Cormark Has Negative Outlook of CM FY2024 Earnings

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) – Analysts at Cormark decreased their FY2024 EPS estimates for shares of Canadian Imperial Bank of Commerce in a research note issued to investors on Monday, November 25th. Cormark analyst L. Persaud now anticipates that the bank will post earnings per share of $5.25 for the year, down from their prior forecast of $5.37. Cormark has a “Moderate Buy” rating on the stock. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $5.27 per share. Cormark also issued estimates for Canadian Imperial Bank of Commerce’s Q4 2024 earnings at $1.30 EPS and FY2025 earnings at $5.52 EPS.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The business had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same period in the previous year, the company earned $1.14 earnings per share. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year.

Several other brokerages have also issued reports on CM. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. Finally, BMO Capital Markets increased their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Hold” and an average target price of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $64.68 on Wednesday. The company has a 50 day moving average price of $62.66 and a 200-day moving average price of $55.34. Canadian Imperial Bank of Commerce has a 52 week low of $37.97 and a 52 week high of $65.89. The firm has a market capitalization of $61.10 billion, a PE ratio of 12.71, a P/E/G ratio of 1.71 and a beta of 1.06. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Ridgewood Investments LLC purchased a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $29,000. BNP Paribas Financial Markets purchased a new position in Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $44,000. Blue Trust Inc. increased its position in Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after purchasing an additional 623 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $51,000. Finally, Massmutual Trust Co. FSB ADV increased its position in Canadian Imperial Bank of Commerce by 23.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after purchasing an additional 171 shares during the period. Hedge funds and other institutional investors own 49.88% 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.