Comerica (CMA) To Report Earnings Tomorrow: Here Is What To Expect
Comerica missed analysts' revenue expectations by 1.8% last quarter, reporting revenues of $815.2 million, up 4% year on year. It was a satisfactory quarter for the company, with a solid beat of analysts' tangible book value per share estimates.
Is Comerica a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Comerica's revenue to grow 2.3% year on year to $843.1 million, a reversal from the 10.7% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.22 per share.
Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 7 downward revisions over the last 30 days (we track 14 analysts). Comerica has missed Wall Street's revenue estimates four times over the last two years.
Looking at Comerica's peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Fulton Financial's revenues decreased 3.2% year on year, beating analysts' expectations by 1.9%, and Synovus Financial reported revenues up 93.9%, topping estimates by 1.5%. Fulton Financial's stock price was unchanged following the results.
Read our full analysis of Fulton Financial's results here and Synovus Financial's results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 10.4% on average over the last month. Comerica is up 12.7% during the same time and is heading into earnings with an average analyst price target of $61.47 (compared to the current share price of $62).
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