Comerica Incorporated Expected to Post Q1 2023 Earnings of $2.32 Per Share (NYSE:CMA)

Posted by on Apr 7th, 2023

Comerica Incorporated (NYSE:CMA – Get Rating) – Analysts at DA Davidson issued their Q1 2023 EPS estimates for Comerica in a research note issued on Wednesday, April 5th. DA Davidson analyst P. Winter expects that the financial services provider will post earnings of $2.32 per share for the quarter. DA Davidson has a “Buy” rating and a $82.00 price target on the stock. The consensus estimate for Comerica’s current full-year earnings is $9.39 per share. DA Davidson also issued estimates for Comerica’s FY2023 earnings at $9.39 EPS and FY2024 earnings at $9.20 EPS.

Comerica (NYSE:CMA – Get Rating) last announced its earnings results on Thursday, January 19th. The financial services provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.56 by $0.02. Comerica had a net margin of 30.72% and a return on equity of 20.75%. The business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the firm posted $1.66 earnings per share.

CMA has been the topic of a number of other reports. Morgan Stanley lowered their price target on shares of Comerica from $85.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday. StockNews.com assumed coverage on shares of Comerica in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Truist Financial lowered their price target on shares of Comerica from $78.00 to $54.00 and set a “buy” rating on the stock in a report on Thursday, March 23rd. UBS Group assumed coverage on shares of Comerica in a report on Wednesday, March 15th. They issued a “buy” rating and a $68.00 price target on the stock. Finally, Raymond James raised shares of Comerica from an “outperform” rating to a “strong-buy” rating and decreased their price objective for the company from $84.00 to $57.00 in a research report on Thursday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $75.28.

Comerica Stock Up 3.4 %

Shares of Comerica stock opened at $41.28 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.85 and a quick ratio of 0.85. Comerica has a 1 year low of $29.17 and a 1 year high of $91.33. The firm’s 50-day moving average is $60.87 and its two-hundred day moving average is $66.63. The stock has a market cap of $5.43 billion, a price-to-earnings ratio of 4.87, a PEG ratio of 1.05 and a beta of 1.14.

Institutional Investors Weigh In On Comerica

Several large investors have recently modified their holdings of CMA. Ronald Blue Trust Inc. acquired a new stake in Comerica during the 2nd quarter worth approximately $27,000. Baldwin Brothers LLC MA acquired a new stake in shares of Comerica during the fourth quarter worth $27,000. Financial Gravity Asset Management Inc. purchased a new position in Comerica in the 3rd quarter valued at $271,000. Almanack Investment Partners LLC. acquired a new position in Comerica in the 3rd quarter valued at $38,000. Finally, Chilton Capital Management LLC purchased a new position in Comerica during the 2nd quarter worth $47,000. 81.91% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Comerica news, EVP Cassandra M. Mckinney sold 3,262 shares of the company’s stock in a transaction on Friday, January 27th. The shares were sold at an average price of $72.76, for a total value of $237,343.12. Following the completion of the transaction, the executive vice president now owns 6,825 shares in the company, valued at $496,587. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.76% of the stock is owned by corporate insiders.

Comerica Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, April 1st. Shareholders of record on Wednesday, March 15th were paid a $0.71 dividend. This is a positive change from Comerica’s previous quarterly dividend of $0.68. This represents a $2.84 annualized dividend and a yield of 6.88%. The ex-dividend date of this dividend was Tuesday, March 14th. Comerica’s dividend payout ratio is currently 33.53%.

Comerica Company Profile

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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 offers various products and services, including 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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