Desjardins Has Optimistic Outlook of TSE:CM FY2024 Earnings

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) – Stock analysts at Desjardins raised their FY2024 earnings estimates for shares of Canadian Imperial Bank of Commerce in a research note issued to investors on Friday, November 1st. Desjardins analyst D. Young now expects that the company will earn $7.26 per share for the year, up from their prior forecast of $7.15. Desjardins currently has a “Buy” rating and a $83.00 target price on the stock. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $6.41 per share.

A number of other equities research analysts also recently weighed in on CM. Cormark raised Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and raised their price objective for the company from C$75.00 to C$83.00 in a research report on Friday, August 30th. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and boosted their price target for the stock from C$74.00 to C$90.00 in a research report on Friday, August 30th. BMO Capital Markets upped their price target on Canadian Imperial Bank of Commerce from C$77.00 to C$81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Canaccord Genuity Group boosted their price objective on Canadian Imperial Bank of Commerce from C$74.00 to C$75.00 in a report on Tuesday, August 13th. Finally, Jefferies Financial Group dropped their price target on shares of Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$79.15.

Canadian Imperial Bank of Commerce Stock Performance

CM stock opened at C$88.23 on Monday. The company’s fifty day moving average price is C$82.54 and its 200-day moving average price is C$72.59. Canadian Imperial Bank of Commerce has a one year low of C$51.43 and a one year high of C$88.56. The company has a market capitalization of C$83.37 billion, a PE ratio of 12.77, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$1.75 by C$0.18. Canadian Imperial Bank of Commerce had a net margin of 29.56% and a return on equity of 12.37%. The company had revenue of C$6.60 billion during the quarter, compared to analysts’ expectations of C$6.31 billion.

Canadian Imperial Bank of Commerce Dividend Announcement

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 $0.90 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $3.60 annualized dividend and a dividend yield of 4.08%. Canadian Imperial Bank of Commerce’s payout ratio is 52.10%.

Insider Buying and Selling

In related news, Director Harry Kenneth Culham sold 800 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of C$83.20, for a total value of C$66,560.00. In related news, Senior Officer Shawn Beber sold 10,000 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of C$81.80, for a total transaction of C$817,960.00. Also, Director Harry Kenneth Culham sold 800 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of C$83.20, for a total value of C$66,560.00. In the last ninety days, insiders sold 203,057 shares of company stock worth $16,823,249. 0.02% of the stock is currently owned by insiders.

About Canadian Imperial Bank of Commerce

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.