- Comerica’s average deposits for the third quarter reached $63.90 billion, surpassing the estimated $63.13 billion.
- Provision for credit losses was $14 million, which is lower than the expected $22.9 million.
- The company reported earnings per share (EPS) of $1.33.
- The net interest margin was slightly below expectations at 2.8%, compared to the 2.93% estimate.
- Comerica’s efficiency ratio of 68.8% beat the estimate of 70.7%, indicating better operational efficiency.
- Return on average equity was strong at 10.9%, exceeding the forecasted 10.5%.
- Average loans amounted to $50.86 billion, falling short of the estimated $51.15 billion.
- Net interest income was higher than anticipated, coming in at $534 million versus the $527.6 million estimate.
- Non-interest income was slightly below the estimate, totaling $277 million against the projected $280.8 million.
- The Common Equity Tier 1 ratio was 12%, better than the 11.7% estimate, indicating solid capital strength.
- Net charge-offs were significantly lower at $11 million, compared to the expected $23.7 million.
- Total loans saw a decrease of $210 million.
- Analyst recommendations include 8 buys, 12 holds, and 4 sells.
Comerica Inc on Smartkarma
Analyst coverage of Comerica Inc on Smartkarma by Travis Lundy indicates a bearish sentiment in the latest research report titled “Quiddity Leaderboard S&P 500 Jun 24: Ranks to Be Finalized Tomorrow; 2 Changes Possible.” Lundy’s insight discusses the upcoming S&P500 review, set to announce potential changes based on Thursday’s opening price. The report anticipates up to two changes but acknowledges the possibility of none. The S&P 500 index, tracking the largest US-listed companies, attracts significant global attention. Lundy’s analysis offers a final assessment of additions and deletions likely to impact the index’s upcoming rebalancing event.
A look at Comerica Inc Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 4 | |
| Growth | 3 | |
| Resilience | 2 | |
| Momentum | 5 | |
| OVERALL SMART SCORE | 3.6 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Comerica Inc, the holding company for various banking services across North America, shows a promising long-term outlook based on Smartkarma’s Smart Scores. With solid scores in Value and Dividend at 4 each, the company demonstrates financial strength and commitment to rewarding shareholders. Despite a slightly lower Growth score of 3, Comerica Inc is positioned well for future expansion. However, the Resilience score of 2 suggests some vulnerability to economic challenges, while the high Momentum score of 5 indicates strong market performance and investor interest.
Comerica Incorporated, operating in the US, Canada, and Mexico, is known for its diverse banking services ranging from corporate and community banking to investment and trust management. These services cater to both businesses and individuals, highlighting the company’s broad customer base and comprehensive financial offerings. The combination of high Value and Dividend scores, along with a strong Momentum rating, bodes well for Comerica Inc‘s continued growth and stability in the long run.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
Have feedback on this article? Concerned about the content? Get in touch with us directly.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Analytics and News
- ✓ Events & Webinars
