Cormark Has Bullish Estimate for TSE:CM FY2024 Earnings

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) – Cormark upped their FY2024 earnings per share (EPS) estimates for shares of Canadian Imperial Bank of Commerce in a research note issued on Monday, November 25th. Cormark analyst L. Persaud now anticipates that the company will earn $7.29 per share for the year, up from their prior estimate of $7.26. Cormark has a “Buy” rating and a $83.00 price target on the stock. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $6.41 per share. Cormark also issued estimates for Canadian Imperial Bank of Commerce’s FY2026 earnings at $8.22 EPS.

Several other research analysts also recently weighed in on the company. Canaccord Genuity Group increased their price target on Canadian Imperial Bank of Commerce from C$81.00 to C$92.00 in a research note on Tuesday, November 19th. TD Securities raised their target price on Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research note on Friday, November 15th. Scotiabank lifted their price target on Canadian Imperial Bank of Commerce from C$85.00 to C$108.00 in a research report on Monday. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a report on Monday, November 18th. Finally, Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and raised their price objective for the company from C$74.00 to C$90.00 in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of C$87.17.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at C$90.70 on Tuesday. The firm has a market cap of C$85.71 billion, a PE ratio of 13.13, a P/E/G ratio of 3.03 and a beta of 1.12. Canadian Imperial Bank of Commerce has a 1 year low of C$51.60 and a 1 year high of C$92.17. The stock has a fifty day moving average price of C$86.21 and a 200-day moving average price of C$75.20.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last announced its earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of C$1.75 by C$0.18. Canadian Imperial Bank of Commerce had a return on equity of 12.37% and a net margin of 29.56%. The firm had revenue of C$6.60 billion during the quarter, compared to analyst estimates of C$6.31 billion.

Insider Activity

In related news, Director Harry Kenneth Culham sold 50,000 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of C$83.42, for a total transaction of C$4,170,750.00. Also, Senior Officer Christina Charlotte Kramer sold 37,022 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of C$83.40, for a total value of C$3,087,634.80. Over the last three months, insiders have sold 203,057 shares of company stock valued at $16,823,249. Company insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were paid a dividend of $0.90 per share. The ex-dividend date was Friday, September 27th. This represents a $3.60 annualized dividend and a dividend yield of 3.97%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.10%.

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.