Desjardins Has Positive Outlook of TSE:CM FY2024 Earnings

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) – Equities research analysts at Desjardins increased their FY2024 earnings estimates for Canadian Imperial Bank of Commerce in a report released on Friday, November 1st. Desjardins analyst D. Young now expects that the company will post earnings per share of $7.26 for the year, up from their previous forecast of $7.15. Desjardins has a “Buy” rating and a $83.00 price target on the stock. 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) (NYSE:CM) last released its earnings results on Thursday, August 29th. The company reported C$1.93 EPS for the quarter, topping 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 analysts’ expectations of C$6.31 billion.

CM has been the topic of a number of other reports. Barclays increased their target price on shares of Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the stock an “underweight” rating in a report on Friday, August 30th. Scotiabank increased their price objective on shares of Canadian Imperial Bank of Commerce from C$77.00 to C$85.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. BMO Capital Markets increased their price target on shares of Canadian Imperial Bank of Commerce from C$77.00 to C$81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Canaccord Genuity Group increased their price target on shares of Canadian Imperial Bank of Commerce from C$74.00 to C$75.00 in a research note on Tuesday, August 13th. Finally, National Bankshares raised their target price on shares of Canadian Imperial Bank of Commerce from C$78.00 to C$86.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$79.15.

Canadian Imperial Bank of Commerce Price Performance

TSE:CM opened at C$88.23 on Monday. The firm has a market capitalization of C$83.37 billion, a price-to-earnings ratio of 12.77, a PEG ratio of 3.03 and a beta of 1.12. The company’s 50-day moving average is C$82.54 and its two-hundred day moving average is C$72.59. Canadian Imperial Bank of Commerce has a 1-year low of C$51.43 and a 1-year high of C$88.56.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were given a dividend of $0.90 per share. The ex-dividend date was Friday, September 27th. This represents a $3.60 annualized dividend and a dividend yield of 4.08%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 52.10%.

Insiders Place Their Bets

In related news, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the firm’s 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 transaction of C$441,791.70. In other Canadian Imperial Bank of Commerce news, Senior Officer Hratch Dikran Panossian sold 5,530 shares of Canadian Imperial Bank of Commerce stock in a transaction on Thursday, September 5th. The shares were sold at an average price of C$79.89, for a total transaction of C$441,791.70. Also, Director Harry Kenneth Culham sold 50,000 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of C$81.87, for a total transaction of C$4,093,500.00. Insiders 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.

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.