What's Going On With Comerica Shares Today
Portfolio Pulse from Lekha Gupta
Comerica Inc reported Q2 2023 revenues of $924 million, beating the consensus of $902.8 million. Net interest income rose to $621 million from $561 million a year ago, with net interest margin rising to 2.93% from 2.70%. EPS of $2.01 beat the consensus of $1.86. Average loans increased to $55.4 billion from $50.0 billion on broad-based growth in most lines of business. However, average deposits declined to $64.3 billion from $77.6 billion on lower noninterest-bearing deposits. Despite the positive report, CMA shares are trading lower by 1.44% at $52.17.
July 21, 2023 | 2:11 pm
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NEGATIVE IMPACT
Despite beating Q2 2023 revenue and EPS consensus, Comerica Inc's shares are trading lower. The company reported an increase in net interest income and average loans, but a decline in average deposits.
Comerica Inc reported better than expected Q2 2023 results with increases in revenue, net interest income, and average loans. However, the company also reported a decline in average deposits. Despite the positive earnings report, the stock is trading lower, which could be due to market factors or investor sentiment not fully reflected in the earnings report.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100