Why Comerica Shares Are Trading Lower Today
Portfolio Pulse from Nabaparna Bhattacharya
Comerica Incorporated reported Q3 2023 revenues of $896 million, beating the consensus of $878.71 million. However, net interest income slumped 15% to $601 million from $707 million a year ago. Average loans increased 5.6% to $53.99 billion, while average deposits declined 10.9% to $65.88 billion. The company's shares are trading lower by 6.56% at $38.77.
October 20, 2023 | 4:03 pm
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Despite beating revenue estimates, Comerica's shares are trading lower due to a 15% slump in net interest income.
Comerica's shares are trading lower due to a significant drop in net interest income, despite beating revenue estimates. This indicates that investors are concerned about the company's profitability, which is reflected in the stock price.
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