Research Analysts Issue Forecasts for CM FY2024 Earnings

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) – Investment analysts at National Bank Financial reduced their FY2024 EPS estimates for Canadian Imperial Bank of Commerce in a research report issued to clients and investors on Tuesday, November 19th. National Bank Financial analyst G. Dechaine now anticipates that the bank will post earnings per share of $5.23 for the year, down from their prior forecast of $5.39. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $5.27 per share. National Bank Financial also issued estimates for Canadian Imperial Bank of Commerce’s Q4 2024 earnings at $1.28 EPS and FY2025 earnings at $5.71 EPS.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The company had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same period in the previous year, the firm posted $1.14 EPS. The firm’s revenue was up 12.9% compared to the same quarter last year.

A number of other brokerages have also recently issued reports on CM. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. BMO Capital Markets raised their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Finally, Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Trading Up 0.3 %

Shares of CM opened at $65.42 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a fifty-two week low of $37.97 and a fifty-two week high of $65.54. The firm has a 50 day moving average price of $62.44 and a 200-day moving average price of $55.00. The firm has a market cap of $61.80 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 1.71 and a beta of 1.06.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were paid a $0.652 dividend. This represents a $2.61 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is 52.26%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently made changes to their positions in CM. Ridgewood Investments LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter valued at $29,000. BNP Paribas Financial Markets bought a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter worth approximately $44,000. Blue Trust Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 571.6% during the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after purchasing an additional 623 shares during the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $51,000. Finally, Massmutual Trust Co. FSB ADV grew its position in Canadian Imperial Bank of Commerce by 23.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock worth $56,000 after purchasing an additional 171 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.