Equities Analysts Issue Forecasts for Canadian Imperial Bank of Commerce’s Q2 2023 Earnings (NYSE:CM)

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) – Equities researchers at Cormark dropped their Q2 2023 EPS estimates for shares of Canadian Imperial Bank of Commerce in a note issued to investors on Tuesday, May 23rd. Cormark analyst L. Persaud now forecasts that the bank will earn $1.27 per share for the quarter, down from their prior forecast of $1.31. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $5.22 per share. Cormark also issued estimates for Canadian Imperial Bank of Commerce’s FY2023 earnings at $5.12 EPS and FY2024 earnings at $5.28 EPS.

Several other analysts also recently commented on CM. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Friday. Royal Bank of Canada upped their target price on shares of Canadian Imperial Bank of Commerce from $69.00 to $70.00 and gave the company a “sector perform” rating in a research note on Monday, February 27th. Canaccord Genuity Group upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research note on Wednesday, May 10th. Finally, CIBC upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research note on Tuesday, May 9th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and an average target price of $74.14.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $41.66 on Thursday. Canadian Imperial Bank of Commerce has a one year low of $39.40 and a one year high of $56.68. The company’s 50-day moving average is $41.94 and its 200 day moving average is $43.49. The company has a market capitalization of $38.23 billion, a price-to-earnings ratio of 10.57, a price-to-earnings-growth ratio of 1.59 and a beta of 1.01. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) last announced its quarterly earnings data on Friday, February 24th. The bank reported $1.44 EPS for the quarter, beating the consensus estimate of $1.23 by $0.21. Canadian Imperial Bank of Commerce had a net margin of 12.75% and a return on equity of 14.51%. The company had revenue of $4.40 billion for the quarter.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently made changes to their positions in the business. Raleigh Capital Management Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce by 42.2% in the 1st quarter. Raleigh Capital Management Inc. now owns 23,115 shares of the bank’s stock worth $981,000 after purchasing an additional 6,863 shares during the period. Ameriprise Financial Inc. increased its holdings in Canadian Imperial Bank of Commerce by 22.8% in the 1st quarter. Ameriprise Financial Inc. now owns 96,086 shares of the bank’s stock worth $5,132,000 after acquiring an additional 17,836 shares in the last quarter. Power Corp of Canada increased its holdings in Canadian Imperial Bank of Commerce by 123.9% in the 1st quarter. Power Corp of Canada now owns 90,363 shares of the bank’s stock worth $3,786,000 after acquiring an additional 49,999 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Canadian Imperial Bank of Commerce by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 5,252,884 shares of the bank’s stock worth $222,828,000 after acquiring an additional 471,370 shares in the last quarter. Finally, Harvest Portfolios Group Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the 1st quarter valued at approximately $2,341,000. Institutional investors own 44.40% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

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Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.