TSE:CM FY2024 EPS Cut by National Bank Financial

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) – Research analysts at National Bank Financial cut their FY2024 EPS estimates for Canadian Imperial Bank of Commerce in a note issued to investors on Tuesday, November 19th. National Bank Financial analyst G. Dechaine now forecasts that the company will post earnings per share of $7.27 for the year, down from their previous forecast of $7.28. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $6.41 per share.

Several other equities research analysts have also commented on the company. Barclays upped their price objective on Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the stock an “underweight” rating in a research report on Friday, August 30th. Desjardins raised their price target on shares of Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the company a “buy” rating in a research report on Friday, August 30th. BMO Capital Markets upped 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. Royal Bank of Canada raised their target price on Canadian Imperial Bank of Commerce from C$69.00 to C$74.00 and gave the company a “sector perform” rating in a research report on Friday, August 30th. Finally, National Bankshares increased their price target on Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$85.25.

Canadian Imperial Bank of Commerce Stock Up 0.4 %

Shares of CM opened at C$91.48 on Friday. The stock’s 50-day moving average price is C$85.69 and its 200-day moving average price is C$74.58. The company has a market capitalization of C$86.45 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 3.03 and a beta of 1.12. Canadian Imperial Bank of Commerce has a 52 week low of C$51.60 and a 52 week high of C$91.63.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last announced its quarterly earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share for the quarter, topping 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 the consensus estimate of C$6.31 billion. Canadian Imperial Bank of Commerce had a return on equity of 12.37% and a net margin of 29.56%.

Insider Activity at Canadian Imperial Bank of Commerce

In other news, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of C$79.89, for a total value of C$441,791.70. Also, Director Harry Kenneth Culham sold 800 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of C$83.20, for a total transaction of C$66,560.00. In the last quarter, insiders sold 203,057 shares of company stock valued at $16,823,249. Corporate insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is 52.10%.

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.