Canadian Imperial Bank of Commerce (CM) Expected to Post Quarterly Sales of $3.39 Billion

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Analysts expect that Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) will report $3.39 billion in sales for the current quarter, according to Zacks. Three analysts have made estimates for Canadian Imperial Bank of Commerce’s earnings. The lowest sales estimate is $3.32 billion and the highest is $3.48 billion. Canadian Imperial Bank of Commerce posted sales of $3.11 billion in the same quarter last year, which suggests a positive year over year growth rate of 9%. The business is expected to announce its next earnings results before the market opens on Thursday, August 23rd.

On average, analysts expect that Canadian Imperial Bank of Commerce will report full year sales of $13.72 billion for the current year, with estimates ranging from $13.58 billion to $13.92 billion. For the next financial year, analysts forecast that the business will report sales of $14.13 billion per share, with estimates ranging from $13.99 billion to $14.20 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Canadian Imperial Bank of Commerce.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Wednesday, May 23rd. The bank reported $2.95 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.21 by $0.74. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.38 billion. Canadian Imperial Bank of Commerce had a net margin of 21.28% and a return on equity of 17.55%. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.64 earnings per share.

Several research firms have weighed in on CM. Citigroup upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Wednesday, June 6th. CIBC upgraded shares of Canadian Imperial Bank of Commerce to a “buy” rating and increased their price target for the stock from $125.00 to $130.00 in a research report on Wednesday, June 6th. Zacks Investment Research upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $101.00 price target on the stock in a research report on Wednesday, May 16th. ValuEngine upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Saturday, July 28th. Finally, Royal Bank of Canada decreased their price target on shares of Canadian Imperial Bank of Commerce from $141.00 to $135.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 24th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six 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 $118.78.

Canadian Imperial Bank of Commerce stock traded up $1.62 during midday trading on Monday, reaching $93.14. 755,205 shares of the company traded hands, compared to its average volume of 341,490. The company has a market cap of $40.25 billion, a price-to-earnings ratio of 10.48, a price-to-earnings-growth ratio of 1.62 and a beta of 1.15. Canadian Imperial Bank of Commerce has a 12 month low of $83.02 and a 12 month high of $100.01. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.15.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 27th. Stockholders of record on Thursday, June 28th were paid a $1.036 dividend. The ex-dividend date was Wednesday, June 27th. This represents a $4.14 dividend on an annualized basis and a dividend yield of 4.45%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 46.23%.

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its stake in Canadian Imperial Bank of Commerce by 59.4% during the fourth quarter. BlackRock Inc. now owns 7,574 shares of the bank’s stock valued at $738,000 after acquiring an additional 2,822 shares in the last quarter. Wells Fargo & Company MN grew its stake in Canadian Imperial Bank of Commerce by 9.5% during the first quarter. Wells Fargo & Company MN now owns 766,623 shares of the bank’s stock valued at $67,677,000 after acquiring an additional 66,352 shares in the last quarter. Fulton Bank N.A. grew its stake in Canadian Imperial Bank of Commerce by 4.6% during the first quarter. Fulton Bank N.A. now owns 18,538 shares of the bank’s stock valued at $1,637,000 after acquiring an additional 822 shares in the last quarter. Comerica Bank grew its stake in Canadian Imperial Bank of Commerce by 3.9% during the first quarter. Comerica Bank now owns 33,431 shares of the bank’s stock valued at $2,917,000 after acquiring an additional 1,246 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in Canadian Imperial Bank of Commerce by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,256,180 shares of the bank’s stock valued at $110,721,000 after acquiring an additional 11,600 shares in the last quarter. 44.81% 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 individual, small business, commercial, corporate, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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

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