FY2024 EPS Estimates for TSE:CM Decreased by Analyst

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

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last announced its earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$1.75 by C$0.18. The company had revenue of C$6.60 billion during the quarter, compared to analysts’ expectations 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%.

Several other research firms have also recently weighed in on CM. Canaccord Genuity Group upped their price objective on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$92.00 in a research report on Tuesday. Desjardins boosted their target price on Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and boosted their target price for the stock from C$74.00 to C$90.00 in a research note on Friday, August 30th. TD Securities upped their price objective on Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research note on Friday, November 15th. Finally, Royal Bank of Canada upped their price objective 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 note on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of C$83.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at C$91.48 on Friday. The firm has a 50-day moving average of C$85.69 and a 200-day moving average of C$74.58. The stock has a market cap of C$86.45 billion, a PE 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 Dividend Announcement

The business also recently disclosed 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 was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 52.10%.

Insiders Place Their Bets

In related news, Senior Officer Shawn Beber sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of C$81.80, for a total transaction of C$817,960.00. Also, Director Harry Kenneth Culham sold 50,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of C$81.87, for a total transaction of C$4,093,500.00. Insiders sold 203,057 shares of company stock valued at $16,823,249 over the last three months. Insiders own 0.02% of the company’s stock.

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.