Analysts Issue Forecasts for Canadian Imperial Bank of Commerce’s Q3 2024 Earnings (NYSE:CM)

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) – Equities research analysts at National Bank Financial dropped their Q3 2024 earnings per share (EPS) estimates for shares of Canadian Imperial Bank of Commerce in a research report issued on Thursday, August 15th. National Bank Financial analyst G. Dechaine now expects that the bank will earn $1.27 per share for the quarter, down from their prior estimate of $1.30. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $5.05 per share. National Bank Financial also issued estimates for Canadian Imperial Bank of Commerce’s Q4 2024 earnings at $1.20 EPS and FY2024 earnings at $5.07 EPS.

CM has been the subject of several other research reports. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. Finally, UBS Group started coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They set a “neutral” rating for the company. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $67.00.

Canadian Imperial Bank of Commerce Trading Up 2.1 %

NYSE CM opened at $52.58 on Monday. The company has a 50 day moving average price of $49.38 and a 200 day moving average price of $48.62. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15. Canadian Imperial Bank of Commerce has a 52 week low of $34.35 and a 52 week high of $52.64. The firm has a market cap of $49.59 billion, a PE ratio of 10.82, a price-to-earnings-growth ratio of 1.99 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, May 30th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. The business had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $4.48 billion.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 29th. Stockholders of record on Friday, June 28th were given a dividend of $0.653 per share. This represents a $2.61 annualized dividend and a dividend yield of 4.97%. The ex-dividend date of this dividend was Friday, June 28th. Canadian Imperial Bank of Commerce’s payout ratio is presently 54.12%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Large investors have recently modified their holdings of the business. Ridgewood Investments LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $29,000. Glassman Wealth Services boosted its position in shares of Canadian Imperial Bank of Commerce by 57.5% during the fourth quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock worth $33,000 after buying an additional 253 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Canadian Imperial Bank of Commerce by 574.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock worth $51,000 after buying an additional 908 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at $51,000. Finally, Principal Securities Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $64,000. Institutional investors and hedge funds 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.