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Comerica Inc CMA Stock Quote

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Rate Sensitivity Helps Drive Earnings Higher for Comerica in Q2 Even as Expenses Start to Creep Up

Analyst Note

| Eric Compton, CFA |

Narrow-moat-rated Comerica reported second-quarter earnings per share of $1.92, ahead of the FactSet consensus of $1.78. Top-line revenue came in at $829 million compared with consensus of $807 million. Similar to peers, net interest income, or NII, came in a bit stronger than expected while fees and expenses were roughly in line. Fiduciary fees managed to grow in the quarter, despite overall market pressure, and commercial lending fees recovered nicely. Updated guidance for fees was roughly in line with the previous guide and also in line with our expectations, however, the expense outlook is starting to creep up. The guide increased to a range of 4%-5%, up from low single digits previously. Management highlighted extra inflationary pressure in its remarks, with expectations that this could continue in 2023, and we plan to adjust our expense forecast up slightly to account for this.  

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Company Profile CMA

Business Description

Comerica is a financial services company headquartered in Dallas. It is primarily focused on relationship-based commercial banking. In addition to Texas, Comerica's other primary geographies are California and Michigan, with locations also in Arizona and Florida and select businesses operating in several other states as well as Canada.

1717 Main Street, Comerica Bank Tower, MC 6404
Dallas, TX, 75201
T +1 214 462-6831
Industry Banks - Regional
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 7,611

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