What is Cormark’s Estimate for CM FY2024 Earnings?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) – Equities researchers at Cormark decreased their FY2024 earnings estimates for Canadian Imperial Bank of Commerce in a report released on Monday, November 25th. Cormark analyst L. Persaud now expects that the bank will earn $5.25 per share for the year, down from their prior forecast of $5.37. Cormark currently has a “Moderate Buy” rating on the stock. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $5.27 per share. Cormark also issued estimates for Canadian Imperial Bank of Commerce’s Q4 2024 earnings at $1.30 EPS and FY2025 earnings at $5.52 EPS.

A number of other equities research analysts have also issued reports on the stock. BMO Capital Markets upped their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Finally, Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $64.68 on Wednesday. Canadian Imperial Bank of Commerce has a 52-week low of $37.97 and a 52-week high of $65.89. The firm has a market capitalization of $61.10 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 1.71 and a beta of 1.06. The company has a fifty day simple moving average of $62.66 and a 200-day simple moving average of $55.34. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same quarter in the prior year, the firm earned $1.14 earnings per share. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Ridgewood Investments LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $29,000. BNP Paribas Financial Markets purchased a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter worth approximately $44,000. Blue Trust Inc. increased its stake in shares of Canadian Imperial Bank of Commerce by 571.6% during the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after buying an additional 623 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth approximately $51,000. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock worth $56,000 after buying an additional 171 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

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.