Cormark Comments on Canadian Imperial Bank of Commerce’s Q2 2024 Earnings (NYSE:CM)

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) – Investment analysts at Cormark issued their Q2 2024 earnings per share (EPS) estimates for shares of Canadian Imperial Bank of Commerce in a report released on Wednesday, May 22nd. Cormark analyst L. Persaud anticipates that the bank will post earnings per share of $1.21 for the quarter. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $5.03 per share. Cormark also issued estimates for Canadian Imperial Bank of Commerce’s FY2024 earnings at $4.98 EPS and FY2025 earnings at $5.23 EPS.

Several other research firms have also commented on CM. Jefferies Financial Group began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They set a “buy” rating on the stock. Barclays assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They set an “underweight” rating for the company. Finally, Scotiabank raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and an average target price of $63.00.

Canadian Imperial Bank of Commerce Trading Up 0.8 %

Shares of Canadian Imperial Bank of Commerce stock opened at $48.57 on Friday. The firm has a market capitalization of $45.55 billion, a PE ratio of 10.04, a P/E/G ratio of 2.21 and a beta of 1.07. Canadian Imperial Bank of Commerce has a twelve month low of $34.35 and a twelve month high of $51.14. The firm’s 50-day moving average price is $48.83 and its 200 day moving average price is $46.27. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, February 29th. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.47 billion.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 29th. Investors of record on Thursday, March 28th were given a $0.6634 dividend. The ex-dividend date was Wednesday, March 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. This represents a $2.65 dividend on an annualized basis and a yield of 5.46%. Canadian Imperial Bank of Commerce’s payout ratio is 54.75%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP raised its holdings in shares of Canadian Imperial Bank of Commerce by 187.3% in the third quarter. Wellington Management Group LLP now owns 266,581 shares of the bank’s stock valued at $10,338,000 after buying an additional 173,801 shares during the last quarter. CenterBook Partners LP purchased a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at about $4,509,000. American Century Companies Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 8.7% in the third quarter. American Century Companies Inc. now owns 177,501 shares of the bank’s stock valued at $6,852,000 after buying an additional 14,141 shares during the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Canadian Imperial Bank of Commerce by 177.6% in the third quarter. Public Sector Pension Investment Board now owns 990,605 shares of the bank’s stock valued at $38,415,000 after buying an additional 633,770 shares during the last quarter. Finally, Bank of Nova Scotia Trust Co. raised its holdings in shares of Canadian Imperial Bank of Commerce by 20.4% in the third quarter. Bank of Nova Scotia Trust Co. now owns 563,792 shares of the bank’s stock valued at $21,768,000 after buying an additional 95,463 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

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.