Brokers Offer Predictions for TSE:CM FY2024 Earnings

Canadian Imperial Bank of Commerce (TSE:CM - Free Report) NYSE: CM - National Bank Financial reduced their FY2024 earnings per share estimates for Canadian Imperial Bank of Commerce in a note issued to investors on Tuesday, November 19th. National Bank Financial analyst G. Dechaine now anticipates that the company will post earnings per share of $7.27 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 - Get Free Report) NYSE: CM last announced its earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share for the quarter, beating analysts' consensus estimates of C$1.75 by C$0.18. Canadian Imperial Bank of Commerce had a net margin of 29.56% and a return on equity of 12.37%. The business had revenue of C$6.60 billion during the quarter, compared to the consensus estimate of C$6.31 billion.

Other research analysts have also recently issued research reports about the stock. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating and lifted their price target for the stock from C$74.00 to C$90.00 in a research note on Friday, August 30th. Royal Bank of Canada lifted their target price on shares of 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. National Bankshares lifted their target price on shares of Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a research note on Wednesday. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a "market perform" rating to a "buy" rating and boosted their price target for the stock from C$75.00 to C$83.00 in a research note on Friday, August 30th. Finally, TD Securities boosted their price target on shares of Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of C$83.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM traded up C$0.33 on Friday, hitting C$91.44. 858,589 shares of the stock traded hands, compared to its average volume of 3,676,001. Canadian Imperial Bank of Commerce has a one year low of C$51.60 and a one year high of C$91.50. The company has a market capitalization of C$86.41 billion, a PE ratio of 13.19, a P/E/G ratio of 3.03 and a beta of 1.12. The business has a 50 day simple moving average of C$85.47 and a 200 day simple moving average of C$74.46.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were given a $0.90 dividend. The ex-dividend date was Friday, September 27th. This represents a $3.60 annualized dividend and a dividend yield of 3.94%. Canadian Imperial Bank of Commerce's payout ratio is presently 52.10%.

Insider Transactions at Canadian Imperial Bank of Commerce

In other Canadian Imperial Bank of Commerce news, Senior Officer Christina Charlotte Kramer sold 37,022 shares of the company's stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of C$83.40, for a total transaction of C$3,087,634.80. Also, Director Harry Kenneth Culham sold 800 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of C$83.20, for a total value of C$66,560.00. In the last quarter, insiders sold 203,057 shares of company stock valued at $16,823,249. Company insiders own 0.02% of the company's stock.

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.