Cormark Weighs in on Canadian Imperial Bank of Commerce’s Q3 2019 Earnings (CM)

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Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) – Stock analysts at Cormark dropped their Q3 2019 EPS estimates for shares of Canadian Imperial Bank of Commerce in a note issued to investors on Thursday, May 23rd. Cormark analyst M. Grauman now expects that the company will post earnings of $3.05 per share for the quarter, down from their previous estimate of $3.21. Cormark also issued estimates for Canadian Imperial Bank of Commerce’s Q4 2019 earnings at $3.02 EPS, FY2019 earnings at $12.04 EPS, Q1 2020 earnings at $3.09 EPS, Q2 2020 earnings at $3.03 EPS, Q3 2020 earnings at $3.07 EPS and Q4 2020 earnings at $3.05 EPS.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its quarterly earnings data on Thursday, February 28th. The company reported C$3.01 EPS for the quarter, missing the consensus estimate of C$3.12 by C($0.11). The business had revenue of C$4.57 billion during the quarter, compared to the consensus estimate of C$4.62 billion.

Other research analysts also recently issued reports about the company. National Bank Financial cut their price target on Canadian Imperial Bank of Commerce from C$120.00 to C$115.00 and set a “sector perform” rating on the stock in a report on Thursday. Desjardins downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating and cut their price target for the company from C$125.00 to C$118.00 in a report on Thursday. TD Securities downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating and cut their price target for the company from C$135.00 to C$120.00 in a report on Thursday. CSFB set a C$116.00 price target on Canadian Imperial Bank of Commerce and gave the company a “neutral” rating in a report on Thursday, May 16th. Finally, Canaccord Genuity raised their price objective on Canadian Imperial Bank of Commerce from C$115.00 to C$121.00 in a research report on Wednesday, May 15th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of C$123.64.

CM opened at C$103.87 on Friday. The firm has a market cap of $49.11 billion and a price-to-earnings ratio of 9.19. Canadian Imperial Bank of Commerce has a 52 week low of C$99.51 and a 52 week high of C$125.21.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Friday, June 28th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 5.39%. Canadian Imperial Bank of Commerce’s payout ratio is 47.61%.

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 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 (TSE:CM)

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