Comerica Incorporated (NYSE:CMA) to Post FY2023 Earnings of $7.76 Per Share, DA Davidson Forecasts

Posted by Defense World Staff on Oct 25th, 2023

Comerica Incorporated (NYSE:CMA – Free Report) – Research analysts at DA Davidson dropped their FY2023 earnings per share estimates for shares of Comerica in a report issued on Monday, October 23rd. DA Davidson analyst P. Winter now forecasts that the financial services provider will earn $7.76 per share for the year, down from their previous estimate of $7.84. DA Davidson currently has a “Buy” rating and a $63.00 target price on the stock. The consensus estimate for Comerica’s current full-year earnings is $7.58 per share. DA Davidson also issued estimates for Comerica’s Q4 2023 earnings at $1.42 EPS.

Other equities analysts have also issued research reports about the company. Truist Financial reduced their price objective on Comerica from $49.00 to $43.00 and set a “buy” rating for the company in a research note on Monday. JPMorgan Chase & Co. dropped their target price on Comerica from $58.00 to $55.00 and set an “overweight” rating on the stock in a research report on Thursday, October 5th. Raymond James dropped their target price on Comerica from $53.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday. Barclays dropped their target price on Comerica from $52.00 to $49.00 and set an “underweight” rating on the stock in a research report on Monday. Finally, StockNews.com started coverage on Comerica in a research report on Thursday, October 5th. They set a “sell” rating on the stock. Three analysts have rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Comerica currently has a consensus rating of “Hold” and an average target price of $55.15.

Read Our Latest Stock Report on CMA

Comerica Stock Performance

NYSE CMA opened at $38.63 on Tuesday. The stock has a 50-day simple moving average of $43.53 and a two-hundred day simple moving average of $43.61. The firm has a market capitalization of $5.09 billion, a P/E ratio of 4.38, a PEG ratio of 1.17 and a beta of 1.25. Comerica has a fifty-two week low of $28.40 and a fifty-two week high of $77.34. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.93 and a current ratio of 0.92.

Comerica (NYSE:CMA – Get Free Report) last issued its earnings results on Friday, October 20th. The financial services provider reported $1.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.69 by $0.15. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $880.88 million. Comerica had a return on equity of 23.66% and a net margin of 23.12%. During the same quarter last year, the business posted $2.60 EPS.

Institutional Trading of Comerica

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CMA. Deseret Mutual Benefit Administrators grew its stake in shares of Comerica by 42.8% in the second quarter. Deseret Mutual Benefit Administrators now owns 664 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 199 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of Comerica by 40.0% in the second quarter. Geneos Wealth Management Inc. now owns 700 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 200 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of Comerica by 0.3% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 69,064 shares of the financial services provider’s stock worth $2,926,000 after acquiring an additional 205 shares in the last quarter. Horizon Investments LLC grew its stake in shares of Comerica by 9.9% in the second quarter. Horizon Investments LLC now owns 2,458 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 221 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund grew its stake in shares of Comerica by 4.9% in the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 4,688 shares of the financial services provider’s stock worth $333,000 after acquiring an additional 221 shares in the last quarter. Hedge funds and other institutional investors own 81.94% of the company’s stock.

Comerica Company Profile

(Get Free Report)

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, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services, as well as payment and card services for small and middle market businesses, multinational corporations, and governmental entities.