Q4 Results Come in as Expected for Comerica, Even as Deposit Costs Shoot Higher

Narrow-moat-rated Comerica reported fourth-quarter earnings per share of $2.58, roughly in line with the FactSet consensus of $2.55 and a bit below our own estimate of $2.78. Top-line revenue came in at $1,020 million, in line with both consensus and our own estimate, while expenses of $541 million essentially matched our own estimate of $539 million. As such, this quarter largely turned out as expected.