Cormark Has Pessimistic Outlook of CM FY2024 Earnings

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) – Stock analysts at Cormark dropped their FY2024 earnings per share (EPS) estimates for Canadian Imperial Bank of Commerce in a research report issued to clients and investors on Monday, November 25th. Cormark analyst L. Persaud now forecasts that the bank will earn $5.25 per share for the year, down from their prior forecast of $5.37. Cormark currently 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.

Several other equities research analysts have also weighed in on CM. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Finally, 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. Two 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $64.74 on Wednesday. Canadian Imperial Bank of Commerce has a one year low of $37.97 and a one year high of $65.89. The company has a 50-day simple moving average of $62.58 and a two-hundred day simple moving average of $55.27. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $61.15 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 1.71 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same period last year, the company posted $1.14 EPS. The company’s quarterly revenue was up 12.9% compared to the same quarter last year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were given a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.03%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.46%.

Institutional Trading of Canadian Imperial Bank of Commerce

Several institutional investors have recently added to or reduced their stakes in CM. Toronto Dominion Bank lifted its holdings in shares of Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after purchasing an additional 3,942,894 shares in the last quarter. Cetera Advisors LLC bought a new position in Canadian Imperial Bank of Commerce during the 1st quarter valued at about $1,278,000. Legal & General Group Plc boosted its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% during the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock valued at $342,946,000 after acquiring an additional 228,130 shares during the last quarter. Ritholtz Wealth Management grew its stake in shares of Canadian Imperial Bank of Commerce by 140.6% in the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock worth $878,000 after acquiring an additional 8,362 shares during the period. Finally, CIBC Asset Management Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after purchasing an additional 375,837 shares during the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

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.