Canadian Imperial Bank of Commerce (NYSE:CM) Posts Earnings Results, Beats Estimates By $0.08 EPS

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) issued its quarterly earnings results on Thursday. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.08, Zacks reports. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.91 EPS.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $90.62 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $84.16 billion, a P/E ratio of 15.31, a price-to-earnings-growth ratio of 1.24 and a beta of 1.02. The firm has a 50-day moving average price of $83.22 and a two-hundred day moving average price of $76.45. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $90.78.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Monday, December 29th will be given a $1.07 dividend. The ex-dividend date is Monday, December 29th. This represents a $4.28 annualized dividend and a dividend yield of 4.7%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s payout ratio is presently 47.64%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CM shares. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Royal Bank Of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Finally, Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating on the stock. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus price target of $107.50.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Amundi raised its position in shares of Canadian Imperial Bank of Commerce by 2.3% during the 3rd quarter. Amundi now owns 2,296,662 shares of the bank’s stock worth $187,784,000 after purchasing an additional 52,520 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Canadian Imperial Bank of Commerce by 10.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,619,224 shares of the bank’s stock worth $129,419,000 after buying an additional 153,442 shares in the last quarter. Two Sigma Investments LP raised its holdings in shares of Canadian Imperial Bank of Commerce by 136.2% in the third quarter. Two Sigma Investments LP now owns 1,040,688 shares of the bank’s stock worth $83,141,000 after acquiring an additional 600,183 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of Canadian Imperial Bank of Commerce by 2.5% in the third quarter. CANADA LIFE ASSURANCE Co now owns 769,424 shares of the bank’s stock valued at $61,190,000 after acquiring an additional 18,750 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Canadian Imperial Bank of Commerce by 5.9% during the third quarter. Northern Trust Corp now owns 749,130 shares of the bank’s stock valued at $59,848,000 after acquiring an additional 41,569 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

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.