Canadian Imperial Bank of Commerce to Post Q3 2017 Earnings of $1.86 Per Share, Desjardins Forecasts (CM)

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) – Equities research analysts at Desjardins decreased their Q3 2017 earnings per share (EPS) estimates for shares of Canadian Imperial Bank of Commerce in a note issued to investors on Thursday. Desjardins analyst D. Young now anticipates that the bank will post earnings per share of $1.86 for the quarter, down from their previous forecast of $1.99.

Canadian Imperial Bank of Commerce (NYSE:CM) last announced its earnings results on Thursday, February 23rd. The bank reported $2.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.25. Canadian Imperial Bank of Commerce had a return on equity of 19.11% and a net margin of 22.84%. The firm had revenue of $3.15 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter in the previous year, the business earned $2.55 EPS.

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Earnings History and Estimates for Canadian Imperial Bank of Commerce (NYSE:CM)

Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Wednesday, February 1st. Credit Suisse Group AG upgraded shares of Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a report on Friday, March 31st. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from an “underperform” rating to a “mkt perform” rating in a report on Friday, February 24th. Finally, National Bank Financial restated an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 18th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $101.44.

Canadian Imperial Bank of Commerce (NYSE:CM) opened at 78.29 on Friday. The stock has a market cap of $31.28 billion, a P/E ratio of 9.06 and a beta of 1.06. The stock has a 50 day moving average price of $81.11 and a 200-day moving average price of $83.60. Canadian Imperial Bank of Commerce has a 52 week low of $72.62 and a 52 week high of $92.22.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 28th. Stockholders of record on Wednesday, June 28th will be given a dividend of $0.9406 per share. The ex-dividend date of this dividend is Monday, June 26th. This represents a $3.76 annualized dividend and a dividend yield of 4.81%. Canadian Imperial Bank of Commerce’s payout ratio is 45.28%.

Several hedge funds have recently made changes to their positions in the stock. Panagora Asset Management Inc. increased its stake in shares of Canadian Imperial Bank of Commerce by 120.0% in the third quarter. Panagora Asset Management Inc. now owns 217,214 shares of the bank’s stock valued at $16,841,000 after buying an additional 118,493 shares during the last quarter. Ontario Teachers Pension Plan Board increased its stake in shares of Canadian Imperial Bank of Commerce by 6.5% in the third quarter. Ontario Teachers Pension Plan Board now owns 35,395 shares of the bank’s stock valued at $2,740,000 after buying an additional 2,150 shares during the last quarter. OMERS ADMINISTRATION Corp increased its stake in shares of Canadian Imperial Bank of Commerce by 0.5% in the third quarter. OMERS ADMINISTRATION Corp now owns 2,515,870 shares of the bank’s stock valued at $194,742,000 after buying an additional 12,670 shares during the last quarter. HighVista Strategies LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 8.9% in the third quarter. HighVista Strategies LLC now owns 19,643 shares of the bank’s stock valued at $1,523,000 after buying an additional 1,600 shares during the last quarter. Finally, United Services Automobile Association increased its stake in shares of Canadian Imperial Bank of Commerce by 38.4% in the third quarter. United Services Automobile Association now owns 34,600 shares of the bank’s stock valued at $2,683,000 after buying an additional 9,600 shares during the last quarter. Hedge funds and other institutional investors own 53.01% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

12 Month Chart for NYSE:CM

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