DA Davidson Has Negative Forecast for Comerica Q4 Earnings

Comerica Incorporated (NYSE:CMA) – Equities research analysts at DA Davidson lowered their Q4 2024 EPS estimates for 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 forecast of $1.31. 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 $5.37 per share.

Several other equities research analysts also recently weighed in on CMA. Barclays increased their price objective on Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a report on Monday, October 21st. UBS Group assumed coverage on shares of Comerica in a research note on Tuesday. They issued a “sell” rating and a $64.00 price objective on the stock. The Goldman Sachs Group increased their target price on shares of Comerica from $71.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Keefe, Bruyette & Woods boosted their price target on Comerica from $72.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler increased their price objective on Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $67.68.

Comerica Stock Down 1.8 %

Shares of NYSE CMA opened at $60.01 on Friday. The business has a 50-day moving average price of $66.62 and a 200 day moving average price of $58.31. The stock has a market cap of $7.89 billion, a PE ratio of 15.00 and a beta of 1.23. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica has a 52-week low of $45.32 and a 52-week high of $73.45.

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, beating analysts’ consensus estimates of $1.17 by $0.16. Comerica had a net margin of 11.17% and a return on equity of 12.54%. 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 previous year, the company earned $1.84 earnings per share.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in Comerica in the 3rd quarter valued at about $36,000. Family Firm Inc. purchased a new position in shares of Comerica during the second quarter valued at approximately $37,000. UMB Bank n.a. boosted its position in Comerica by 39.3% during 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 during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Comerica in the 3rd quarter worth approximately $42,000. Finally, Summit Securities Group LLC raised its holdings in Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 202 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Comerica

In related news, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were 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 in the company, valued at $600,885.90. The trade was a 13.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction 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 approximately $1,021,821.60. The trade was a 31.53 % 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 valued at $977,287 in the last quarter. 0.19% of the stock is currently owned by corporate insiders.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 4.73%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s dividend payout ratio (DPR) is 71.00%.

Comerica announced that its Board of Directors has approved a share buyback plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

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.