Canadian Imperial Bank of Commerce (CM) Expected to Post Quarterly Sales of $3.36 Billion

Brokerages forecast that Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) will report $3.36 billion in sales for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Canadian Imperial Bank of Commerce’s earnings, with the highest sales estimate coming in at $3.43 billion and the lowest estimate coming in at $3.29 billion. Canadian Imperial Bank of Commerce reported sales of $2.81 billion in the same quarter last year, which would suggest a positive year over year growth rate of 19.6%. The business is expected to issue its next quarterly earnings report on Thursday, December 7th.

According to Zacks, analysts expect that Canadian Imperial Bank of Commerce will report full-year sales of $3.36 billion for the current year, with estimates ranging from $12.88 billion to $13.04 billion. For the next financial year, analysts anticipate that the firm will post sales of $13.77 billion per share, with estimates ranging from $13.56 billion to $14.08 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Canadian Imperial Bank of Commerce.

Several equities research analysts have recently issued reports on CM shares. Canaccord Genuity set a $117.00 price target on Canadian Imperial Bank of Commerce and gave the company a “buy” rating in a report on Thursday, August 24th. BidaskClub lowered Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Zacks Investment Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $95.00 price target for the company in a report on Tuesday, July 18th. TD Securities upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $120.00 price target for the company in a report on Wednesday, September 6th. Finally, National Bank Financial reiterated an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and a consensus price target of $101.80.

Hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its stake in shares of Canadian Imperial Bank of Commerce by 55.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,474 shares of the bank’s stock valued at $120,000 after acquiring an additional 526 shares in the last quarter. INR Advisory Services LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $125,000. Opera Trading Capital bought a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $136,000. Nationwide Fund Advisors bought a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $138,000. Finally, Parallel Advisors LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 7.2% in the 1st quarter. Parallel Advisors LLC now owns 1,915 shares of the bank’s stock valued at $152,000 after acquiring an additional 129 shares in the last quarter. 46.47% of the stock is currently owned by institutional investors and hedge funds.

Shares of Canadian Imperial Bank of Commerce (NYSE CM) opened at 87.55 on Wednesday. Canadian Imperial Bank of Commerce has a 52-week low of $72.62 and a 52-week high of $92.22. The firm has a market cap of $38.17 billion, a P/E ratio of 9.96 and a beta of 1.08. The company’s 50-day moving average is $85.29 and its 200-day moving average is $83.65.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Thursday, September 28th will be paid a $1.0329 dividend. This represents a $4.13 dividend on an annualized basis and a dividend yield of 4.72%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Wednesday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 45.25%.

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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.

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

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