Cormark Equities Analysts Reduce Earnings Estimates for CM

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) – Analysts at Cormark dropped their FY2024 earnings per share (EPS) estimates for Canadian Imperial Bank of Commerce in a research note issued to investors on Monday, November 25th. Cormark analyst L. Persaud now expects that the bank will earn $5.25 per share for the year, down from their prior forecast of $5.37. Cormark has a “Moderate Buy” rating on the stock. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $5.27 per share. Cormark also issued estimates for Canadian Imperial Bank of Commerce’s Q4 2024 earnings at $1.30 EPS and FY2025 earnings at $5.52 EPS.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating 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 business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same period last year, the firm posted $1.14 EPS. The company’s revenue was up 12.9% on a year-over-year basis.

CM has been the subject of several other research reports. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research 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 research 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 given a buy rating to the company’s 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 Price Performance

Shares of NYSE:CM opened at $64.68 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $61.10 billion, a price-to-earnings ratio of 12.71, a P/E/G ratio of 1.71 and a beta of 1.06. The firm has a fifty day moving average price of $62.72 and a 200 day moving average price of $55.40. Canadian Imperial Bank of Commerce has a fifty-two week low of $37.97 and a fifty-two week high of $65.89.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Ridgewood Investments LLC purchased a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at $29,000. BNP Paribas Financial Markets bought a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $44,000. Blue Trust Inc. boosted its position in Canadian Imperial Bank of Commerce by 571.6% in the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after buying an additional 623 shares during the period. Whittier Trust Co. of Nevada Inc. bought a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth about $51,000. Finally, Massmutual Trust Co. FSB ADV grew its stake 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 acquiring an additional 171 shares in the last quarter. 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.