CM FY2024 EPS Lowered by National Bank Financial

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) – Stock analysts at National Bank Financial decreased their FY2024 earnings per share (EPS) estimates for shares of Canadian Imperial Bank of Commerce in a research note issued on Tuesday, November 19th. National Bank Financial analyst G. Dechaine now anticipates that the bank will post earnings per share of $5.23 for the year, down from their prior forecast of $5.39. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $5.27 per share. National Bank Financial also issued estimates for Canadian Imperial Bank of Commerce’s Q4 2024 earnings at $1.28 EPS and FY2025 earnings at $5.71 EPS.

A number of other research analysts also recently issued reports on CM. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. BMO Capital Markets increased their target price 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. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Finally, StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $65.42 on Friday. The stock has a 50 day moving average of $62.44 and a 200 day moving average of $55.00. The company has a market capitalization of $61.80 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 1.71 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12 month low of $37.97 and a 12 month high of $65.54. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, beating 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 company had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter in the prior year, the company posted $1.14 earnings per share. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of large investors have recently made changes to their positions in CM. Toronto Dominion Bank lifted its holdings in Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after purchasing an additional 3,942,894 shares in the last quarter. National Bank of Canada FI boosted its position in shares of Canadian Imperial Bank of Commerce by 26.8% in the second quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock valued at $867,377,000 after acquiring an additional 3,875,280 shares during the period. Cibc World Market Inc. grew its stake in Canadian Imperial Bank of Commerce by 18.9% during the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock valued at $938,834,000 after acquiring an additional 3,143,734 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in Canadian Imperial Bank of Commerce by 61.7% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank’s stock worth $334,321,000 after acquiring an additional 2,681,428 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Canadian Imperial Bank of Commerce by 14.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after purchasing an additional 1,305,665 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

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 issued a $0.652 dividend. This represents a $2.61 annualized dividend and a yield of 3.99%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.26%.

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.