Canadian Imperial Bank of Commerce (NYSE:CM) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) announced its earnings results on Thursday. The bank reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08, Zacks reports. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. Canadian Imperial Bank of Commerce’s revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.91 earnings per share.

Canadian Imperial Bank of Commerce Stock Up 4.4%

CM opened at $90.62 on Friday. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $90.78. The firm has a 50 day moving average price of $83.22 and a 200 day moving average price of $76.45. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $84.16 billion, a PE ratio of 15.31, a price-to-earnings-growth ratio of 1.24 and a beta of 1.02.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th will be issued a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Monday, December 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 47.64%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several large investors have recently made changes to their positions in the business. Larson Financial Group LLC lifted its holdings in Canadian Imperial Bank of Commerce by 119.7% in the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock valued at $32,000 after buying an additional 219 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its position in shares of Canadian Imperial Bank of Commerce by 87.0% in the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank’s stock worth $69,000 after acquiring an additional 400 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 12.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock valued at $128,000 after purchasing an additional 193 shares during the period. Cresset Asset Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $205,000. Finally, Verition Fund Management LLC acquired a new stake in Canadian Imperial Bank of Commerce during the third quarter worth approximately $209,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

CM has been the topic of several analyst reports. Raymond James Financial started coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They set a “market perform” rating on the stock. Royal Bank Of Canada raised their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

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 Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.