Canadian Imperial Bank of Commerce (NYSE:CM) Releases Quarterly Earnings Results, Misses Expectations By $1.15 EPS

Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) issued its quarterly earnings results on Thursday. The bank reported $1.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.92 by ($1.15), Briefing.com reports. Canadian Imperial Bank of Commerce had a return on equity of 16.72% and a net margin of 28.15%. The company had revenue of $5.38 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter in the previous year, the business earned $2.85 EPS. The company’s revenue for the quarter was up 9.0% on a year-over-year basis.

Canadian Imperial Bank of Commerce stock traded up $0.69 during mid-day trading on Friday, hitting $54.43. The company’s stock had a trading volume of 1,163,342 shares, compared to its average volume of 1,024,868. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $49.12 billion, a price-to-earnings ratio of 9.47, a price-to-earnings-growth ratio of 2.82 and a beta of 1.02. The business has a 50 day moving average price of $58.29 and a 200-day moving average price of $59.94. Canadian Imperial Bank of Commerce has a 12 month low of $51.14 and a 12 month high of $66.24.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 28th. Shareholders of record on Tuesday, June 28th will be paid a $0.645 dividend. The ex-dividend date of this dividend is Monday, June 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.63. This represents a $2.58 annualized dividend and a yield of 4.74%. Canadian Imperial Bank of Commerce’s payout ratio is currently 44.17%.

A number of research analysts recently weighed in on CM shares. TD Securities reduced their price objective on shares of Canadian Imperial Bank of Commerce from C$82.00 to C$78.00 and set a “buy” rating for the company in a research note on Friday. CIBC lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$86.50 to C$89.00 in a research note on Monday, February 28th. Credit Suisse Group started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Friday, May 20th. They issued an “outperform” rating and a $80.00 price objective for the company. Stifel Nicolaus reduced their price objective on shares of Canadian Imperial Bank of Commerce from C$87.00 to C$86.00 and set a “hold” rating for the company in a research note on Friday, April 8th. Finally, National Bankshares lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$83.50 to C$84.00 in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $82.58.

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Canadian Imperial Bank of Commerce by 3.5% in the first quarter. Vanguard Group Inc. now owns 14,825,265 shares of the bank’s stock worth $1,804,087,000 after purchasing an additional 495,127 shares during the last quarter. Clearbridge Investments LLC purchased a new position in shares of Canadian Imperial Bank of Commerce in the first quarter valued at about $73,764,000. BlackRock Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 6.4% in the first quarter. BlackRock Inc. now owns 308,427 shares of the bank’s stock valued at $37,532,000 after acquiring an additional 18,653 shares during the period. Parametric Portfolio Associates LLC increased its position in shares of Canadian Imperial Bank of Commerce by 3.0% in the fourth quarter. Parametric Portfolio Associates LLC now owns 268,487 shares of the bank’s stock valued at $31,295,000 after acquiring an additional 7,915 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Canadian Imperial Bank of Commerce by 148.5% in the first quarter. Renaissance Technologies LLC now owns 191,764 shares of the bank’s stock valued at $23,336,000 after acquiring an additional 114,600 shares during the period. 43.66% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Company Profile (Get Rating)

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 four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

See Also

Earnings History for Canadian Imperial Bank of Commerce (NYSE:CM)

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