Latest Stocks: Desjardins Analysts Cut Earnings Estimates for Canadian Imperial Bank of Commerce (CM)

Latest Stocks: Desjardins Analysts Cut Earnings Estimates for Canadian Imperial Bank of Commerce (CM)

CM has been the topic of several other research reports. Zacks Investment Research lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Friday. Credit Suisse Group AG raised Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research note on Friday, March 31st. National Bank Financial reissued an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 18th. Finally, Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from an “underperform” rating to a “mkt perform” rating in a research note on Friday, February 24th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $101.44.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) – Research analysts at Desjardins reduced their Q3 2017 earnings per share estimates for Canadian Imperial Bank of Commerce in a report released on Thursday. Desjardins analyst D. Young now anticipates that the bank will earn $1.86 per share for the quarter, down from their previous forecast of $1.99.

Canadian Imperial Bank of Commerce (NYSE:CM) opened at 78.29 on Friday. Canadian Imperial Bank of Commerce has a 1-year low of $72.62 and a 1-year high of $92.22. The firm has a market capitalization 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 of $81.11 and a 200-day moving average of $83.60. Canadian Imperial Bank of Commerce (NYSE:CM) last posted its quarterly earnings results on Thursday, February 23rd. The bank reported $2.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.96 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 22.84% and a return on equity of 19.11%. The business had revenue of $3.15 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same period in the prior year, the business posted $2.55 earnings per share.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Wednesday, June 28th will be given a $0.9406 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date is Monday, June 26th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 45.28%. Large investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $308,826,000. Acadian Asset Management LLC raised its stake in Canadian Imperial Bank of Commerce by 14.3% in the first quarter. Acadian Asset Management LLC now owns 5,684,299 shares of the bank’s stock worth $488,755,000 after buying an additional 709,927 shares in the last quarter. Barometer Capital Management Inc. bought a new stake in Canadian Imperial Bank of Commerce during the first quarter worth about $34,100,000. Vanguard Group Inc. raised its stake in Canadian Imperial Bank of Commerce by 4.7% in the first quarter. Vanguard Group Inc. now owns 8,468,455 shares of the bank’s stock worth $730,065,000 after buying an additional 381,319 shares in the last quarter. Finally, Karp Capital Management Corp bought a new stake in Canadian Imperial Bank of Commerce during the first quarter worth about $31,395,000. 53.01% of the stock is currently owned by institutional investors.

About Canadian Imperial Bank of Commerce 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.

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