Q2 2023 EPS Estimates for Canadian Imperial Bank of Commerce Reduced by Analyst (TSE:CM)

Canadian Imperial Bank of Commerce (TSE:CM – Get Rating) (NYSE:CM) – Stock analysts at Cormark dropped their Q2 2023 earnings per share estimates for shares of Canadian Imperial Bank of Commerce in a research report issued to clients and investors on Tuesday, May 23rd. Cormark analyst L. Persaud now anticipates that the company will earn $1.71 per share for the quarter, down from their prior estimate of $1.77. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $6.95 per share. Cormark also issued estimates for Canadian Imperial Bank of Commerce’s FY2023 earnings at $6.92 EPS and FY2024 earnings at $7.13 EPS.

Canadian Imperial Bank of Commerce (TSE:CM – Get Rating) (NYSE:CM) last posted its earnings results on Friday, February 24th. The company reported C$1.94 EPS for the quarter, beating analysts’ consensus estimates of C$1.66 by C$0.28. The firm had revenue of C$5.93 billion during the quarter. Canadian Imperial Bank of Commerce had a return on equity of 9.89% and a net margin of 22.77%.

A number of other equities analysts have also recently commented on CM. Royal Bank of Canada lifted their price target on shares of Canadian Imperial Bank of Commerce from C$70.00 to C$89.00 in a research note on Monday, March 27th. National Bankshares dropped their price objective on Canadian Imperial Bank of Commerce from C$64.00 to C$62.00 in a report on Thursday, May 18th. Scotiabank increased their target price on Canadian Imperial Bank of Commerce from C$65.00 to C$66.00 in a research note on Monday, February 27th. Fundamental Research set a C$73.83 target price on shares of Canadian Imperial Bank of Commerce and gave the company a “buy” rating in a research note on Tuesday, March 14th. Finally, TD Securities upped their price target on shares of Canadian Imperial Bank of Commerce from C$59.00 to C$62.00 and gave the stock a “hold” rating in a report on Monday, February 27th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of C$66.37.

Canadian Imperial Bank of Commerce Trading Up 2.0 %

Shares of CM opened at C$56.78 on Thursday. Canadian Imperial Bank of Commerce has a twelve month low of C$53.58 and a twelve month high of C$71.10. The company’s fifty day simple moving average is C$56.70 and its 200-day simple moving average is C$58.72. The company has a market cap of C$51.76 billion, a P/E ratio of 11.31, a P/E/G ratio of 27.22 and a beta of 1.04.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In other news, Director Victor George Dodig purchased 34,850 shares of the firm’s stock in a transaction on Thursday, March 16th. The stock was acquired at an average cost of C$57.65 per share, with a total value of C$2,009,102.50. Insiders own 0.06% of the company’s stock.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 28th. Investors of record on Wednesday, June 28th will be paid a $0.87 dividend. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.85. This represents a $3.48 dividend on an annualized basis and a yield of 6.13%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 67.73%.

About Canadian Imperial Bank of Commerce

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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.