Canadian Imperial Bank of Commerce Forecasted to Post Q2 2023 Earnings of $1.18 Per Share (NYSE:CM)

Posted by on May 22nd, 2023

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) – Equities researchers at National Bank Financial reduced their Q2 2023 earnings per share (EPS) estimates for Canadian Imperial Bank of Commerce in a note issued to investors on Wednesday, May 17th. National Bank Financial analyst G. Dechaine now forecasts that the bank will post earnings of $1.18 per share for the quarter, down from their previous estimate of $1.21. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $5.58 per share. National Bank Financial also issued estimates for Canadian Imperial Bank of Commerce’s Q4 2023 earnings at $1.21 EPS, FY2023 earnings at $5.10 EPS and FY2024 earnings at $5.08 EPS.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) last issued its earnings results on Friday, February 24th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.21. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.75%. The firm had revenue of $4.40 billion for the quarter.

A number of other research firms have also recently commented on CM. Canaccord Genuity Group raised Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research note on Wednesday, May 10th. StockNews.com started coverage on Canadian Imperial Bank of Commerce in a research note on Thursday. They set a “hold” rating on the stock. Royal Bank of Canada upped their target price on Canadian Imperial Bank of Commerce from $69.00 to $70.00 and gave the company a “sector perform” rating in a research note on Monday, February 27th. Finally, CIBC upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a report on Tuesday, May 9th. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Hold” and an average target price of $74.14.

Canadian Imperial Bank of Commerce Trading Down 0.9 %

Shares of NYSE CM opened at $41.57 on Monday. The business’s 50 day moving average is $41.94 and its two-hundred day moving average is $43.58. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1-year low of $39.40 and a 1-year high of $56.68. The stock has a market capitalization of $38.15 billion, a P/E ratio of 10.55, a PEG ratio of 2.22 and a beta of 1.01.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of large investors have recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. grew its position in Canadian Imperial Bank of Commerce by 8.8% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 8,361 shares of the bank’s stock worth $1,017,000 after purchasing an additional 674 shares during the period. US Bancorp DE grew its position in Canadian Imperial Bank of Commerce by 14.7% during the 1st quarter. US Bancorp DE now owns 4,323 shares of the bank’s stock worth $527,000 after purchasing an additional 554 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in Canadian Imperial Bank of Commerce by 24.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,630 shares of the bank’s stock worth $807,000 after purchasing an additional 1,287 shares during the period. Private Advisor Group LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 20.4% during the 1st quarter. Private Advisor Group LLC now owns 4,512 shares of the bank’s stock worth $549,000 after acquiring an additional 763 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 6.4% during the 1st quarter. BlackRock Inc. now owns 308,427 shares of the bank’s stock worth $37,532,000 after acquiring an additional 18,653 shares in the last quarter. 44.40% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 28th. Shareholders of record on Tuesday, March 28th were issued a dividend of $0.639 per share. The ex-dividend date of this dividend was Monday, March 27th. This represents a $2.56 dividend on an annualized basis and a yield of 6.15%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.63. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 63.20%.

Canadian Imperial Bank of Commerce Company Profile

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Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.

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Earnings History and Estimates for Canadian Imperial Bank of Commerce (NYSE:CM)

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