Goldman Sachs is out with its report today on Comerica CMA, maintaining Neutral.
In a note to clients, Goldman Sachs writes, "Comerica reported 2Q EPS of $0.53. Excluding securities gains and merger related expenses, we peg core EPS at $0.54 – a penny higher than our estimate and consensus. Provision came in lower than expected, but was largely offset by lower than expected NII as NIM compressed 11 bp from the prior quarter given the extended low rate environment. C&I loans grew 3.2% qoq but total loans were flat – yet another quarter of disappointing loan growth for CMA. 2Q results at CMA were relatively in line with our expectations. We view the C&I loan growth and continued improvement in credit as positives but remain concerned at the rate of compression on loan yields."
At the time of posting, shares of CMA were trading at $32.10, down 0.65% from Monday's close.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in