Analysts Expect Canadian Imperial Bank of Commerce (CM) Will Announce Quarterly Sales of $3.44 Billion

Equities analysts expect Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) to post $3.44 billion in sales for the current quarter, Zacks reports. Three analysts have made estimates for Canadian Imperial Bank of Commerce’s earnings. The highest sales estimate is $3.51 billion and the lowest is $3.39 billion. Canadian Imperial Bank of Commerce reported sales of $3.42 billion during the same quarter last year, which indicates a positive year over year growth rate of 0.6%. The firm is expected to report its next earnings report on Thursday, November 29th.

On average, analysts expect that Canadian Imperial Bank of Commerce will report full-year sales of $13.79 billion for the current financial year, with estimates ranging from $13.71 billion to $13.84 billion. For the next year, analysts anticipate that the company will post sales of $14.24 billion per share, with estimates ranging from $14.08 billion to $14.48 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Canadian Imperial Bank of Commerce.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, August 23rd. The bank reported $3.08 EPS for the quarter, topping the Zacks’ consensus estimate of $2.22 by $0.86. The firm had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.39 billion. Canadian Imperial Bank of Commerce had a net margin of 21.27% and a return on equity of 17.77%. During the same period in the prior year, the business posted $2.77 earnings per share.

CM has been the topic of a number of research analyst reports. TheStreet upgraded shares of Canadian Imperial Bank of Commerce from a “c” rating to a “b-” rating in a report on Thursday, August 23rd. ValuEngine cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Citigroup upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Wednesday, June 6th. Royal Bank of Canada cut 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 report on Thursday, May 24th. Finally, CIBC upgraded shares of Canadian Imperial Bank of Commerce to a “buy” rating and upped their price target for the stock from $125.00 to $130.00 in a report on Wednesday, June 6th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $118.63.

A number of institutional investors have recently modified their holdings of CM. Summit Trail Advisors LLC grew its holdings in Canadian Imperial Bank of Commerce by 4,274.8% during the 1st quarter. Summit Trail Advisors LLC now owns 111,120 shares of the bank’s stock worth $111,000 after acquiring an additional 108,580 shares in the last quarter. Optimum Investment Advisors bought a new position in Canadian Imperial Bank of Commerce during the 1st quarter worth about $122,000. Mawer Investment Management Ltd. bought a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $205,000. Laurion Capital Management LP bought a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $233,000. Finally, Flagship Harbor Advisors LLC bought a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $265,000. Institutional investors own 46.01% of the company’s stock.

NYSE CM opened at $94.01 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $41.79 billion, a PE ratio of 9.98, a P/E/G ratio of 1.82 and a beta of 1.20. Canadian Imperial Bank of Commerce has a 12 month low of $85.47 and a 12 month high of $100.01.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 29th. Shareholders of record on Friday, September 28th will be issued a dividend of $1.0412 per share. This represents a $4.16 annualized dividend and a yield of 4.43%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.04. The ex-dividend date is Thursday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 46.23%.

About Canadian Imperial Bank of Commerce

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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