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0.44%
-0.32
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Why is Comerica Inc (CMA) Stock down?
We've noticed a 10.49% decline in Comerica Inc (CMA) stock during the 2024-07-19 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
20 Oct, 2023:
Comerica Incorporated (CMA) dropped by 8.53% from $41.49 to $37.95 in the trading on Friday October 20, 2023. The reason why CMA stock down today is due to the Q3 FY23 results. Comerica reported a lower Q3 profit than a year ago, although the number was higher than Wall Street had expected. It seemed to weigh on the stock as did the broader market sell-off, causing CMA stock down today.
- Revenues of $896 million, beating the consensus of $878.71 million; EPS of $1.84, beating the consensus of $1.69.
- Net interest income slumped 15% to $601 million from $707 million a year ago, with net interest margin falling to 2.84% from 3.51%.
- Q4 guidance: Q4 guidance highlighted expectations for weaker net interest income as it becomes more selective on who it lends to. Noninterest income is also expected to drop Q/Q due to muted capital markets and weaker results from its bank-owned life insurance.
0.37%
4.17%
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