Cormark Has Strong Forecast for TSE:CM FY2024 Earnings

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) – Investment analysts at Cormark increased their FY2024 EPS estimates for shares of Canadian Imperial Bank of Commerce in a report released 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 has a “Buy” rating and a $83.00 price objective 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.

Several other brokerages also recently issued reports on CM. Jefferies Financial Group decreased 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. Desjardins lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Royal Bank of Canada increased 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 report on Friday, August 30th. Canaccord Genuity Group boosted their price target on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$92.00 in a report on Tuesday, November 19th. Finally, Barclays increased 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of C$87.17.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at C$91.42 on Tuesday. The firm has a market capitalization of C$86.39 billion, a P/E ratio of 13.23, a P/E/G ratio of 3.03 and a beta of 1.12. Canadian Imperial Bank of Commerce has a 52 week low of C$51.60 and a 52 week high of C$92.17. The stock has a 50 day moving average price of C$85.87 and a two-hundred day moving average price of C$74.84.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its earnings results on Thursday, August 29th. The company reported C$1.93 EPS for the quarter, topping the consensus estimate 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 company had revenue of C$6.60 billion during the quarter, compared to the consensus estimate of C$6.31 billion.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In related news, Senior Officer Hratch Dikran Panossian sold 5,530 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of C$79.89, for a total value of C$441,791.70. Also, Senior Officer Christina Charlotte Kramer sold 37,022 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of C$83.40, for a total value of C$3,087,634.80. Insiders have sold a total of 203,057 shares of company stock worth $16,823,249 over the last ninety days. 0.02% of the stock is currently owned by company insiders.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend 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.