:CMA - Get Free Report) last issued 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 company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. During the same period in the prior year, the business posted $1.84 EPS.

CMA has been the subject of several other research reports. The Goldman Sachs Group upped their price objective on Comerica from $63.00 to $71.00 and gave the company a "buy" rating in a report on Tuesday. Morgan Stanley raised their price objective on shares of Comerica from $63.00 to $67.00 and gave the company an "equal weight" rating in a research report on Monday. Keefe, Bruyette & Woods upgraded shares of Comerica from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Evercore ISI raised their target price on shares of Comerica from $58.00 to $64.00 and gave the stock an "in-line" rating in a report on Wednesday, October 2nd. Finally, Stephens upped their price target on Comerica from $64.00 to $70.00 and gave the company an "overweight" rating in a report on Monday. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $62.57.

Comerica Price Performance

CMA traded down $0.31 during trading on Wednesday, reaching $62.00. The stock had a trading volume of 2,574,447 shares, compared to its average volume of 2,166,866. The stock has a 50 day moving average of $58.28 and a two-hundred day moving average of $53.90. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $8.22 billion, a price-to-earnings ratio of 12.33 and a beta of 1.23. Comerica has a 1-year low of $37.48 and a 1-year high of $66.06.

Insider Transactions at Comerica

In other news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction dated Friday, August 23rd. The stock was 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 in the company, valued at $1,605,104.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. V Square Quantitative Management LLC bought a new stake in Comerica in the third quarter worth $36,000. Family Firm Inc. bought a new position in shares of Comerica in the 2nd quarter valued at approximately $37,000. UMB Bank n.a. raised its stake in shares of Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 208 shares in the last quarter. Versant Capital Management Inc boosted its position 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 purchasing an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC boosted its position in Comerica by 50.2% during the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider's stock worth $49,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds own 80.74% 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.