Canadian Imperial Bank of Commerce (NYSE:CM) Posts Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) released its quarterly earnings results on Thursday. The bank reported $1.96 EPS for the quarter, topping the consensus estimate of $1.80 by $0.16, Zacks reports. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $118.09 on Thursday. The firm has a market cap of $107.80 billion, a PE ratio of 16.22, a price-to-earnings-growth ratio of 1.23 and a beta of 1.01. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 12 month low of $73.50 and a 12 month high of $124.86. The company’s 50-day moving average price is $117.34 and its two-hundred day moving average price is $108.84.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC boosted its position in Canadian Imperial Bank of Commerce by 119.7% in the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock valued at $32,000 after buying an additional 219 shares during the last quarter. EFG International AG bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $35,000. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in Canadian Imperial Bank of Commerce by 87.0% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank’s stock worth $69,000 after buying an additional 400 shares during the period. Parkside Financial Bank & Trust increased its holdings in shares of Canadian Imperial Bank of Commerce by 2,758.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 829 shares of the bank’s stock worth $75,000 after acquiring an additional 800 shares in the last quarter. Finally, Brown Brothers Harriman & Co. raised its holdings in Canadian Imperial Bank of Commerce by 78.6% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,102 shares of the bank’s stock worth $100,000 after buying an additional 485 shares during the period. 49.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CM. Scotiabank reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. TD Securities reaffirmed a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, August 12th. Jefferies Financial Group reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Finally, Weiss Ratings raised Canadian Imperial Bank of Commerce from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, July 31st. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $167.00.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.