Cormark Adjusts Earnings Estimates for Canadian Imperial Bank of Commerce

Cormark, a research organization, has revised its earnings per share (EPS) estimates for the Canadian Imperial Bank of Commerce (NYSE:CM, TSE:CM). In a report released on November 25th, analysts at Cormark stated that they now expect the bank to earn $5.25 per share for the fiscal year 2024. This figure is a drop from their previous estimate of $5.37.

Cormark maintains a "Moderate Buy" rating on the stock. In comparison to this revised estimate, the consensus among analysts for the current full-year earnings of Canadian Imperial Bank of Commerce is slightly higher at $5.27 per share. Furthermore, Cormark has also projected that the bank will report earnings of $1.30 per share for the fourth quarter of 2024, along with an anticipated $5.52 EPS for the fiscal year 2025.

Several other research firms have recently evaluated Canadian Imperial Bank of Commerce as well. StockNews.com has downgraded the bank's stock from a "hold" to a "sell" rating as of October 19th. However, Bank of America upgraded its rating from "neutral" to "buy" on August 30th. Meanwhile, Desjardins moved its rating from "hold" to "moderate buy" earlier in August. On the same day as the upgrade from Bank of America, BMO Capital Markets set a new price target for the shares, raising it from $77.00 to $81.00, giving it an "outperform" rating. Overall, there are two analysts with a sell rating, one with a hold rating, and six who have rated the stock as a buy, based on information from MarketBeat.com. The average rating for the stock stands at "Hold," with a consensus price target of $81.00.

Performance Overview of Canadian Imperial Bank of Commerce

As of Wednesday, the stock opened at $64.74. The company has experienced a 52-week range between $37.97 and $65.89. Currently, its fifty-day moving average is $62.58, while the 200-day moving average is $55.27. The bank's financial ratios indicate a debt-to-equity ratio of 0.14, with both the quick ratio and current ratio standing at 1.05. With a market capitalization of $61.15 billion, the price-to-earnings ratio is calculated at 12.72, and the PE/G ratio is recorded at 1.71. The bank has a beta of 1.06, suggesting moderate volatility.

Latest Quarterly Earnings Results

Recently, Canadian Imperial Bank of Commerce reported its quarterly earnings on August 29th, posting an EPS of $1.93, surpassing the expected value of $1.74 by $0.19. The total revenue for the quarter was $6.60 billion, exceeding the consensus estimate of $6.28 billion. Notably, the bank boasted a net margin of 10.66% and a return on equity of 13.50%, with quarterly revenue reflecting an increase of 12.9% from the same quarter in the previous year. Last year, during the same period, the firm had an EPS of $1.14.

Dividend Declaration Update

In addition, the bank recently announced a quarterly dividend, which was disbursed on October 28th. Shareholders recorded on September 27th received a dividend payment of $0.652 per share, translating to an annualized dividend of $2.61 and a dividend yield of 4.03%. The decision regarding the dividend payout ratio (DPR) stands at 52.46% at the moment.

Institutional Investor Activity

Several institutional investors have altered their positions in the stock as well. For instance, Hobbs Group Advisors LLC amplified its stake in Canadian Imperial Bank of Commerce by a staggering 675.8% in the third quarter. This stake now totals 2,211 shares valued at approximately $136,000 after acquiring an additional 1,926 shares during the preceding quarter. Geode Capital Management LLC also enhanced its holdings by 8.6%, owning 4,245,235 shares now valued at around $262.6 million after purchasing an additional 336,854 shares. Other notable moves include Public Employees Retirement System of Ohio acquiring a new stake valued at about $10.05 million during the same quarter, and MML Investors Services LLC increasing its holdings by 0.5%. Hedge funds and institutional investors, in total, hold 49.88% of the bank's shares.

About Canadian Imperial Bank of Commerce

The Canadian Imperial Bank of Commerce operates as a diversified financial institution offering various financial services and products to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The bank functions through multiple divisions, including Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, and more.

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