Brokers Set Expectations for Canadian Imperial Bank of Commerce’s FY2023 Earnings (TSE:CM)

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) – Investment analysts at National Bank Financial reduced their FY2023 earnings estimates for Canadian Imperial Bank of Commerce in a research report issued to clients and investors on Thursday, August 31st. National Bank Financial analyst G. Dechaine now forecasts that the company will earn $6.75 per share for the year, down from their previous forecast of $7.00. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $7.09 per share. National Bank Financial also issued estimates for Canadian Imperial Bank of Commerce’s Q4 2023 earnings at $1.60 EPS and FY2024 earnings at $6.90 EPS.

A number of other brokerages have also commented on CM. Canaccord Genuity Group boosted their target price on Canadian Imperial Bank of Commerce from C$62.00 to C$64.00 and gave the company a “buy” rating in a research report on Monday, July 24th. CSFB cut their target price on Canadian Imperial Bank of Commerce from C$57.00 to C$56.00 and set a “neutral” rating on the stock in a report on Friday. Scotiabank decreased their price target on shares of Canadian Imperial Bank of Commerce from C$66.00 to C$62.00 and set a “sector perform” rating for the company in a research note on Monday, August 21st. Fundamental Research set a C$69.38 price objective on shares of Canadian Imperial Bank of Commerce and gave the stock a “buy” rating in a report on Tuesday, June 6th. Finally, Royal Bank of Canada decreased their target price on shares of Canadian Imperial Bank of Commerce from C$72.00 to C$67.00 and set a “sector perform” rating for the company in a research report on Friday. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of C$63.06.

Canadian Imperial Bank of Commerce Trading Up 1.2 %

CM opened at C$54.16 on Monday. The company has a market cap of C$49.70 billion, a P/E ratio of 10.44, a price-to-earnings-growth ratio of 31.58 and a beta of 1.02. The company has a fifty day moving average price of C$55.99 and a two-hundred day moving average price of C$57.11. Canadian Imperial Bank of Commerce has a 1-year low of C$53.01 and a 1-year high of C$65.24.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Thursday, September 28th will be paid a $0.87 dividend. The ex-dividend date is Wednesday, September 27th. This represents a $3.48 annualized dividend and a yield of 6.43%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 67.05%.

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.