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

Comerica Incorporated (NYSE:CMA - Free Report) - Research analysts at DA Davidson cut their FY2024 EPS estimates for shares of Comerica in a research report issued to clients and investors on Thursday, December 19th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings per share of $5.34 for the year, down from their prior forecast of $5.41. 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 $5.37 per share. DA Davidson also issued estimates for Comerica's FY2025 earnings at $5.52 EPS.

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, beating analysts' consensus estimates of $1.17 by $0.16. The firm had revenue of $1.26 billion for 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 in the previous year, the company earned $1.84 earnings per share.

A number of other equities research analysts have also commented on CMA. Morgan Stanley upped their target price on Comerica from $63.00 to $67.00 and gave the company an "equal weight" rating in a research report on Monday, October 21st. Keefe, Bruyette & Woods upped their price objective on shares of Comerica from $72.00 to $82.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. UBS Group started coverage on shares of Comerica in a report on Tuesday, December 17th. They set a "sell" rating and a $64.00 target price for the company. Compass Point upped their price target on shares of Comerica from $64.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, December 10th. Finally, Truist Financial increased their price target on Comerica from $66.00 to $70.00 and gave the stock a "hold" rating in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $67.68.

Comerica Stock Performance

Shares of CMA stock traded up $0.70 during mid-day trading on Monday, reaching $61.86. The stock had a trading volume of 1,640,471 shares, compared to its average volume of 2,213,446. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45. The firm has a market cap of $8.14 billion, a price-to-earnings ratio of 15.47 and a beta of 1.23. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. The business's fifty day moving average is $66.61 and its 200-day moving average is $58.53.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.59%. The ex-dividend date of this dividend is Friday, December 13th. Comerica's payout ratio is presently 71.00%.

Comerica announced that its board has authorized a stock buyback plan on Tuesday, November 5th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

Insider Transactions at Comerica

In other Comerica news, EVP James Harry Weber sold 6,500 shares of the firm's stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the sale, the executive vice president now directly owns 15,773 shares in the company, valued at $997,326.79. This trade represents a 29.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the sale, the executive vice president now directly owns 8,730 shares of the company's stock, valued at $600,885.90. This trade represents a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Comerica

Several hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its position in shares of Comerica by 51.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider's stock worth $206,468,000 after buying an additional 1,370,886 shares during the last quarter. Samlyn Capital LLC purchased a new stake in Comerica in the second quarter valued at $35,375,000. Citigroup Inc. boosted its stake in Comerica by 390.6% in the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider's stock valued at $45,628,000 after acquiring an additional 606,375 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Comerica by 31.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider's stock worth $144,312,000 after purchasing an additional 574,516 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Comerica by 311.2% during the second quarter. Principal Financial Group Inc. now owns 663,100 shares of the financial services provider's stock worth $33,845,000 after purchasing an additional 501,857 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

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.