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.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100