What is Cormark's Forecast for TSE:CM FY2024 Earnings?

Canadian Imperial Bank of Commerce (TSE:CM - Free Report) NYSE: CM - Cormark boosted their FY2024 earnings per share (EPS) estimates for Canadian Imperial Bank of Commerce in a research note issued on Monday, November 25th. Cormark analyst L. Persaud now forecasts that the company will post earnings of $7.29 per share for the year, up from their prior estimate of $7.26. Cormark currently has a "Buy" rating and a $83.00 target price 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.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM last released its quarterly earnings data on Thursday, August 29th. The company reported C$1.93 earnings per share for the quarter, topping analysts' consensus estimates of C$1.75 by C$0.18. The company had revenue of C$6.60 billion for 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 commented on CM. Jefferies Financial Group reduced their price target on Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a "buy" rating for the company in a report on Monday, August 12th. TD Securities raised their price target on Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research report on Friday, November 15th. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a research report on Monday, November 18th. Barclays upped their price objective on shares of Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the company an "underweight" rating in a research note on Friday, August 30th. Finally, Bank of America upgraded Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating and lifted their target price for the company from C$74.00 to C$90.00 in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, three have assigned 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 an average price target of C$87.17.

Canadian Imperial Bank of Commerce Stock Down 0.4 %

CM stock traded down C$0.36 during trading on Tuesday, hitting C$91.06. The company had a trading volume of 3,258,513 shares, compared to its average volume of 3,683,788. The firm has a 50-day moving average price of C$86.05 and a 200-day moving average price of C$75.02. 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 has a market cap of C$86.05 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12.

Insider Activity

In related news, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of C$79.89, for a total transaction of C$441,791.70. Also, Senior Officer Shawn Beber sold 10,000 shares of Canadian Imperial Bank of Commerce 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. In the last 90 days, insiders have sold 203,057 shares of company stock worth $16,823,249. 0.02% of the stock is currently owned by corporate insiders.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were given a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 3.95%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce's payout ratio is currently 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.