Canadian Imperial Bank of Commerce to Post FY2024 Earnings of $5.29 Per Share, Desjardins Forecasts (NYSE:CM)

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) – Desjardins boosted their FY2024 EPS estimates for shares of Canadian Imperial Bank of Commerce in a research report issued to clients and investors on Thursday, August 29th. Desjardins analyst D. Young now anticipates that the bank will post earnings per share of $5.29 for the year, up from their previous estimate of $5.12. Desjardins currently has a “Moderate Buy” rating on the stock. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $5.57 per share. Desjardins also issued estimates for Canadian Imperial Bank of Commerce’s Q4 2024 earnings at $1.23 EPS and FY2025 earnings at $5.51 EPS.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.63% and a net margin of 10.66%. The company’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.14 earnings per share.

A number of other equities research analysts have also weighed in on the stock. UBS Group began coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They issued a “neutral” rating for the company. BMO Capital Markets upped their price target on shares of 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. Keefe, Bruyette & Woods upgraded Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. Finally, Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $57.91 on Monday. The company has a market capitalization of $54.61 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 2.17 and a beta of 1.06. The business has a 50 day moving average of $51.16 and a 200 day moving average of $49.49. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06. Canadian Imperial Bank of Commerce has a 1-year low of $34.35 and a 1-year high of $59.10.

Institutional Trading of Canadian Imperial Bank of Commerce

Several large investors have recently bought and sold shares of CM. Creative Planning raised its stake in Canadian Imperial Bank of Commerce by 16.4% during the second quarter. Creative Planning now owns 59,822 shares of the bank’s stock valued at $2,844,000 after buying an additional 8,426 shares during the last quarter. Ninepoint Partners LP purchased a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter valued at $97,000. Legal & General Group Plc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% during the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock valued at $342,946,000 after purchasing an additional 228,130 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Canadian Imperial Bank of Commerce by 4.2% in the second quarter. Mackenzie Financial Corp now owns 5,127,005 shares of the bank’s stock worth $243,813,000 after acquiring an additional 206,283 shares during the period. Finally, APG Asset Management N.V. raised its holdings in shares of Canadian Imperial Bank of Commerce by 238.3% during the second quarter. APG Asset Management N.V. now owns 101,082 shares of the bank’s stock valued at $4,484,000 after purchasing an additional 71,200 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.50%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is 53.50%.

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.