What is Cormark's Forecast for CM FY2024 Earnings?

Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM - Equities research analysts at Cormark lowered their FY2024 earnings estimates for shares of Canadian Imperial Bank of Commerce in a research report issued to clients and investors on Monday, November 25th. Cormark analyst L. Persaud now anticipates that the bank will post earnings of $5.25 per share 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.

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

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded down $0.05 during trading on Wednesday, reaching $64.68. 839,403 shares of the company traded hands, compared to its average volume of 1,372,133. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a 50 day simple moving average of $62.66 and a 200-day simple moving average 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 stock 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.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The firm had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. During the same period in the prior year, the company posted $1.14 earnings per share. The company's quarterly revenue was up 12.9% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Toronto Dominion Bank raised its position in shares of Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank's stock valued at $1,233,272,000 after purchasing an additional 3,942,894 shares during the period. Cetera Advisors LLC bought a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at about $1,278,000. Legal & General Group Plc lifted its position in shares of Canadian Imperial Bank of Commerce by 3.3% in the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank's stock valued at $342,946,000 after acquiring an additional 228,130 shares in the last quarter. Ritholtz Wealth Management boosted its stake in shares of Canadian Imperial Bank of Commerce by 140.6% in the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank's stock worth $878,000 after acquiring an additional 8,362 shares during the period. Finally, CIBC Asset Management Inc grew its position in shares of Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank's stock worth $696,659,000 after purchasing an additional 375,837 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were given a $0.652 dividend. This represents a $2.61 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce's payout ratio is 52.46%.

Canadian Imperial Bank of Commerce Company Profile

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.