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Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) – Stock analysts at Desjardins cut their FY2023 EPS estimates for shares of Canadian Imperial Bank of Commerce in a research note issued to investors on Thursday, December 1st. Desjardins analyst D. Young now anticipates that the bank will earn $5.11 per share for the year, down from their prior estimate of $5.44. Desjardins currently has a “Hold” rating and a $73.00 target price on the stock. The consensus estimate for Canadian Imperial Bank of Commerce’s current full-year earnings is $5.13 per share. Desjardins also issued estimates for Canadian Imperial Bank of Commerce’s FY2024 earnings at $5.29 EPS.
A number of other brokerages also recently issued reports on CM. CIBC downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Friday. StockNews.com assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 12th. They set a “hold” rating for the company. TD Securities lowered shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating and lowered their price objective for the company from C$74.00 to C$65.00 in a research note on Tuesday, November 15th. Finally, National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an “outperform market weight” rating to a “sector perform market weight” rating in a research note on Thursday. Eight analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Hold” and an average price target of $81.41.
Canadian Imperial Bank of Commerce Stock Performance
Shares of CM opened at $44.13 on Monday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm’s fifty day simple moving average is $45.24 and its two-hundred day simple moving average is $48.47. Canadian Imperial Bank of Commerce has a 12 month low of $39.72 and a 12 month high of $66.24. The stock has a market capitalization of $39.98 billion, a P/E ratio of 8.42, a price-to-earnings-growth ratio of 2.73 and a beta of 0.97.
Institutional Trading of Canadian Imperial Bank of Commerce
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CM. Pacifica Partners Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 100.0% during the second quarter. Pacifica Partners Inc. now owns 510 shares of the bank’s stock valued at $25,000 after buying an additional 255 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in Canadian Imperial Bank of Commerce by 162.9% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 510 shares of the bank’s stock worth $25,000 after acquiring an additional 316 shares during the last quarter. Twin Tree Management LP grew its stake in shares of Canadian Imperial Bank of Commerce by 106.1% in the 3rd quarter. Twin Tree Management LP now owns 600 shares of the bank’s stock worth $26,000 after acquiring an additional 10,400 shares in the last quarter. Tower View Investment Management & Research LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 100.0% in the second quarter. Tower View Investment Management & Research LLC now owns 600 shares of the bank’s stock valued at $29,000 after purchasing an additional 300 shares during the last quarter. Finally, Spire Wealth Management lifted its position in shares of Canadian Imperial Bank of Commerce by 100.0% during the second quarter. Spire Wealth Management now owns 650 shares of the bank’s stock valued at $32,000 after purchasing an additional 325 shares in the last quarter. 44.32% of the stock is owned by institutional investors.
Canadian Imperial Bank of Commerce Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 27th. Stockholders of record on Wednesday, December 28th will be given a dividend of $0.627 per share. This represents a $2.51 annualized dividend and a dividend yield of 5.68%. The ex-dividend date is Tuesday, December 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 48.28%.
About Canadian Imperial Bank of Commerce
(Get Rating)
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 Business Banking; Canadian Commercial Banking and Wealth Management; U.S.
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