Comerica Incorporated (NYSE:CMA) shares are trading higher after the company reported better-than-expected fourth-quarter 2022 earnings per share results.
On Thursday, Comerica reported its earnings results for the fourth quarter. The company reported quarterly earnings of $350 million, $2.58 per share. This figure beats analyst consensus estimates of $2.55 by 1.18% and is a 55.42% increase from last year’s period.
Curtis C. Farmer, Comerica Chairman, and CEO noted, “Average loans grew $1.3 billion, or over 2%, and we modestly increased reserves consistent with loan growth and the softening economic outlook.”
Comerica reported an annual net income of $1.2 billion with a earnings per share figure of $8.47.
Comerica is a financial services company headquartered in Dallas. It is primarily focused on relationship-based commercial banking.
According to data from Benzinga Pro, Comerica shares are up 5.93%, trading at $69.85. It has a 52-week high of $102.09 and a 52-week low of $62.83.
