DA Davidson Weighs in on Comerica Incorporated’s Q2 2023 Earnings (NYSE:CMA)

Posted by Defense World Staff on Apr 24th, 2023

Comerica Incorporated (NYSE:CMA – Get Rating) – DA Davidson issued their Q2 2023 EPS estimates for shares of Comerica in a research note issued on Friday, April 21st. DA Davidson analyst P. Winter expects that the financial services provider will earn $2.06 per share for the quarter. The consensus estimate for Comerica’s current full-year earnings is $8.59 per share.

Several other analysts also recently issued reports on CMA. Royal Bank of Canada cut their price objective on Comerica from $68.00 to $62.00 in a report on Friday. StockNews.com downgraded Comerica from a “hold” rating to a “sell” rating in a report on Friday, April 14th. Barclays cut their price objective on Comerica from $85.00 to $52.00 and set an “underweight” rating on the stock in a report on Wednesday, April 12th. Odeon Capital Group downgraded Comerica from a “buy” rating to a “hold” rating in a report on Monday, March 13th. Finally, UBS Group started coverage on Comerica in a report on Wednesday, March 15th. They set a “buy” rating and a $68.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $69.15.

Comerica Price Performance

Shares of NYSE CMA opened at $43.73 on Monday. The firm has a 50-day moving average of $54.12 and a two-hundred day moving average of $64.13. The company has a current ratio of 0.93, a quick ratio of 0.85 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of 4.61, a PEG ratio of 1.25 and a beta of 1.14. Comerica has a twelve month low of $29.17 and a twelve month high of $87.02.

Comerica (NYSE:CMA – Get Rating) last issued its quarterly earnings results on Thursday, April 20th. The financial services provider reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.13. Comerica had a net margin of 30.16% and a return on equity of 24.34%. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $966.40 million. During the same period in the prior year, the company earned $1.37 EPS.

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 given a dividend of $0.71 per share. This is a positive change from Comerica’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Tuesday, March 14th. This represents a $2.84 annualized dividend and a dividend yield of 6.49%. Comerica’s payout ratio is 29.93%.

Insiders Place Their Bets

In related news, EVP Cassandra M. Mckinney sold 3,262 shares of the business’s stock in a transaction that occurred on Friday, January 27th. The stock was sold at an average price of $72.76, for a total transaction of $237,343.12. Following the transaction, the executive vice president now directly owns 6,825 shares of the company’s stock, valued at approximately $496,587. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.76% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Harbor Investment Advisory LLC increased its holdings in shares of Comerica by 663.4% during the 1st quarter. Harbor Investment Advisory LLC now owns 710 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 617 shares during the last quarter. MADDEN SECURITIES Corp boosted its stake in Comerica by 93,850.0% in the 1st quarter. MADDEN SECURITIES Corp now owns 46,975 shares of the financial services provider’s stock valued at $2,040,000 after purchasing an additional 46,925 shares during the period. Traynor Capital Management Inc. bought a new stake in Comerica in the 1st quarter valued at $234,000. AMI Asset Management Corp boosted its stake in Comerica by 3.0% in the 1st quarter. AMI Asset Management Corp now owns 8,271 shares of the financial services provider’s stock valued at $359,000 after purchasing an additional 244 shares during the period. Finally, Miracle Mile Advisors LLC boosted its stake in Comerica by 7.7% in the 1st quarter. Miracle Mile Advisors LLC now owns 15,680 shares of the financial services provider’s stock valued at $681,000 after purchasing an additional 1,126 shares during the period. 81.91% of the stock is owned by institutional investors and hedge funds.

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.