Cormark Has Optimistic Outlook of TSE:CM FY2024 Earnings

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) – Stock analysts at Cormark boosted their FY2024 earnings estimates for shares of Canadian Imperial Bank of Commerce in a report issued on Monday, November 25th. Cormark analyst L. Persaud now anticipates that the company will post earnings per share of $7.29 for the year, up from their prior forecast of $7.26. Cormark currently has a “Buy” rating and a $83.00 price target on the stock. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $6.41 per share. Cormark also issued estimates for Canadian Imperial Bank of Commerce’s FY2026 earnings at $8.22 EPS.

Other research analysts have also issued research reports about the stock. TD Securities lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research note on Friday, November 15th. Desjardins boosted their target price on shares of Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the stock a “buy” 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 and lifted their price objective for the stock from C$74.00 to C$90.00 in a research report on Friday, August 30th. BMO Capital Markets lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a research report on Monday, November 18th. Finally, Jefferies Financial Group reduced their target price on shares of Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating for the company in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and a consensus price target of C$87.17.

Canadian Imperial Bank of Commerce Trading Down 0.4 %

Shares of TSE CM opened at C$90.70 on Tuesday. The firm has a market capitalization of C$85.71 billion, a PE ratio of 13.13, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12. Canadian Imperial Bank of Commerce has a 1 year low of C$51.60 and a 1 year high of C$92.17. The firm’s 50-day moving average is C$86.21 and its 200-day moving average is C$75.20.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of C$1.75 by C$0.18. The company had revenue of C$6.60 billion for the quarter, compared to analyst estimates of C$6.31 billion. Canadian Imperial Bank of Commerce had a net margin of 29.56% and a return on equity of 12.37%.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 3.97%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is 52.10%.

Insiders Place Their Bets

In related news, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of C$79.89, for a total value of C$441,791.70. Also, Senior Officer Shawn Beber sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of C$81.80, for a total value of C$817,960.00. Over the last 90 days, insiders sold 203,057 shares of company stock valued at $16,823,249. 0.02% of the stock is currently owned by corporate insiders.

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.