Interest rate pressure and a lost government contract outweighed a better-than-expected quarter. Comerica (CMA -10.92%) topped quarterly expectations in its latest earnings report, but the bank delivered a couple of surprises that left investors feeling less confident about what lies ahead. Wall Street is mostly focused on the negative, sending Comerica shares down about 12% as of noon ET. Better, but not great Bank stock investors have had a lot to digest so far in 2024. The Federal Reserve's push to fight ...

The allowance for credit losses was $717 million, down 1.5% from the year-ago quarter. FNB's results were primarily affected by higher provisions, higher expenses and lower NII. Nonetheless, a higher non-interest income and a rise in average loans and deposit balances offered some support. As of Jun 30, 2024, Total loans increased 2% on a sequential basis to $51.9 billion. However, total deposits decreased 1.8% from the previous quarter to $62.5 billion. First Horizon Corporation's (FHN) adjusted earnings p ...

Key Takeaways Shares of Comerica (CMA) tumbled Friday despite second-quarter results beating estimates, as the regional bank said it has been informed by the U.S. Treasury that it likely won't be selected to continue exclusively providing the Direct Express card. Comerica's net income fell to $206 million from $273 million in the same quarter last year, but topped the $165.4 million consensus estimate of analysts compiled by Visible Alpha. The Treasury has given Comerica preliminary notice that it likely wo ...

Comerica Incorporated (NYSE:CMA) Q2 2024 Earnings Conference Call July 19, 2024 8:00 AM ET Company Participants Kelly Gage - Director, Investor Relations Curt Farmer - President, Chairman & Chief Executive Officer Jim Herzog - Chief Financial Officer Peter Sefzik - Chief Banking Officer Melinda Chausse - Chief Credit Officer Conference Call Participants Ken Usdin - Jefferies Chris McGratty - KBW Bernard Von Gizycki - Deutsche Bank Mike Mayo - Wells Fargo Manan Gosalia - Morgan Stanley Samuel Varga - UBS Ope ...

For the quarter ended June 2024, Comerica Incorporated (CMA) reported revenue of $824 million, down 10.8% over the same period last year. EPS came in at $1.53, compared to $2.01 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $812.79 million, representing a surprise of +1.38%. The company delivered an EPS surprise of +28.57%, with the consensus EPS estimate being $1.19. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

Over the last four quarters, the company has surpassed consensus EPS estimates four times. Comerica shares have added about 0.9% since the beginning of the year versus the S&P 500's gain of 16.2%. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimat ...

DATE: Friday, July 19, 2024 TIME: 7 a.m. CT / 8 a.m. ET PARTICIPANT DIAL-IN: (877) 484-6065 OR (201) 689-8846 REPLAY INFORMATION: A replay (accessible for at least 10 days) of the call is expected to be available approximately one hour after the live webcast on the Investor Relations Presentations and Events page on www.comerica.com. As previously announced, Comerica will host a conference call to review the second quarter 2024 financial results. Interested parties may access the call and supplemental mater ...

SECOND QUARTER 2024 NET INCOME OF $206 MILLION, $1.49 PER SHARE Period-End Loan Growth and Continued Strong Credit Quality Successful Execution of Expense Management and Fee Income Initiatives Impact of Notable Items to Financial Results The following table reconciles adjusted diluted earnings per common share, net income attributable to common shareholders and return ratios. See Reconciliations of Non-GAAP Financial Measures and Regulatory Ratios for additional information. (a) The planned cessation of the ...

Comerica's earnings for the first quarter of 2024 surpassed the Zacks Consensus Estimate by 14.2%. Results were primarily aided by the bank's strong capital ratios, indicating its availability of adequate capital to use to deal with any unexpected losses. However, a decline in revenues and higher expenses were major headwinds. The company's activities in the to-be-reported quarter were unable to instill analysts' confidence in the stock. The Zacks Consensus Estimate for second-quarter earnings of $1.19 per ...

Revenues are expected to be $813.64 million, down 11.9% from the year-ago quarter. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. A positi ...