Research Analysts Offer Predictions for CM FY2024 Earnings

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) – Equities research analysts at Cormark cut their FY2024 earnings per share (EPS) estimates for Canadian Imperial Bank of Commerce in a report released on Monday, November 25th. Cormark analyst L. Persaud now forecasts that the bank will earn $5.25 per share for the year, down from their prior forecast of $5.37. Cormark has a “Moderate Buy” rating on the stock. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $5.27 per share. Cormark also issued estimates for Canadian Imperial Bank of Commerce’s Q4 2024 earnings at $1.30 EPS and FY2025 earnings at $5.52 EPS.

Other analysts have also issued reports about the stock. BMO Capital Markets increased their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Finally, Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $64.68 on Wednesday. The stock has a market capitalization of $61.10 billion, a P/E ratio of 12.71, a price-to-earnings-growth ratio of 1.71 and a beta of 1.06. Canadian Imperial Bank of Commerce has a one year low of $37.97 and a one year high of $65.89. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The business’s 50 day simple moving average is $62.72 and its two-hundred day simple moving average is $55.40.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The firm had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. During the same period last year, the firm earned $1.14 earnings per share. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Institutional investors have recently modified their holdings of the business. Ridgewood Investments LLC purchased a new stake in Canadian Imperial Bank of Commerce in the second quarter worth approximately $29,000. BNP Paribas Financial Markets purchased a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth $44,000. Blue Trust Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after acquiring an additional 623 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at $51,000. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in Canadian Imperial Bank of Commerce by 23.1% in the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after acquiring an additional 171 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

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.