Comerica Inc (CMA)

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.