Analysts on Wall Street project that Comerica Incorporated (CMA) will announce quarterly earnings of $1.25 per share in its forthcoming report, representing a decline of 14.4% year over year. Revenues are projected to reach $831.26 million, increasing 6.3% from the same quarter last year.
The consensus EPS estimate for the quarter has undergone a downward revision of 1.3% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
In light of this perspective, let's dive into the average estimates of certain Comerica metrics that are commonly tracked and forecasted by Wall Street analysts.
The collective assessment of analysts points to an estimated 'Efficiency Ratio' of 70.3%. Compared to the current estimate, the company reported 91.9% in the same quarter of the previous year.
It is projected by analysts that the 'Average Balance - Total earning assets' will reach $73.89 billion. The estimate is in contrast to the year-ago figure of $76.17 billion.
The consensus estimate for 'Total nonperforming assets' stands at $250.38 million. The estimate is in contrast to the year-ago figure of $178 million.
The combined assessment of analysts suggests that 'Total nonperforming loans' will likely reach $250.07 million. The estimate is in contrast to the year-ago figure of $178 million.
Analysts' assessment points toward 'Net interest income' reaching $557.66 million. The estimate is in contrast to the year-ago figure of $584 million.
The average prediction of analysts places 'Total noninterest income' at $275.72 million. The estimate compares to the year-ago value of $198 million.
Analysts expect 'Service charges on deposit accounts' to come in at $45.72 million. The estimate is in contrast to the year-ago figure of $45 million.
Analysts forecast 'Commercial lending fees' to reach $17.39 million. Compared to the present estimate, the company reported $17 million in the same quarter last year.
The consensus among analysts is that 'Fiduciary income' will reach $57.71 million. Compared to the present estimate, the company reported $56 million in the same quarter last year.
Analysts predict that the 'Letter of credit fees' will reach $10.54 million. Compared to the current estimate, the company reported $11 million in the same quarter of the previous year.
According to the collective judgment of analysts, 'Capital markets income' should come in at $37.57 million. Compared to the present estimate, the company reported $34 million in the same quarter last year.
Based on the collective assessment of analysts, 'Card fees' should arrive at $63.88 million. The estimate is in contrast to the year-ago figure of $68 million.
View all Key Company Metrics for Comerica here>>>
Comerica shares have witnessed a change of +6.5% in the past month, in contrast to the Zacks S&P 500 composite's -3.3% move. With a Zacks Rank #3 (Hold), CMA is expected closely follow the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>Comerica Incorporated (CMA) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
