B. Riley Weighs in on Comerica Incorporated’s Q2 2022 Earnings (NYSE:CMA)

Comerica Incorporated (NYSE:CMA) – B. Riley boosted their Q2 2022 earnings per share estimates for Comerica in a report released on Wednesday, January 12th. B. Riley analyst S. Moss now forecasts that the financial services provider will post earnings per share of $1.58 for the quarter, up from their previous estimate of $1.37.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, October 19th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. Comerica had a return on equity of 15.22% and a net margin of 38.31%. The company had revenue of $755.00 million for the quarter, compared to the consensus estimate of $733.42 million. During the same quarter last year, the company posted $1.44 earnings per share.

Other equities research analysts also recently issued research reports about the stock. Bank of America upgraded shares of Comerica from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $88.00 to $105.00 in a research note on Thursday, January 6th. JPMorgan Chase & Co. upgraded shares of Comerica from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a research note on Wednesday, December 15th. Royal Bank of Canada raised their price objective on shares of Comerica from $91.00 to $95.00 and gave the stock an “outperform” rating in a research note on Thursday, October 21st. Raymond James raised their price objective on shares of Comerica from $94.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, October 21st. Finally, Citigroup raised their target price on Comerica from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, December 16th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $92.19.

Shares of CMA stock opened at $101.24 on Thursday. The business’s 50 day moving average is $88.19 and its two-hundred day moving average is $80.00. The company has a market cap of $13.28 billion, a PE ratio of 12.44, a price-to-earnings-growth ratio of 0.55 and a beta of 1.48. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.38. Comerica has a 12 month low of $55.87 and a 12 month high of $101.38.

Hedge funds have recently made changes to their positions in the stock. Lazard Asset Management LLC increased its position in Comerica by 51.9% in the second quarter. Lazard Asset Management LLC now owns 395 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 135 shares during the period. Kings Point Capital Management acquired a new stake in Comerica in the third quarter worth about $32,000. Canton Hathaway LLC acquired a new stake in Comerica in the third quarter worth about $36,000. AGF Investments LLC acquired a new stake in Comerica in the third quarter worth about $40,000. Finally, Covington Capital Management increased its position in Comerica by 229.4% in the second quarter. Covington Capital Management now owns 718 shares of the financial services provider’s stock worth $51,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 79.32% of the company’s stock.

In related news, Director Ximena G. Humrichouse sold 728 shares of Comerica stock in a transaction dated Friday, October 22nd. The stock was sold at an average price of $88.40, for a total value of $64,355.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Melinda A. Chausse sold 3,429 shares of Comerica stock in a transaction dated Wednesday, November 24th. The stock was sold at an average price of $90.98, for a total value of $311,970.42. The disclosure for this sale can be found here. Insiders sold 18,066 shares of company stock valued at $1,588,810 over the last ninety days. 0.67% of the stock is currently owned by company insiders.

The firm also recently declared a quarterly dividend, which was paid on Saturday, January 1st. Investors of record on Wednesday, December 15th were issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.69%. Comerica’s dividend payout ratio is 33.42%.

Comerica Company Profile

Comerica, Inc engages in the provision of financial services. It operates through the following segments: Commercial Bank, Retail Bank, Wealth Management, Finance, and Other. The Commercial Bank segment is involved in middle market businesses, multinational corporations, and governmental entities by offering various products and services such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services.

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Earnings History and Estimates for Comerica (NYSE:CMA)

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