Canadian Imperial Bank of Commerce (NYSE:CM) to Post FY2024 Earnings of $5.12 Per Share, Cormark Forecasts

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 Thursday, August 31st. Cormark analyst L. Persaud now expects that the bank will post earnings of $5.12 per share for the year, down from their previous forecast of $5.19. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $5.13 per share.

Other research analysts have also recently issued research reports about the company. StockNews.com began coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, August 17th. They set a “hold” rating on the stock. CIBC raised Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research report on Tuesday, May 9th. BMO Capital Markets cut their target price on Canadian Imperial Bank of Commerce from $69.00 to $65.00 and set an “outperform” rating on the stock in a research report on Friday. Barclays cut their target price on Canadian Imperial Bank of Commerce from $58.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Friday. Finally, Royal Bank of Canada cut their target price on Canadian Imperial Bank of Commerce from $72.00 to $67.00 and set a “sector perform” rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Hold” and an average target price of $63.00.

Canadian Imperial Bank of Commerce Trading Up 0.5 %

NYSE CM opened at $39.82 on Monday. The company has a market cap of $36.80 billion, a price-to-earnings ratio of 10.06, a P/E/G ratio of 1.56 and a beta of 1.00. Canadian Imperial Bank of Commerce has a 52 week low of $39.11 and a 52 week high of $49.95. The business has a 50 day moving average price of $41.98 and a 200-day moving average price of $42.46. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Thursday, September 28th will be given a dividend of $0.657 per share. This represents a $2.63 dividend on an annualized basis and a dividend yield of 6.60%. The ex-dividend date is Wednesday, September 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.64. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 64.65%.

Institutional Trading of Canadian Imperial Bank of Commerce

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ridgewood Investments LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at $25,000. Banque Cantonale Vaudoise raised its stake in shares of Canadian Imperial Bank of Commerce by 67.6% during the 4th quarter. Banque Cantonale Vaudoise now owns 744 shares of the bank’s stock valued at $30,000 after purchasing an additional 300 shares during the period. Pacifica Partners Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 65.9% during the 1st quarter. Pacifica Partners Inc. now owns 846 shares of the bank’s stock valued at $36,000 after purchasing an additional 336 shares during the period. GPS Wealth Strategies Group LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at $41,000. Finally, NewEdge Advisors LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 277.9% during the 1st quarter. NewEdge Advisors LLC now owns 1,126 shares of the bank’s stock valued at $48,000 after purchasing an additional 828 shares during the period. 43.72% of the stock is currently owned by institutional investors.

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.