Desjardins Comments on Canadian Imperial Bank of Commerce’s Q3 2023 Earnings (TSE:CM)

Posted by Defense World Staff on Aug 5th, 2023

Canadian Imperial Bank of Commerce (TSE:CM – Free Report) (NYSE:CM) – Desjardins cut their Q3 2023 earnings per share estimates for Canadian Imperial Bank of Commerce in a report issued on Wednesday, August 2nd. Desjardins analyst D. Young now expects that the company will post earnings of $1.58 per share for the quarter, down from their prior forecast of $1.60. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $7.07 per share.

Other analysts have also issued research reports about the company. CIBC upped their target price on Canadian Imperial Bank of Commerce from C$62.00 to C$64.00 in a report on Monday, July 24th. Royal Bank of Canada upped their target price on Canadian Imperial Bank of Commerce from C$69.00 to C$72.00 and gave the stock a “sector perform” rating in a report on Friday, May 26th. National Bankshares upped their target price on Canadian Imperial Bank of Commerce from C$62.00 to C$64.00 and gave the stock a “sector perform” rating in a report on Friday, May 26th. Barclays boosted their price target on Canadian Imperial Bank of Commerce from C$56.00 to C$58.00 in a research report on Friday, May 26th. Finally, Canaccord Genuity Group boosted their price target on Canadian Imperial Bank of Commerce from C$62.00 to C$64.00 and gave the stock a “buy” rating in a research report on Monday, July 24th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of C$64.56.

Canadian Imperial Bank of Commerce Stock Performance

CM opened at C$56.96 on Friday. Canadian Imperial Bank of Commerce has a 52-week low of C$53.58 and a 52-week high of C$68.74. The firm has a market capitalization of C$52.27 billion, a PE ratio of 10.97, a PEG ratio of 31.58 and a beta of 1.02. The business’s 50-day simple moving average is C$56.92 and its 200 day simple moving average is C$57.94.

Canadian Imperial Bank of Commerce (TSE:CM – Get Free Report) (NYSE:CM) last released its earnings results on Thursday, May 25th. The company reported C$1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of C$1.62 by C$0.08. Canadian Imperial Bank of Commerce had a return on equity of 10.00% and a net margin of 23.32%. The business had revenue of C$5.70 billion for the quarter, compared to analyst estimates of C$5.58 billion.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Wednesday, June 28th were given a $0.87 dividend. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.85. The ex-dividend date was Tuesday, June 27th. This represents a $3.48 annualized dividend and a dividend yield of 6.11%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 67.05%.

About Canadian Imperial Bank of Commerce

(Get Free Report)

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.